The most recent Case-Shiller index shows the average price of all home sales in Los Angeles from November through December increased by about 0.3%.   When you dig a little deeper,  over the last three reports it shows  a slight decrease for high tier homes (those over about $500,000), and about a 5% increase for homes below that price limit.  On the face, it means healthier low-end market activity, with supply perhaps slightly lagging demand, resulting in higher prices.

On the other hand, other and more recent-activity factoids are the national 20% drop in February consumer confidence, and an 11% drop of new home sales in January.  Freddie Mac now reports that a record 4 percent of its borrowers are at least three months delinquent on their loans and in danger of foreclosure. 

Our own Desert Area MLS shows a 20% drop in closings in January, while the inventory of bank-owned and others has remained fairly constant.  Those listed above $500,000 are significant in numbers – about 1/3 of the total, but they sold only about 1/7 of the total in January.  The number of new listings above $500,000 jumped from about 260 in January to over 400 in February.

All this may indicate a stronger Buyers’ market in the high end with more supply and less demand resulting in lower prices.   The overall lower buying activity and consumer confidence may further serve to weaken prices in all tiers.  – Wayne Longman

Bank-owned properties (aka REO’s) are known to affect surrounding property prices.  This effect might be seen in past sale prices in the well-defined Palm Springs community of Vista Las Palmas.  This graph shows a decrease in the long term price trend of Non-REO homes at about the time the REO homes were sold.  The effect isn’t that great because REO’s are generally priced low, but close to the market.  There may even be early signs of price strengthening as they fade into the past.  As always though, prices are determined by Buyers.  – Wayne Longman

When it comes to mid-century modern architecture, there’s no better place than Palm Springs to view some of the very best homes ever built in this iconic style. Mid-century modern homes in Palm Springs have, in fact, become a significant tourist draw in recent years, attracting just as much attention as the city’s famed resorts, golf courses and spectacular natural setting.

Due to its extensive and well-preserved collection of mid-century modern homes, the National Trust for Historic Preservation named the city to its prestigious annual list of “America’s Dozen Distinctive Destinations” in 2006. “Palm Springs,” said the Trust’s president, Richard More, “is not a city of architectural re-creations or approximations of previous eras. Instead, it is a remarkably intact and authentic expression of its architectural heritage.”

Mid-century modern homes in Palm Springs were built by many of the movement’s most renowned names – Richard Neutra, Albert Frey, William F. Cody, John Lautner, Donald Wexler, and the builders/developers George and Robert Alexander, among others. What is arguably the most famous piece of residential real estate in the city, the Neutra-designed Kaufmann Desert House, is a premier example of the streamlined, light and airy designs that are characteristic of mid-century modern architecture.

If you’re interested in mid-century modern homes in Palm Springs, it’s best to work with  Palm Springs real estate agents who understand this particular niche of the Palm Springs, California real estate market. Passionate about real estate and mid-century modern architecture both, Ralph Haverkate and Wayne Longman are your guides to architecturally distinctive Palm Springs mid-century homes. Contact them today for more information.