Wasserman Real Estate Group Blog

Our exclusive glimpse into the opulent world of luxury real estate unveils the year-end statistics and trends that shaped the market in fifteen top luxury country clubs:

• Andalusia at CM
• Andreas Hills
• Bighorn Golf Club
• El Dorado Country Club
• Indian Canyons
• Movie Colony
• Old Las Palmas
• Tamarisk Country Club
• The Hideaway
• The Madison
• The Reserve
• Thunderbird Heights
• Toscana Country Club
• Tradition Golf Club
• Vintage Country Club

Whether you're a prospective resident or a savvy buyer, these insights offer a comprehensive view of the evolving landscape.

Special thanks to Walter Neil at Franklin Loan Center for graciously allowing us to use this insightful report. His contribution enhances the depth of our analysis, providing valuable perspectives for those considering not only luxury real estate but also the financial aspects of their investment.

Prices:

The Franklin Loan Center (FLC) Luxury Price Index serves as our compass in navigating the sea of luxury real estate. As of December, the average price of a 4,500 square foot home in these prestigious country clubs reached $3,796,612. This marks a notable increase of $4,558 for the month and a 2.3% rise for the entire year. Diving deeper into individual country clubs, we observe a spectrum of gains, ranging from a remarkable 17.7% in Thunderbird Heights to a marginal decrease of -15% in the Movie Colony.

Sales:

In December, luxury sales experienced a slight downturn, averaging 16.5 units per month—a decrease of 11% compared to the previous year. Dollar sales for luxury homes over the last three months tell a similar story, averaging $30 million per month, reflecting a 9% decline from the $33 million recorded in the preceding year.

Inventory:

A crucial aspect of the real estate market is the inventory, and in December, the total inventory in the fifteen luxury country clubs decreased by 17 units, settling at 83 homes. This marks a 4.6% reduction from the previous year. The "months of sales" ratio stood at 5.0 months, a slight increase from 4.7 months a year ago.

Days in the Market:

The average "Days in the Market" for luxury homes in December was 73 days—a significant increase from the 50 days recorded a year ago. However, it's essential to note that this is still considerably lower than the pre-pandemic average of 120 days. The range varies across country clubs, from zero days in the El Dorado Country Club to 210 days in the Vintage Country Club.

Price Discount/Premium:

December saw luxury homes selling at an average discount of 3.9%, a notable contrast to the mere 0.9% discount observed a year ago. The figures fluctuate from a 0% discount in El Dorado Country Club to an average discount of 14.9% in The Madison.

As we reflect on the past year, the luxury real estate market has demonstrated resilience and adaptability. While some areas experienced remarkable gains, others navigated challenges with grace. Whether you're considering a move or eyeing an investment opportunity, these insights provide a valuable guide to the dynamic world of luxury living.

Explore the full report and discover more insights by visiting our website, where you can also access a wealth of other reports and browse enticing luxury property listings. Your journey into the world of opulent living awaits!

There's an exciting event just around the corner that promises to add a splash of color and creativity to your life – the Southwest Arts Festival 2024. Set against the picturesque backdrop of the Empire Polo Club, this acclaimed art festival is a celebration of traditional, contemporary, and abstract fine works of art, jewelry, and quality crafts.

From January 25th to 28th, art enthusiasts and culture connoisseurs alike will have the opportunity to witness an array of stunning pieces. The festival boasts a diverse collection, featuring everything from intricate pottery to mesmerizing glass creations and exquisite fine art paintings. It's an immersive experience where every brushstroke tells a story, and every piece of art reflects the unique spirit of the Southwest.

Adding a melodic touch to the visual feast, this year's festival will also showcase live music performances. The rhythmic beats and harmonious tunes will create an ambiance that complements the artistic expressions on display, elevating the entire experience to new heights.

The Empire Polo Club, renowned for hosting prestigious events, provides the perfect setting for the Southwest Arts Festival. Surrounded by lush landscapes and set against the stunning backdrop of the Coachella Valley, the venue itself becomes a canvas for creativity.

For those eager to explore the world of art and culture, attending the Southwest Arts Festival is a must. The festival opens its doors to individuals of all ages, inviting them to appreciate the mastery of talented artists and craftsmen.

