There is a sudden buying spree of luxury homes in Palm Desert. Three weeks ago, one of my long term clients came in to town and purchased a beautiful estate listing of mine that he had looked at last year. During the following week I noticed three more high end residences were purchased in South Palm Desert. "High-end" for Palm Desert, and the desert in general, is defined as any property with a value of over $1,000,000. At the same time, a large estate home that had been in escrow for a very long time due to lender difficulties, finally closed escrow at $1,300,000. So that's four sales and one closing in a three week period. What is noteworthy is that all of these properties were on the market for a long time. And remember that this is the middle of the summer in the desert when our average temperature is 108 degrees. Just for fun, I checked the charts that are supplied by Altos Research LLC and noticed that the median price for luxury homes in South Palm Desert experienced a nice spike in the last seven days.
It appears that there is smart money in town purchasing homes while there is inventory from which to choose . The beauty of buying now is that the buyers can be in their new homes at the beginning of the season and the beginning of eight months of what we like to think is the best weather on the planet. We hope the buying spree continues.