Windermere Real Estate Coachella Valley 44-530 San Pablo Avenue

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					                                                                            Windermere Real Estate● Coachella Valley
                                                                                  44-530 San Pablo Avenue, Suite 101
                                                                                       Palm Desert, California 92260
                                                                                               760-340-9253 – Office
                                                                                                 760-561-1392 – Fax
                                                                                                 760-835-0240 – Cell


October 2009

Dear Toscana Resident:

Each quarter when doing my research for this report, I return to previous years to read what was happening in the market the
same time a year ago and beyond. We remain in a financial dilemma and loans are still difficult to get as the lenders demand
more documentation. The good news is that state and federal first time buyer programs had a positive effect on new home sales.
This program should be extended and offered to all home buyers.
Existing home sales nationally jumped 7% during the month of July. This is the largest monthly sales increase in the past 10
years. The rise in pending home sale contracts also show buyers are returning to the market place. Not all deals are closing as a
result of banks taking a longer time to respond to short sales and with loans harder to obtain as a result of increased demand for
more information and appraisals not always in line with the purchase price. This will change as more and more properties are
sold and we establish stable comparables.
According to the National Association of Realtors, nearly 1/3 of housing sales were distress sales. These sales include bank
owned foreclosures and short sales where homes sell for less than is owed to the bank. Whether the drop in foreclosure sales is
temporary is yet to be seen as some of the public agencies and banks believe there is still a great deal of financial stress in the
pipeline.
Short sales and foreclosures, when priced right for the market place, receive multiple offers and normally sell to the buyer who
offers more than the asking price. The highest offer is not always the one the bank accepts. They look for the strongest buyer,
cash remains king when purchasing distressed sales. While many buyers and agents have shied away from short sales and gone
directly to buying homes from the bank, the buyer doesn’t always get the better home at the best price. Many of the foreclosed
homes require major repairs that when completed exceed the price they would have paid for a short sale home that is better
maintained. My success with short sales both when representing sellers and buyers has been high. The only sales that have not
gone through are those where the bank did not accept the offer only to sell it as a foreclosure for less money many months later.
The California housing sales market rose 12% in July of this year. Add the increase of 3.9% in median price compared to June.
This is good news. While the strongest segment in sales are homes under $500,000, once the jumbo loan market returns, home
sales over $500,000 will begin to thrive as well. When home sales are broken down by price, days on market have dropped in
every segment from 2008 to 2009 except for those homes over $1million. The months on market increased from 10.8 to 12.8.
for homes over one million dollars. The under $300,000 dropped from 6.4 months to 2.9 months. These are all healthy signs.
Sales for homes in the Coachella Valley under $500,000 currently represent 74% of the market share. In the third quarter report
of last year that figure was 65% and during this past winter’s peak season it reached as high as 88% of market share here in the
desert.
In the 3rd quarter of 2008 California sales remained over 400,000 for existing homes. That was an increase of 43.4% over July
of 2007. Sales have now exceeded 500,000 per month for 12 consecutive months and are 38% higher than a year ago.
The median price of homes and condos in the Coachella Valley was $239,600 in July of 2008. It dropped to $177,250 in Au-
gust, down 30% from a year ago. Indian Wells and Rancho Mirage posted sales that put their median price above $400,000.
Palm Springs and Desert Hot Springs posted sales that put the median at $84,000 and $70,500 respectively. The good news is
that more costly neighborhoods have come down in value by about half as much as the newer, more affordable neighborhoods.
Page 2                                                                                                                2009 Toscana 3rd Quarter Report

