Situated 100 miles east of Los Angeles in the stunning Coachella Valley, the city of Palm Springs has long been known as the place to escape the rigors of life and savor a fabulous time in the sun. A favorite among Hollywood stars, the desert sanctuary boasts a long list of excellent attributes. World-class golfing, award-winning cuisine, superb shopping, sleek accommodations, and balmy weather all add up to make this Southern California gem one of the top vacation destinations in California.
It’s been a wildly popular oasis for decades – and the rest of the globe has caught on. According to data run by Airbnb, Palm Springs ranked as the highest performer for vacation rentals. With a year-long list of fantastic festivities, an array of upscale venues, and a welcoming, colorful spirit, it’s no wonder Palm Springs is leading the pack as the #1 place to purchase a vacation home.
Whether you count Palm Springs as your go-to spot for a respite or are completely new to the area, read on for DW & Associates’ reasons to buy a second home in this gorgeous and vibrant city.
1. Earn terrific passive income
Owning a vacation home serves two purposes: It can operate as your haven for some much-needed R & R and function as a rental while you’re away. (Note that this will be contingent upon the regulations within the community in which you purchase; some areas have strict restrictions about renting out residences as vacation homes.)
Just take a look at the numbers. Palm Springs lures 14.1 million visitors to its pristine, pretty streets each year. Two of the biggest music festivals in the world–Coachella, and Stagecoach–attract people to the Sonoran desert from around the globe. Its splendid boutique hotels and beautiful scenery render it one of the most picturesque spots for weddings, honeymoons, bachelorette bashes, and bachelor parties. It also has a strong LGBTQ+ presence and throws a popular pride parade every November and a White Party every April.
In other words? Marketed well, your vacation home could be a lucrative vacation rental on sites like Vrbo and Airbnb – particularly in the peak season between December and April. Even if you elect to use your home as a long-term rental, it has the potential to be a wise investment.
2. High rate of appreciation
For the last decade, homes in Palm Springs have seen one of the highest rates of appreciation in California cities. In August of 2022, homes were selling 26% above the preceding year, and the median price of a home rose to $896,000 in September 2022. Should you purchase a Palm Springs home now and elect to sell it down the line, you may find yourself in a prime position to make a handsome profit.
3. Diversity of options
4. Tax deductions
Owning a vacation home in Palm Springs may give you the facility to receive several tax deductions that could positively affect your pockets. An astute real estate agent will either guide you through these possibilities or put you in contact with a consummate financial advisor.
5. May allow for longer stays
6. Prime location
Palm Springs’ historic reputation as a sanctuary for residents who live in California’s largest cities–San Francisco, San Jose, Los Angeles, and San Diego–will only perpetuate as these metropolises grow bigger and denser. Not only does this hold promise for your home’s use as a vacation rental, but it may also translate to home prices continuing to escalate as the years progress and city-dwellers search for something more serene on the outskirts. Further, it possesses an international airport of its own and is a mere 123 miles from LAX. Palm Springs is also minutes away from the towns of La Quinta, Indio, Palm Desert, and Rancho Mirage–cities that also have their own renown as desert paradises.
7. Highly desirable lifestyle for retirees
DW & Associates is the group of real estate professionals to call when you are ready to start exploring the captivating homes throughout Palm Springs and its neighboring cities. Established in 2004 and helmed by Diane Williams, the remarkable team can direct you to the best houses for sale in Palm Springs and Rancho Mirage homes and, of course, residences in Palm Springs. Book a consultation with them today and start reaping the benefits of owning a vacation home in one of California’s most exquisite enclaves.