Palm Springs Real Estate

Palm Springs Real Estate. Palm Springs homes for sale in many of Palm Springs' most popular neighborhoods and condo communities. Are you looking for a Palm Springs vacation home, full-time residence, or investment property? Find it on our Palm Springs real estate blog. We post all the activity (new listings, in escrow and sold) in Central and South Palm Springs.

Here's the activity for 10/28/09.

Central Palm Springs:

New Listings:

None

In Escrow:

None

Sold:

898 N Avenida Palmas, Movie Colony, 3/3.5, $1,020,000.

South Palm Springs:

New Listings:

2290 S Palm Canyon Dr., #17, Desert Skies, 1/1, $84,900.

1402 S Camino Real, Biltmore, 2/2, $107,900.

6071 Hazeltine, Fairways, 2/2, $149,900.

3533 Ridgeview Cir., Ridgeview, 3/2, $199,000.

3697 Torito Cir., Park Escoba, 4/3, $599,000.

1660 Hillview, Andreas Hills, 4/5, $994,900.

305 Patel Pl., Alta, 4/3.5, $1,089,000.

2886 Sultan Cir., Araby, 4/3.75, $1,250,000.

In Escrow:

1590 E Via Estrella, Canyon North, 3/2, $579,000.

Sold:

1234 Otono Dr., Deepwell Ranch, 2/2, $221,000.

2083 S Ramitas Way, Canyon West Estates, 2/2, $238,000.

2210 S Madrona Dr., Canyon Estates, 2/2, $260,000.

Source: Desert Area MLS. Listings are not necessarily those of Zephyr Real Estate/RS Associates.

Russell Hill RS Associates 760.203.2959/902.3121

Street View update coming to Australia

Back in August last year, we brought Street View to Google Maps in Australia - helping Aussie Internet users to view and navigate 360 degree street-level imagery of our beautiful country's cities, towns, regions and remote areas.

Since then, Street View has been one of our most used and talked about Google Maps features - having been integrated with real estate sites, appeared in news stories, and used to help both Australians and visitors plan their trips around the country.

But Street View is most useful useful when the imagery is up-to-date and reflective of what you'd see if you visited an area in person ... which is why we're sending the Street View fleet back out on the road.

Starting from next month in Sydney, Melbourne, Brisbane, Canberra, Adelaide, Perth and parts of Tasmania, we'll be doing our best to cover as many of Australia's public roads as we can during this summer. So if you're in the right place at the right time, you might spot one of our clearly marked Street View cars (like the one below) in your neighbourhood.


We also work hard to improve our products as much as we can, and so the images we're collecting this time will be crisper than before - making Street View even more useful when using it to find that restaurant you've forgotten the name of, or when reading street signs on Street View when following driving directions in Google Maps. It will also make our face-blurring technology even more accurate, because faces and license plates will be easier for our blurring technology to recognise.

You can see an example of what we're talking about by checking out the latest Street View imagery collected in Canada ... look at the remarkable fine detail of the stonework on the beautiful Basilique Notre-Dame.


View Larger Map

The new Australian imagery will be available sometime within the next year, and while we don't have a more specific timetable to share right now, we'll be sure to keep you updated on this blog. And in case you were wondering ... unfortunately we can't let you know exactly when we'll be in your street, because it's such a large project and would be too challenging to coordinate. You'll just need to keep the lawn mowed for the next few months! However, you can see what general areas we're in at this site.

If you're ever uncomfortable with an image that appears in Street View, whether in the existing imagery or in the new imagery once it launches, it's a simple matter to have it blurred or removed - simply click 'Report a Problem' at the bottom of any image, and follow the easy steps.

We do have one more Street View update to share, and that's in relation to our policy around storage of Street View images. We retain Street View images on our databases so we can do things like improve our blurring technology, and check our maps against the images so that we don't give you bad driving directions - for example, checking to see if a street has 'no entry' signs.

We announced earlier this month that we will permanently blur images that we retain for internal use within one year of their publication on Street View. This means that, long term, the only copy we keep will be the one in which faces and license plates are blurred. We think one year strikes a good balance between protecting people's privacy and our ability to reduce mistakes in blurring, as well as use the data we have collected to build better maps products.

