760.776.7070
760.776.7070

Indian Ridge CC 2006 3rd Quarter Report

Dear Indian Ridge Resident:

It is interesting to note the following when we bring the real estate market down to the comparative communities.
 
Community               Homes on Market     Homes in CC on Market          %
Palm Desert East                      401                                     224                           55.9
Palm Desert South                    259                                       53                           20.5
Palm Desert North                    222                                       50                           22.5
Indian Wells                              174                                       99                           67.3
Rancho Mirage                          544                                     198                          36.4
La Quinta South                        869                                     391                          45.0

There are currently 6273 homes for sale in the desert; 2469 in the communities listed above. The homes inside gated golf course communities are 1015 which equates to 41.4%

Last summer, 8 homes sold as we were experiencing the effects of a slow down and typical drop in sales during the summer at Indian Ridge. As you can see, only 3 homes closed escrow during the third quarter of 2006 with 2 properties currently pending. Within the past 2 weeks, 4 homes have done pending so we are seeing buyers returning to the desert and to Indian Ridge Country Club. While the MLS indicates there are only 37 homes on the market, a number of properties are available but not listed in order for the days on market to be reverted back to 0. This marketing strategy does affect the accuracy of the days on market making it appear that it can take fewer days to sell than in reality.

What I have experienced is the homes with all the upgrades, bells and whistles and quality in the upgrades are the properties selling. No longer do comps support or justify the asking price as we have experienced one home selling for $400 per square foot and another with better views selling for $632 per square foot.

Sincerely,

Diane R. Williams
Associate Broker/Premier Director