Indian Ridge CC 2006 3rd Quarter Report
Dear Indian Ridge Resident:
It is interesting to note the following when we bring the real estate market down to the comparative communities.
Community Homes on Market Homes in CC on Market %
Palm Desert East 401 224 55.9
Palm Desert South 259 53 20.5
Palm Desert North 222 50 22.5
Indian Wells 174 99 67.3
Rancho Mirage 544 198 36.4
La Quinta South 869 391 45.0
There are currently 6273 homes for sale in the desert; 2469 in the communities listed above. The homes inside gated golf course communities are 1015 which equates to 41.4%
Last summer, 8 homes sold as we were experiencing the effects of a slow down and typical drop in sales during the summer at Indian Ridge. As you can see, only 3 homes closed escrow during the third quarter of 2006 with 2 properties currently pending. Within the past 2 weeks, 4 homes have done pending so we are seeing buyers returning to the desert and to Indian Ridge Country Club. While the MLS indicates there are only 37 homes on the market, a number of properties are available but not listed in order for the days on market to be reverted back to 0. This marketing strategy does affect the accuracy of the days on market making it appear that it can take fewer days to sell than in reality.
What I have experienced is the homes with all the upgrades, bells and whistles and quality in the upgrades are the properties selling. No longer do comps support or justify the asking price as we have experienced one home selling for $400 per square foot and another with better views selling for $632 per square foot.
Diane R. Williams
Associate Broker/Premier Director