Stay tuned for more updates over the coming months, and in the meantime, why not use Street View to find a great location for your upcoming summer holiday? I think this spot will do me just fine ...

Posted by Andrew Foster, product manager

More, more, more real estate in Google Maps

Since we announced a real estate search feature on Google Maps in Australia back in July, we've been working steadily to make it even easier for Australian home buyers and renters to use. At the same time, Google Maps has continued to evolve and improve, and become an even more useful tool for online real estate searching. Here are a couple of things you can look out for next time you visit Maps.

First up, we've made it easier to find real estate listings. Now, you can simply click "Real Estate" from the 'More' button on the top right of any map on Google Maps to discover listings. From there, it's a simple matter to refine your search using the left hand panel - price, bedrooms, bathrooms, and so on. Of course, you can still pan the map and it'll automatically update with more listings.


You'll also notice that Google Maps is now showing even more information about an area as you pan around and zoom in. There are small icons on the map showing the names and location of businesses and prominent features of the neighbourhood. This means that during your home search, you'll be able to tell at a glance just exactly what shops can be found down the road from where you're looking, all without typing!

Finally, we've made it easier to layer your searches over each other. If you're looking for a new place near a primary school, start by searching for "primary school". Then click More, Real Estate to see all available properties nearby overlaid on the same map. Refine your search, and find that perfect 3 bedroom apartment in walking distance of a school.

Of course, these aren't the only resources available for your new home search. You can use Street View on Google Maps to check out the neighbourhood before driving to an open home; use driving directions to find out exactly how to get there; and transit information to work out what your new commute might be if you went ahead and moved house.

We've also been working with a number of organisations across the real estate industry to make even more current real estate listings searchable on Google Maps. You can now find listings for rent and sale from many of the major real estate franchise groups including Ray White, LJ Hooker, First National, Harcourts and Raine & Horne.

Good luck compiling your open home lists today - here's to a fruitful weekend of real estate searching!

Posted by Andrew Foster, product manager

$8,000 Tax Credit for Homebuyers Extended

It looks as though the $8,000 tax credit for first-time home buyers, which was scheduled to expire November 30, will be extended.

The tax-credit will also be expanded to those buyers who have lived in their residence for more than 5 years and are purchasing a new residence.

Additional details of the plan:

• Income limits have been increased. The credit is now available to individuals earning $125,000 and couples earning $250,000 (from previous limits of $75,000 for individuals and $150,000 for couples)
• To be eligible, properties must be in contract by April 30, 2010 with closing to take place by June 30, 2010
• For "move up" buyers who previously own a home, the tax credit will be limited to $6,500

Although widely anticipated, this extension should give continued "legs" to the housing recovery. To date, 1.2 million homebuyers have taken advantage of the tax credit and $8.5 billion of $13.6 billion stimulus monies allocated for this purpose have been spent. [Bloomberg]

Updated 11-20-09

Here is the CAR (California Association of Realtors) full explanation on the tax credit:

H.R. 3548 provides both for the extension of the first-time homebuyer tax credit and expansion of it to qualified non-first-time buyers as well. A few of the provisions of this new law include the following:

(1) Both the $8,000 first-time homebuyer tax credit and the $6,500 tax credit for “move-up” buyers (see 4 below) would sunset on April 30, 2010. However, purchasers who have binding contracts as of April 30, 2010 (before May 1, 2010), would still qualify for the credit as long as they complete the transaction within 60 days (or June 30, 2010).

(2) The amendment establishes income limits of $125,000 for an individual or $225,000 for a couple for both credits.

(3) The cost of the home being purchased cannot exceed $800,000 for both categories in order to be eligible for the credit.

(4) “Move up” buyers (an individual or his/her spouse, if married) are qualified if he/she “has owned and used the same residence as such individual's principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence.”

For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return. Homebuyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date. However, this recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the homebuyer tax credit.