Indulge your senses in the world of art at the Southwest Arts Festival 2024, where creativity knows no bounds. As you immerse yourself in this cultural extravaganza,  explore our website for more local events and to discover comprehensive listings around the area. our dream home might be just a click away, waiting to be discovered in the heart of this vibrant community.

Exploring the intricate details of the real estate market in PGA West, this report aims to offer a comprehensive understanding of current trends. Whether you're a resident closely monitoring the market or a prospective buyer contemplating a move to this vibrant community, our insights are tailored to keep you well-informed.

Prices: A Mild Correction with Varied Subdivision Dynamics

The heartbeat of any real estate market is its pricing trends, and PGA West is no exception. As of December, the average detached home of 3,150 sq. ft. saw a mild correction, ending the month at $1,464,385. While this reflects a decrease of $9,176 from the previous month, it's essential to note that this translates to a 6.1% year-over-year reduction. On the flip side, attached homes of 1,950 sq. ft. experienced a positive shift, with an $18,422 increase, reaching $731,447—a 7.7% uptick year over year. Noteworthy are the diverse price dynamics across subdivisions, ranging from a robust +24.1% in Nicklaus Private (Attached) to a -13.7% adjustment in Nicklaus Tournament (Detached).

Sales: Decoding the Numbers

December saw an average of 12 units sold per month, a marginal decline of 7.7% from the previous year. Dollar sales averaged $9 million, marking a 10% decrease from the same period. These figures provide a snapshot of the market's health, reflecting a nuanced interplay between supply and demand.

Inventory: Balancing Act in Listings

At the close of December, the number of listings in PGA West's eight subdivisions rose to 58 units, signaling an increase of 23 units from the previous year. The "months of sales" ratio, a crucial metric indicating market equilibrium, stood at 4.9 months—within the historical norm of four to six months. This suggests a balanced market, allowing both buyers and sellers to navigate transactions with confidence.

Days in the Market: A Tale of Speed and Stability

While the market has seen shifts in pricing and inventory, the average "Days in the Market" metrics for detached and attached homes paint a picture of speed and stability. In December, detached homes spent an average of 96 days on the market, a slight increase from the previous year but significantly below pre-pandemic averages. Attached homes fared even better, spending 44 days on the market compared to 58 days a year ago—indicating sustained demand and efficient transactions.

Price Discount/Premium: Deciphering Value

Understanding the negotiation landscape is crucial for both buyers and sellers. In December, detached homes in PGA West sold with an average discount of 5.3%, mirroring the previous year. Attached homes, however, saw a favorable trend, selling with an average discount of 2.9%—an improvement from the 3.8% discount observed last year.

As we navigate the ever-evolving real estate landscape in PGA West, it's evident that the market remains dynamic yet resilient. Whether you're a resident witnessing these changes firsthand or a potential buyer eyeing the possibilities, our aim is to empower you with insights that foster informed decisions.

A special thank you to Walter Neil for generously providing these insightful reports. If you're in the process of seeking loan approval, we highly recommend reaching out to him at Franklin Loan Center. Trusted expertise is crucial in your journey to securing your dream home, and Walter Neil is here to guide you every step of the way.

For a broader perspective on Coachella Valley home reports and opportunities, visit our website, and embark on your journey toward finding the perfect home!

In the month of December, Valley's housing inventory experienced a decrease of 167 units, culminating in a total of 2,093 units on January 1st. This decline, typical for year-end adjustments, is attributed to technical factors. Despite this seasonal fluctuation, our current inventory levels remain close to the peak observed over the past four years. However, it's noteworthy that our current inventory is still 1,000 units lower than the established norm.

As we analyze these figures, we anticipate a potential upswing in inventory over the next few months, with the possibility of reaching 2,500 units. This optimistic projection aligns with the expected seasonal increase, offering potential opportunities for those navigating the real estate landscape. For a visual representation, refer to the accompanying graph illustrating these trends. Stay tuned for updates as we monitor the evolving dynamics of Valley's real estate market.

For a comprehensive understanding of the current market trends and detailed insights, we invite you to explore the full report and additional market information available on our website. Empower your real estate decisions with the knowledge to make informed choices. Visit our website today!

Desert Town Hall is excited to host Admiral James Stavridis, a distinguished figure in global affairs and the Vice Chair of Global Affairs at The Carlyle Group. As the longest-serving Combatant Commander in recent US history, Admiral Stavridis brings a wealth of experience to the stage. Following his military career, he served as the 12th Dean of The Fletcher School of Law and Diplomacy at Tufts University.

