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Welcome > Local Info > 2009-2010 Season...

This is the perfect storm for home buyers!

Our summer is officially over and we are getting ready for our 2010 season here in the Palm Desert. The temperatures are in the comfortable high 80’s and the golf courses are being prepped and seeded for our new season and the majority of courses should be open between November 5-10.

A recap of last month sales here in the desert!

The summer of 2009 was one of the best summers I have seen so far in the last 3 years. Of the total sales, 866 were recorded in the Coachella Valley — up 12 percent over September 2008, and slightly up from August of this year.

The median home price paid for a Coachella Valley home or condo was $178,000 in August, slightly down 1.5 percent from July.

Now, in a few local areas like Bermuda Dunes, La Quinta, Palm Desert and one section of Palm Springs — recorded sales that resulted in median home prices in the $200,000 to $275,000 range.

We have seen a small increase of sales in the luxury home market in September versus the same month in 2008. Luxury home sales aren't easy to snare in these times, but they are happening.

Residential inventory in the desert area is down to just over 5,000 units. Take the current housing inventory and divide by the 866 closed sales for August resulting in an inventory of just 6 months…. a number that most would suggest we are reaching a neutral market.

Bank Owned Homes and Short Sales still makes up for the majority of sales here in the desert with the majority of homes being sold for under $500,000.00

It’s the perfect storm for home buyers. Deep discounts on properties, historic low interest rates and great tax incentives are driving home buyers to snap up these great opportunities both for investment and personal use.

To receive a complete list of Bank Owned Homes here in the desert visit: www.luxurydeserthomes.com

We are also observing the following:

• An increase of appraisals from banks for distressed homes over 4,000 sq. ft.
• Interest rates will stay where they are through next year
• Unless extended by Congress, this is the final month to take advantage of the first-time home buyer $8,000 Tax-Credit.
• The highest-priced property out of the 866 sales sold $2.2 million.
• The Canadian dollar is still very strong. (1 Canadian dollar = 0.93 U.S. dollars)
There are still deals to be made! Don’t miss the opportunity this time!

Please call or e-mail me with any questions .

Barry

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Barry Lotz, J.D.,Ph.D., REALTORÂ®, real estate agent and broker for Indian Wells, La Quinta and Palm Springs California home listings, property and land for sale - Best Image Agent(s)

Barry Lotz, J.D.,Ph.D.
Power Brokers International
74040 Highway 111 Suite L
Palm Desert, CA. 92260
License: 01405914
Direct: 760-574-7676
Toll Free: 866-525-2894
Fax: 760-406-9898
Email: barry@luxurydeserthomes.com
Mailing Address:
PO Box 912
La Quinta, CA 92247

La Quinta Chamber of Commerce
Luxurydeserthomes.com
P.O. Box 912
La Quinta CA 92247
760.574.7676 Fax: 760.406.9898
Dr. Barry Lotz

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Living Well Begins At Home. As the broker of choice for countless celebrity clients and Fortune 500 CEOs, I take pride in a level of service, experience, and discretion that is without peer in the communities of La Quinta, Rancho Mirage, Indian Wells and Palm Springs.

Searching for a residence of uncommon distinction and grace? Share your wishes with me and reap the benefits of an insidersï¿½ knowledge of the upscale desert communities. And if you are planning to place your home on the market, no one is more skilled at providing exposure and finding qualified buyers across the nation and the world. I specialize in luxury homes and fine golf properties within the Coachella Valley.

The trademarks, logos, and service marks (collectively the "Trademarks") displayed on this Web Site are registered and unregistered trademarks of Lotz, Barry its affiliates and others. You can view trademarks owned by Lotz, Barry on Trademarkia at this link: http://www.trademarkia.com/company-lotz-barry-3222734-page-1-2. Nothing contained on this Web Site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any Trademark displayed on this Web Site without the written permission of Lotz, Barry or such third party that may own the trademark displayed on this Web Site. Your misuse of the Trademarks displayed on this Web Site, or any other content on this Web Site, except as provided herein, is strictly prohibited.

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