The amendment also includes anti-fraud language that gives the IRS the authority to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older and requires a HUD-1 settlement statement to be attached when claiming the credit.

Olympic Village in Vancouver

Construction of the Olympic Village is almost completed and it looks impressive. One would expect the buildings to be in the same or similar style since they are built quite close to each other but instead there are many different styles of construction.

Some of the water front buildings were designed by legendary Arthur Erickson and must be among his last creations before his death - these buildings have an irregular exterior with different floor plans on each floor and have aluminum sheets on the exterior which resemble fish scales.

Construction is at Platinum LEED standard so very environmentally friendly. There is a large open area - a plaza - in a central location, the village adjoins the seawall and an island has been created in False Creek on the SW side of the Village.

Some units at the Village will only be sold at a later stage.

www.vancouver-condos.net,www.christinelouw.com

Make your vote count for Doodle 4 Google!

We've already received thousands of votes for Doodle 4 Google 2009, but if you haven't voted yet, you'd better be quick - voting closes this Friday, 30 October.

Doodle 4 Google asked Australian students from Years 1 through 10 to transform the Google logo to reflect their 'wish for Australia'. We've seen everything from alternative power, to continuing sporting success, to more friendship in schools - it's been incredible to see what young Aussies hope for our country, and the standard of entries has been truly high.

From the thousands of entries received, we picked a long list of 320 entries, from which our judges, Ken Done, Anne Geddes, and Hugh Evans, selected the top 32 to go up for public vote. After voting closes this week, we'll be flying all 32 finalists to Sydney for the grand final event on 10 November, when we'll celebrate the achievements of our top 32, announce our age group winners, and invite Google's original Doodler Dennis Hwang to select the overall winner whose doodle will feature on the google.com.au homepage on Australia Day in 2010, to be seen by millions of people around the world.

We'll post all of the details here so make sure you check back to find out which doodles Australians have voted their favourite. But first we want your vote! Head to www.google.com.au/doodle4google to have your say...

Posted by Katharina Friedrich, Doodle 4 Google team

11 Chic Condos @ 140 S. Oakhurst Drive Beverly Hills

Tucked just south of Wilshire in the center of Beverly Hills is a new 11-unit condo development, 140 S Oakhurst Drive. Located on a quiet residential block, the project includes one studio (reserved), two one-bedroom units (one reserved), seven two-bedroom units, and one grand three bedroom penthouse.

One bedroom units are $925,000, two bedroom units range from $1,045,000 to $1,425,000, and the penthouse is priced at $2,595,000. HOA are surprisingly low, ranging from $518 - $793/month.

We like what we see. Construction is top-rate. The floors are an attractive light-color wood. Living rooms are large. All units (save the studio) have a half-bath conveniently located next to the public areas.

The kitchens are done in a country French style and include a Wolf range, Sub-Zero refrigerator and Miele dishwasher.

Bedrooms are large and have a sizable walk-in closet adjacent to them.

Bathrooms include precision tile work and plenty of stone.

This first floor model unit (1 br, 1.5 ba, 1,678 sq ft) also includes a 300 sq ft patio area.

The 3,314 sq ft penthouse boasts one of the largest living spaces in a new building in Beverly Hills.

The mega-kitchen is a chef's or entertainer's dream.

The penthouse also has lots of outdoor patio space from which you can enjoy views of the tree-lined street.

Units are priced at $550 - $650/sq ft, offering excellent value for buyers seeking to live in this desirable Beverly Hills neighborhood. Bring your toothbrush, move right in -- these units are "done done done" and ready for your personal touches.

Sold by Coldwell Banker

Palm Springs Real Estate

Palm Springs real estate. Palm Springs homes for sale in many of Palm Springs' most popular neighborhoods and condo communities. Find good values including foreclosures and short sale listings on our Palm Springs Real Estate Blog.

Here's the activity from 10/25 thru 10/27, 2009. Finally caught up......

As you may have noticed, there are lots of properties selling over the last several days. Good values are moving!