The event, scheduled for January 21 at the Renaissance Esmeralda Resort & Spa in Indian Wells from 5:00 PM to 9:00 PM, promises an evening filled with insights on global affairs, leadership, and the challenges facing the world today. Attendees can look forward to a thought-provoking discussion from a speaker whose background spans both military and academic realms.

To attend this exclusive event, interested individuals can secure tickets by contacting Desert Town Hall and visiting their official website. This is a unique opportunity to engage with Admiral Stavridis and gain valuable perspectives on critical issues.

Desert Town Hall has a longstanding tradition of bringing prominent speakers to the Coachella Valley, fostering dialogue and intellectual exchange. The series has become a beacon for those seeking a deeper understanding of the issues shaping our world.

Don't miss the chance to be part of an evening that promises intellectual stimulation and thought-provoking discussions. Join fellow enthusiasts at the Renaissance Esmeralda Resort & Spa in Indian Wells for an unforgettable event with Admiral James Stavridis. Secure your tickets now for an educational and inspiring experience.

Explore the comprehensive sales trends across different price brackets in our latest market analysis graph provided by the California Desert Association of Realtors (CDAR) and the Greater Palm Springs Realtors (GPSR). The data indicates a consistent pattern, with sales remaining stable compared to the previous year across all price ranges. This is a promising sign, suggesting a well-balanced housing market without any significant imbalances in specific price segments.

Remarkably, both the high-end and low-end segments are exhibiting similar performance, contributing to the overall equilibrium. Notably, homes priced over a million dollars have experienced a notable uptick, registering a remarkable 21% increase in sales. This surge can be attributed to the appreciation in property values over the past few years, leading to a greater number of homes now falling into the million-dollar category.

For a deeper understanding of the real estate market dynamics and to explore additional insights, we invite you to peruse the complete report and discover more comprehensive market information on our website. Your journey to informed decision-making begins here – dive into the full details and stay ahead in the ever-evolving world of real estate.

As the vibrant city of Palm Desert gears up for another enchanting season, The Gardens on El Paseo Concert Series takes center stage from January 20 to March 9. This musical extravaganza, spanning nearly two months, isn't just about melodies and rhythms; it's a celebration of community spirit and philanthropy.

For over two decades, The Gardens on El Paseo Concert Series has been weaving together the magic of music and the power of giving, uniting the local community in a harmonious symphony. This year promises to be no different, offering attendees an experience that transcends the ordinary.

What sets this concert series apart is its profound impact on the community. Since its inception, The Gardens has played a pivotal role in raising over $1 Million for those in need. This philanthropic initiative adds a deeper layer to the music, creating an atmosphere where every note resonates with compassion and generosity.

As you revel in the tunes, your ticket doesn't just grant you access to an auditory delight but also includes a sip of sophistication. Wine enthusiasts will be pleased to know that their ticket price covers a selection of wines. And for those who prefer alternatives, the options are equally delightful—refreshing soft drinks, as well as complimentary water for the discerning non-alcoholic connoisseur.

Post-concert delights await those looking to extend the experience. Two delectable options introduced this year can be savored not just during the show but also at the renowned Sottovoce Cafe after the final encore. This fusion of music and culinary indulgence ensures that your evening is not just a concert but a sensory journey.

For a detailed schedule and to plan your attendance, head to our the Gardens on El Paseo website. The virtual hub offers a comprehensive guide to the concert series, ensuring you don't miss a beat. Join us at 73545 El Paseo, Palm Desert, where the gardens come alive with the magic of music and the warmth of community.

As you explore the vibrant events and offerings in the city, don't forget to visit our website. Discover more local events, listings, and the pulse of Palm Desert living. Your dream home may be just a click away, and your next unforgettable experience could be right in your neighborhood.

Join us in making every moment count—where music meets philanthropy, and homes find hearts.

In the latest market analysis provided by the California Desert Association of Realtors (CDAR) and the Greater Palm Springs Realtors (GPSR), we've observed a remarkable upswing in real estate sales over the past three months, with every city experiencing growth, except for Cathedral City, Desert Hot Springs, and Indian Wells. The standout performer in this year-end surge is Coachella, boasting an impressive 48% increase in sales. Following closely behind is Rancho Mirage, witnessing a substantial 20% uptick, and La Quinta not far behind with a commendable 13% rise.

