Special Edition: Donna’s Coachella Valley Market Report
Luxury Home Prices Surge in La Quinta, CA
La Quinta’s luxury markets generally do well, but something different is happening now. Comparing the first three-quarters of 2019 to the same period 2018, shows that homes in the higher priced neighborhoods sold better, and at higher than average and median prices. So what is going on?
La Quinta, California, in the Greater Palm Springs area of the Coachella Valley, is a desert oasis, a natural and luxurious habitat, comfortably warm and sunny from Fall through late Spring. It’s bursting with brilliant flowers, prickly plants, and verdant palms, nestled in the bosom of ancient, mountainous pyramids.
Just a short hop from Los Angeles and San Diego to the Jacqueline Cochran Airport in Thermal, makes the city of La Quinta, and nearby cities of Indian Wells, Palm Desert, and Indio, perfect get-away’s, for busy celebrities and executives seeking relaxation and solitude.
World-Class Entertainment
For eight months of the year, the Coachella Valley is a mecca of world-class entertainment, drawing millions of fans and spectators to Palm Springs’ International Film Festivals. But, Greater La Quinta is ground zero for the world’s top concerts, and sports events, for example, American Express Desert Golf Classic, Coachella Fest, Stage Coach Festivals, BNP Paribas Tennis Tournament, Empire Polo, and top flight Art Shows.
Now, you know why the luxury home market throughout the Greater Palm Springs area and, especially in La Quinta, do quite well.
The Celebrity Factor
Mega celebrities such as Kris Jenner and family, and their recent purchase at The Madison Club, are so influential that they have the ability to drive a market and home prices higher just by buying there. Most likely, this is one of the reasons why the Number of Homes Sold in The Madison Club the first 9-months of 2019, are up 40% over 2018. Also, the Average and Median Sold Prices are up close to 10% year-over-year.
This celebrity effect often spills over to neighboring luxury communities. Nearby, the Hideaway Golf Cub another private luxury golf-club community, sold 56% more homes in 2019 vs. 2018.
Also notable is that the the number of homes for sale have increased significantly in the top tier markets. Perhaps rising prices, and still low interest rates are encouraging more homeowners to put their homes on the market now. But, there’s more to the story.
La Quinta is Booming, and a Great Buy!
The financial health of a city is an important factor for luxury home buyers when planning a major purchase, and rightly so. La Quinta offers an efficient and well-run city government, is fiscally sound and, has a very bright future.
Large corporations like the premier luxury brand developers, Pendry and Montage International, are capitalizing on the growing international popularity of La Quinta, with two luxury hotels currently under construction at the SilverRock Resort. Eventually, resort residences, condos and more will be made available for lease and purchase.
Contact me direct to learn more about these resort residences. You can also my recent blog on the resort here SilverRock Resort Blog.
Buying and Selling the Luxury Market
Buying and selling in the luxury home market requires experience, knowledge and client services of the highest order. When you are ready to buy or sell your slice of heaven in the Coachella Valley, find out how I can reach your real estate goals discreetly, and quickly.
Call: (760)289.4276; or Email-donna.ambrose@bhhscaproperties.com
Donna Ambrose, REALTOR®, CaDRE#02038351