Central Palm Springs:

New Listings:

800 E Cottonwood Rd., #2, Desert Arches, 2/2, $119,900.

413 Villagio N., The Villas in Old PS, 2/0, $519,900.

495 W Santa Elena Rd., Little Tuscany, 4/3, $799,000.

In Escrow:

467 S Calle El Segundo #D17, Biarritz, 1/1, $89,000.

1109 N Sunrise Way, Ruth Hardy Park, 3/2, $189,500.

1113 Villa El Paseo, Ruth Hardy Park, 3/3.5, $675,000.

Sold:

None

South Palm Springs:

New Listings:

2020 Southridge Dr., Rimcrest, 2/2, $179,000.

4891 N Winners Cir., #C, Waverly Park, 2/2, $265,000.

425 E Via Ensenada Cir., Canyon South 2, 3/2, $295,000.

In Escrow:

2023 Normandy Ct., Versailles, 2/2, $149,900.

2701 E Mesquite Ave., #HH188, Mesquite Country Club, 2/2, $199,900.

2400 E Oakcrest Dr., Sunrise East, 3/2, $369,000.

1127 E San Lucas Rd., Warm Sands (Tahquitz River Estates), 2/1, $299,000.

Sold:

None

Source: Desert Area MLS. Listings are not necessarily those of Zephyr Real Estate/RS Associates.

Russell Hill RS Associates 760.203.2959/902.3121 RussellHill@dc.rr.com

Palm Springs Homes for Sale

Palm Springs real estate and Palm Springs homes for sale in many of Palm Springs' most popular neighborhoods and condo communities. Are you looking for a Palm Springs vacation home, full-time residence, or investment property? Find it our Palm Springs real estate blog!

Here's the activity from 10/22/09 to 10/24/09

Central Palm Springs:

New Listings:

467 S Calle El Segundo #D3, Biarritz, 1/1, $79,900.

277 E Alejo Rd., #P7, Villa Alejo, 1/1, $119,000.

277 E Alejo Rd., P3, Villa Alejo, 2/2, $125,000.

260 W Stevens Rd., Compound, 2/2.5, $280,170.

4969 Davidson Way, Escena, 3/0, $396,000 (plus five others to $450K)

2025 E Park St., Sunrise Park, 4/2, $410,000.

2701 E Plaimor, Sunrise Park, 3/2, $499,000.

1133 E Tacheva Dr., Ruth Hardy Park, 4/3, $569,000.

332 N sunset Way, Sunrise Park, 3/3, $585,000.

In Escrow:

222 N Calle El Segundo #566, Plaza Villas, 2/2, $159,000.

1478 Yermo Dr., N., Tierra Hermosa, 2/2, $229,000.

2054 Tamarisk Rd., Sunrise Oasis, 3/2, $259,000.

411 Calle Rolph, Greenhouse East, 2/2, $365,000.

3677 E Paseo Barbara, El Rancho Vista Estates, 4/3, $395,000.

Sold:

1502 N Via Miraleste, 3/3, $208,000.

South Palm Springs:

New Listings:

3155 E Ramon Rd., #710, Palm Villas, 2/2, $133,000.

1950 S Palm Canyon Dr., #147, Sandstone Villas, 2/2, $137,000.

1601 S La Reina Way, #D, Saddlerock Gardens, 3/2, $224,900.

255 E Avenida Granada, #122, Canyon Granada, 2/2, $234,900.

415 Desert Lakes Dr., Seven Lakes Country Club, 2/2, $235,000.

1663 Paseo De La Palma, Tahquitz Creek Villas, 3/2, $249,000.

88 Desert Lakes Dr., Seven Lakes Country Club, 2/2, $275,000.

4240 E Calle San Antonio, Demuth Park, 3/2, $113,900.

2495 E Sonora Rd., Los Compadres, 4/3, $429,000.

2744 S Camino Real, Canyon North, 4/3, $469,000.

3177 Las Brisas Way, Estancias at South Canyon, 4/5, $749,000.

In Escrow:

1900 S Palm Canyon Dr., #52, Sandstone Villas, 2/2, $74,900.

1900 S Palm Canyon Dr., #10, Sandstone Villas, 2/2, $117,000.

3155 E Ramon Rd., Palm Villas, 3/0, $124,900.

1936 E Sonora Rd., Sunrise Villas, 2/2, $229,900.

899 S Avenida Evelita, Demuth Park, 3/2, $118,000.

4377 E Camino San Simeon, Demuth Park, 2/0, $174,500.

566 S Calle Santa Rosa, Warm Sands, 2/1, $179,900.

984 S Calle Santa Cruz, Demuth Park, 3/2, $179,900.

1792 Pintura Cir., W., Pintura, 2/2.5, $419,000.

823 E San Lucas Rd., Tahquitz River Estates, 3/3, $489,999.

64933 Saragossa Dr., Parc Andreas, 4/4.75, $579,000.

1011 E Sierra Way, Canyon North, 3/3, $609,800.

Sold:

4011 E Calle San Raphael, Demuth Park, 3/2, $121,500.

987 E Twin Palms Dr., Twin Palms, 3/2, $350,000.

1969 S Joshua Tree Pl., Twin Palms, 4/3.5, $490,000.

3095 Arroyo Seco, Monte Sereno, 3/3.5, $875,000.

1041 Andreas Palms Dr., Andreas Palms, 4/4.5, $990,000.

Source: Desert Area MLS. Listings are not necessarily those of Zephyr Real Estate/RS Associates.

Russell Hill RS Associates 760.203.2959/902.3121 RussellHill@dc.rr.com

Promote your videos on YouTube and across the Web

There are now 20 hours of video uploaded to YouTube every minute, which means it's no easy task to find the right audience for your video. How does a new band build a fan base and get buzz for their new single? Or how can a top brand test the effectiveness of new ad creative on YouTube? Not every business or video creator can rely on the word-of-mouth that turned Nike's video of Kobe Bryant jumping over an Aston Martin into a worldwide sensation. Sometimes people need a little help discovering what's new and relevant to them.

Today we're launching Promoted Videos, a way to place your video on related pages on YouTube and across the web. It's an advertising program that anyone - from an everyday user to a major brand advertiser - can use to help people discover their video. Promoted Videos will help you find a relevant audience wherever they are on the web, whether it's searching or watching videos on YouTube or browsing across Google's network of publisher sites.

Like Google AdWords, Promoted Video campaigns are targeted by keyword and priced on a cost-per-click basis. Starting today, you can also buy Promoted Videos directly in AdWords, which means it's easier than ever to run your campaigns and drive traffic to your videos. You can place your bids, select where you'd like your videos to appear (on relevant YouTube search results pages, video watch pages, and Google's publisher network), and set daily spending budgets all within the AdWords interface. Our aim is to provide a single destination for your overall Google ad buy, as well as give YouTube advertisers new to AdWords access to additional campaign tools.



We know that many of you want your viewers to visit your website after watching your video, so we've built Call-to-Action overlays into Promoted Videos. Advertisers will be able to add a clickable overlay to their Promoted Videos, allowing them to drive viewers to a website off YouTube. This means you can track the performance of your video and whether your viewers are converting into customers.

We hope that Australian partners of all sizes will take full advantage of this opportunity to grow their audience here and around the world. Visit adwords.google.com.au to get started today or sign up for a webinar to learn more.

Posted by Jay Akkad & Matthew Liu, YouTube Product Managers

8 Bankrupt Projects Shaping Downtown Los Angeles

There's plenty of good news to celebrate in Downtown Los Angeles residential real estate. A few major, recent, high-profile projects are more than 2/3 sold (Ritz Carlton at LA Live, EVO South, Rowan Lofts, Barker Block). Prices are off 20% or (significantly) more from their 2005 - 2006 highs. Downtown LA, ironically, is among the most affordable and most dynamic residential neighborhoods in the city.

However, what was conceived, purchased, and designed in the exuberant mid-2000s is now coming to market in maundering 2009. Developer equity has evaporated, bank loans are underwater, and some of these projects and their owners are facing Chapter 7 and Chapter 11 bankruptcy.