For a comprehensive overview and detailed market analysis, visit our website. Your next real estate decision deserves informed consideration, and we're here to provide you with the data you need. Visit us today for the complete report and a wealth of additional market information.

The real estate market is characterized by its ever-changing nature, and a careful analysis of sales trends is essential for gaining insights into its dynamics. In this blog, we will delve into a comparison of three-month and twelve-month sales data for detached and attached homes, provided by the California Desert Association of Realtors (CDAR) and the Greater Palm Springs Realtors (GPSR) offering a comprehensive view of the current state of the market.

Three-Month Sales Snapshot:

Sales in the last three months appear to have stabilized, albeit at a lower level. In December, the three-month average of sales reached 490 units, marking a modest increase of 22 units compared to the previous year. This positive shift is noteworthy as it breaks a streak of over two years of decline. However, considering the influence of seasonality, it becomes challenging to gauge the historical significance of this upturn.

To address this challenge, this chart is designed to distinguish seasonal changes from real ones. It reveals that sales over the past four months are running 32.5% below historic norms. This information provides valuable context for interpreting the recent increase and assessing its long-term implications.

Twelve-Month Sales Overview:

Shifting our focus to the twelve-month average of sales, which accounts for seasonality, we observe a different narrative. Total sales are averaging 606 units per month, representing a 17% decrease from the previous year. Despite the decline, there are indications that the long-term average of sales is leveling out, suggesting a potential stabilization of the market.

This trend aligns with the belief that the worst may be over, offering optimism for the real estate sector. However, a critical factor influencing the recovery is the mortgage rates, which currently stand at a high level. It is suggested that sales might experience a more robust recovery if mortgage rates decline to 5.5%. Recent changes in interest rates provide a glimmer of hope, fueling expectations for a positive shift in the market.

In conclusion, the comparison of 3-month and 12-month sales data in detached and attached homes reveals nuanced trends in the real estate market. While the short-term uptick signals a potential turning point, the twelve-month overview emphasizes the importance of considering seasonality. As the market navigates through these dynamics, keeping a close eye on mortgage rate changes will be key to understanding the trajectory of future sales. The real estate landscape continues to evolve, and informed insights are essential for both buyers and sellers in making strategic decisions. To get the full report, visit our website!

Get ready to immerse yourself in a week of golfing excellence, unparalleled fan experiences, and electrifying entertainment at the American Express PGA Tour, gracing the Coachella Valley from January 15 to 21. Bask in the warm sunshine as you witness exceptional golf, indulge in unforgettable fan moments, and enjoy star-studded performances, all set against the breathtaking backdrop of the Coachella Valley.

Choosing your experience is a breeze with a variety of ticket options and premium passes catering to every level of enthusiasm. Starting at just $225, weekly passes open the doors to a world of exclusive access, ensuring you don't miss a beat of the golfing action or the lavish entertainment that follows.

What sets the American Express PGA Tour apart is its commitment to delivering not just a golf tournament but an immersive fan experience. From thrilling birdies to unexpected celebrity sightings, each moment is crafted to leave an indelible mark on attendees. The week promises a fusion of sporting excitement and entertainment extravagance, making it a must-attend event for golf aficionados and casual fans alike.

As an added treat, holders of weekly passes gain complimentary entry to two unmissable concerts. On Friday, January 19, revel in the tunes of Keith Urban, and on Saturday, January 20, let Train serenade you into the night. These free concerts are the perfect way to unwind after a day filled with golfing brilliance.

The tournament unfolds across the iconic PGA West and La Quinta Country Club, providing not just a sporting spectacle but also an opportunity to savor the stunning vistas of the valley. For those contemplating making Coachella Valley their permanent home, the real estate offerings are as remarkable as the golfing showcase. Explore our website's diverse listings to find the home that perfectly complements your lifestyle.

As the excitement of the American Express PGA Tour unfolds, don't miss out on other events shaping the vibrancy of Coachella Valley. Visit our website's entertainment section for a comprehensive guide to the valley's happenings. Celebrate golf, glamour, and good times – join us at the American Express PGA Tour and discover why Coachella Valley is not just a destination but a lifestyle. Explore real estate listings and community events on our website and make Coachella Valley your home.