The Los Angeles Downtown News summarized the projects:

1. Concerto – 900 S Figueroa Street – All eyes are on South Park’s mega-project, Concerto. On August 29, a much-promoted auction attracted broad buyer interest and all 77 lofts units “sold” at the event – which was intended to fund construction of the uncompleted 271-unit tower. A few weeks later, developer Astani filed Chapter 11 after its major funder Corus Bank was taken over by the FDIC. The FDIC wants to get out of the auction contracts believing the sale prices were too low. A court ruling today makes it seem that the units may indeed get released to buyers.
   
2. The Roosevelt – 727 W Seventh Street -- The 222-unit Roosevelt, which was designed as a condo building, is now being leased. The website still advertises.”Have It All. Luxury condominium loft residencies from the mid-$500,000s to over $1,000,000. Planned Move-ins First Quarter 2009.”
3. The Flat – 750 S Garland Avenue – a former Holiday Inn was transformed into a 206-unit apartment building that also houses trendy dining spot Blue Velvet. Although the project is 90% occupied, the developer defaulted on its $23 million loan and filed for Chapter 11 protection. Ultimately, a judge allowed the bank to repossess the property.
4. 705 W 9th Street – Developer Meruelo Maddux, Downtown’s largest landlord, declared Chapter 11 in March and is going through reorganization. Despite the project’s woes, they are currently proceeding with leasing.
5. Title Guarantee Building – 411 W Fifth Street. This building opened two years ago as a rental and went into Chapter 11 this February.
6. Brockman Building – 530 W Seventh Street. Many may know this building as the home to Downtown hotspot Bottega Louie. The cost of updating the 80-unit office building rose from $16 million to $35 million early on, portending ill for the project. The developer filed Chapter 7 after defaulting on a $35 million loan.
7. Santee Village – 716 S Los Angeles Street. At the edge of the Fashion District, Santee Village, a hugely ambitious 780,000 sq ft, seven building development failed to achieve its sales goals. In April, the developer declared bankruptcy, exited the project, and its assets were sold off. The project has about 300 condo units and 150 rental units. One of the seven buildings is not occupied, and two are only 30% occupied.
8. Blossom Plaza Project – Broadway & College Street. Blossom Plaza was planned at the site of Little Joe’s restaurant, which had operated for 101 years at this site in Old Chinatown (but closed in 1998 because the owner’s couldn’t afford to retrofit the building). This transit-oriented project which received more than $9 million in public investment, was to include 262 apartments. The developer filed Chapter 11 and the project is now in the hands of original equity partner Morgan Stanley.

Although the failure of these projects has brought great distress to equity partners, banks and developers, the public that will benefit from the BKs through lower condo prices and a softer, more affordable rental market.

Like New 3 Bedroom 2 Bath Home in Semmes for Sale

Gulf Region Properties Team | Keller Williams Realty | (251) 215-9382 9400 Homestead Dr, S, Semmes, AL Great Bargain Price for this Adorable Home 3BR/2BA Single Family House offered at $123,900 Year Built 2003 Sq Footage 1,357 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking Unspecified Lot Size 12,632 sqft HOA/Maint $6 per month DESCRIPTION This adorable and immaculate home is ready for new occupancy. This home has an open floor plan great for family living and entertaining. The amenities include breakfast bar, various raised ceilings, walk-in closets, and a gas log fireplace. You will love the large master bathroom which features a garden tub with marble surround and a separate walk in shower. Outside you will find an expansive partially fenced back yard and a 10x10 Storage Building. BRING ALL OFFERS! Possible short sale - All offers subject to mortgage company approval. see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Fireplace - High/Vaulted ceiling - Walk-in closet - Family room - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Laundry area - inside - Balcony, Deck, or Patio - Yard OTHER SPECIAL FEATURES - Storage Building ADDITIONAL PHOTOS Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Contact info: Gulf Region Properties Team Keller Williams Realty (251) 215-9382 For sale by agent/broker Equal Opportunity Housing Posted: Oct 26, 2009, 12:28pm PDT

What's the Worry about Westside Los Angeles Real Estate?

Last week we took a look at market trends on the corridor between West Hollywood and Downtown Los Angeles. This week we're taking a look at market trends in the chunk of Los Angeles Westside, the highest priced markets in the city between Beverly Hills and the Beach.

The selected neighborhoods included Beverly Hills, Beverly Hills Post Office, Brentwood, Pacific Palisades, Santa Monica, Venice and Westwood - Century City.

There is currently a 3.2 months supply of inventory of homes priced under $1 million, the lowest level in more than two years. Under these conditions, buyers are forced to view properties and write contracts as they compete with other buyers who are also trying to get into these high-barrier-to-entry neighborhoods.

What is driving this decline in inventory? Record low interests rates, reduced prices, a higher supply of distressed properties, and a sentiment that the market is in the process of bottoming-out.

But the sales in these neighborhoods under $1 million account for only 17% of the market. What's happening in the market for houses selling for more than $1 million?

Current inventory is about 7 months, slightly below what it was two years ago. After a gut-wrenching decline in activity during the worst part of the financial crisis when inventory exploded to two or three years worth, we're now returning to normal levels of selling.

The big picture is that the home market collapsed and is recovering and now looks a lot like it did two years ago. The median selling price in these neighborhoods last month was $1,645,000 -- a scant $3,000 above the median selling price in September 2007.

With so much negative sentiment about residential real estate, the California economy, etc., it's surprising to see that the real estate fundamentals in high-end neighborhoods of Los Angeles remain strong.

Inside Market Lofts - What's For Auction November 14?

Market Lofts, located on 9th Street between Flower and Hope in Downtown Los Angeles, will be auctioning its remaining 55 units on November 14. Updated 11/16/09 -- We attended the auction. See how the day unfolded by clicking here. This hot neighborhood is near the LA Live entertainment district, which as of this week will be home to the new $100 million Regal Cinemas LA Live Stadium 14, one of the most expensive new theater complexes in the country.

We had a chance to tour the units and we like what we see. The Market Lofts complex has many walkways and is not enclosed like an apartment building. It feels like a retreat in the center of the city.

There's also a nice pool, which many units face.

The low prices alone should drive buyers to the auction. This 2nd floor 2 bedroom-2 bath unit with 1,583 sq ft has a starting price of $295,000 ($186/sq ft). Expect bidding to be intense, these prices are 40-50% below comps on a square foot basis.

The units have wood floors, concrete ceilings and a loft-like feel.

The one bedroom units range in size from about 750 - 1,000 sq ft. This unit is 754 sq ft and has a starting price of $140,000 ($186/sq ft). Again, expect the sale prices to be far above the artificially low starting prices.

The bedrooms have an alcove bedroom.

The bathrooms are located near the front of the unit.

Many of the units have balconies, and the views towards the Concerto Complex (sold out, but in reorganization) are excellent.

Market Lofts
645 W 9th Street
Los Angeles, CA 90015

Auction information click here

Palm Springs Homes for Sale

Palm Springs Real Estate. Palm Springs homes for sale in many of Palm Springs' most popular neighborhoods and condo communities. Are you looking for a mid century modern or spanish ranch? Find it on our Palm Springs real estate blog!

Here's the activity for 10/19 thru 10/21 2009. Lots of properties continue to go into escrow! Contact us if you're interested in seeing any of these homes.

Central Palm Springs:

New Listings:

255 S Avenida Caballeros, #208, Villa Caballeros, 2/2, $139,000.

1477 E Amado Rd., Palm Regency, 2/2.5, $299,900.

507 Acorn Way, Village Traditions, 3/3, $450,000.

555 W Baristo Rd., #C26, Tennis Club Condos, 3/2, $779,000.

359 E Valmonte Norte, Movie Colony, 4/3, $895,000.

In Escrow:

1119 Via Tenis, Sunrise Racquet Club, 3/2, $225,000.

Sold:

400 N Sunrise Way, #109, Catalina Grove, 1/1, $69,000.

223 N Monterey Rd., Sunrise Park, 3/2, $307,000. (over asking price)

South Palm Springs:

New Listings:

1476 S Camino Real, Biltmore, 1/1, $135,000.

2345 S Cherokee Way, Oasis Resorts Condos, 2/2.5, $155,000.

2345 S Cherokee Way, #149, Oasis Resorts Condos, 2/2.5, $159,900.

83 Westlake Cir., Seven Lakes Country Club, 2/2, $315,000.

2983 E Avery Dr., #D, The Pointe, 3/2, $389,900.

1297 S Manzanita Ave., Deepwell, 4/4, $769,000.

In Escrow:

1519 Spyglass, Fairways, Studio, $39,000.

3940 E Sunny Dunes Rd., Demuth Park, 2/1, $144,900.

1356 S Beverly Dr., Los Compadres, 4/2.5, $319,000.

1552 S Compadre Rd., Los Compadres, 3/2, $319,900.

1554 E San Lucas Rd., Tahquitz River Estates, 2/2, $392,400.

Driftwwod, Deepwell, 3/1.5, $399,900.

259 W Camino Alturas, The Mesa, 5/5, $548,000.

2262 S Yosemite Dr., Canyon North, 3/3.5, $785,000.

Sold:

2147 Southridge Dr., Rimcrest, 2/2, $195,000.

4891 N Winners Cir., #D, Waverly Park, 3/2, $282,000.

1805 Pintura Cir., W., Pintura, 3/3.5, $389,900.

Source: Desert Area MLS. Listings are not necessarily those of Zephyr Real Estate/RS Associations.

Russell Hill RS Associations 760.203.2959/902.3121 RussellHill@dc.rr.com

Los Angeles Real Estate Market Sheds Slack

Nationwide, there was a 9.6% increase in home sales in September, spurred by buyers rushing to make use of the $8,000 federal tax credit, which expires November 30 (and amounts to nearly 5% of the average US home price of $174,900). Prices are down (8.5% since last September), and the country's residential real estate market seems to be regaining its footing after faltering for over two years. [Bloomberg.com]

Of course, real estate markets are hyperlocal, and what's going on in Cleveland has little to do with what's happening in Los Angeles. The results are surprising: despite record layoffs, foreclosures and whittling of 401Ks, the market is tightening in Los Angeles -- and by many measures is a competitive one.

We looked at a central slice of Los Angeles that includes Beverly Center-Miracle Mile, Hancock Park - Wilshire, Hollywood Hills East, Los Feliz, Silver Lake - Echo Park, Sunset Strip - Hollywood Hills West, and West Hollywood, and examined the months supply of inventory over the past two years.

For single family homes over $1 million, there is currently a ten-month supply of inventory. The inventory has been trending down since the beginning of the year and now stands near two-year lows. In this price range, the market is not "hot" but has been consistently improving.

The under $1 million market tells a different story. Inventory has been trending down for two years, and there is now a 3.5 month supply of homes in these neighborhoods. This is a "hot" market characterized by motivated buyers who are pursuing a limited supply of homes. In many cases, there are multiple offers on properties.

Other signs point to the health of the market. Consider the median days on the market for all homes sold in the past three months in the following markets:

• Los Feliz -- 29
• Silver Lake - Echo Park -- 31
• Hancock Park - Wilshire -- 40
• West Hollywood -- 46
  
• Hollywood Hills East -- 56
• Beverly Center - Miracle Mile -- 60
  
• Sunset Strip - Hollywood Hills West -- 76

Even in the case of Sunset Strip - Hollywood Hills West, there is only a 2.5 month sale period.

Some forces may derail this recovery. Persistent high unemployment could curtail homeowners' ability to pay their mortgages. This may lead to an increased number of foreclosures, short sales and home sales on the market. This negative economic environment could sap buyers' appetite for making purchases.

Changes in the mortgage market where buyers benefit from record low interest rates could also dampen buyer enthusiasm.

On the other hand, nascent signs of economic recovery -- profits in the banking and high-tech sectors, a decrease in job losses, and a rise in the stock market -- could continue, supporting the housing recovery.

What do you think? A decade from now, will homeowners recount how they "bought in 2009" at the bottom of the market?