We sold 5 homes in Toscana in the 3rd quarter of 2009 plus a custom estate lot. The interest in the community remains strong.
Buyers continue to demand prime locations at below market prices. The good news is a custom estate home closed for $4.2 million.
One west facing Bellagio 721 closed for $2,175,000. Both keeping the price per square foot for prime location over the $500 per
square foot mark. One Amalfi 621 closed for $900,000 and 2 for $1,350,000 each. On custom estate lot south/west facing sold for
$1,275,000 in July which is excellent considering land sales are difficult to sell in today’s market. We anticipate sales in the commu-
nity to be better this coming season compared to the last several years as buyers have a better sense that we are at the bottom of the
market. While I continue to receive calls about all the properties I represent in Toscana, the primary interest is for homes under $1.5
million.
I have included Toscana sales for 2007 and 2008 as a comparison to reflect prices for those floor plans that were and are on the mar-
ket and those that have sold. While we have continued interest in the homes, the buyer expectations and willingness to pay remains
lower than the asking prices of those homes currently on the market.
Since the first of the year, 62 homes in golf course communities have sold for more than $1,000,000. Thirty nine of these homes
were in La Quinta, nine were in Palm Desert, eight were in Indian Wells and six were in Rancho Mirage. Considering the number of
high end homes for sale, days on market for higher priced country club homes can take up to a year or more to sell.
Several homes in various communities have had water damage this summer. The primary culprit are the water valves under the sinks
and behind the toilets. Consider having a plumber check to see if the valves need to be replaced. It takes only a short time to actually
flood a home once they burst. If your water must remain on in the home because of your pool or spa equipment, hire a plumber to set
the system up so the water be turned off inside your home when you leave. All these precautions can save you money and headaches
down the road.
I am pleased to introduce our new website: www.dianerwilliams.com or www.dianewilliamsandassociates.com. We have been
working diligently for the past 4 months designing, creating the data and entering it onto the site. Please take a look as I think you
will find it very useful whether you are actively in the real estate market or not. It is a one stop site full of information about the
area, the communities and what to do and see while here. All quarterly reports since 2004 are available on the website. Click on the
quarterly report or the year and quarter of interest to see the cover letter. Click on PDF document at the right to see the entire report
including all stats.
With nearly 80% of home buyers searching the web for properties, it is extremely important to attract them to my website and the
properties we represent. As a result, we are one of two featured agents on www.zillow.com and one of eight on www.realtor.com.
The web connections combined with a comprehensive website that is easy to navigate, keeps buyers returning to our website and to
those homes available.
Professional photography, video tours and quality brochures are key to attracting buyers to homes. Professional marketing done
through the various media resources added to a real estate professional who takes the time to personally call agents and buyers for
feedback can lead to greater opportunities to sell homes. An active agent with high market share, when combined with the well
rounded media use leads to more prospective buyers and agent inquiries. I represent 31% of all the homes sold in Indian Ridge this
year, the highest number of homes sold by any agent. Add the new additions to my marketing program, results can only get better.
Thank you for your referrals and your continued confidence in my team. We continue to strive to meet our client’s best interests with
hard work, follow-through and keeping up with the ever changing market demands.
Sincerely,


Diane
Diane Williams
Associate Broker/Executive Premier Director
Windermere Real Estate

Information is compiled by Diane Williams using multiple resources including the NAR, CAR, Desert Sun, Wall Street Journal, John Seymour’s “What’s Hot What’s
Not”, and the Multiple Listing Service. If your home is currently listed with another Broker, please disregard. It is not our intention to solicit other Broker’s listings.
   Toscana Country Club Home Sales
           1st Quarter 2009
                  Homes Sold in 1st Quarter of 2009
   Floor plan                     Size             # Sold                   Price Range
  Amalfi 622                      3766sf           1                 $2,100,000 Resale
  Custom Lot                                       1                 $1,325,000   Resale

                    Homes Sold in 2nd Quarter of 2009
   Floor plan                     Size             # Sold                   Price Range
  Amalfi 622                      3766sf           1                 $1,400,000 Resale
  Custom Lot                                       1                 $1,275,000   Resale

           Homes Sold in 3rd Quarter of 2009
  Floor plan                 Size             # Sold                 Price Range
  Amalfi 621                 3260sf           3       $ 900,000 -$1,350,000 Resales
  Bellagio 721               4246sf           1                  $2,175,000 Resale
  Custom Estate Home         6584sf           1                  $4,200,000 Resale
   *Several properties sold that are not listed in the Multiple Listing Service

      Re-Sale and Spec Homes Currently on the Market

Amalfi 601                3       2850 SF          3/3.5    $1,165,000-$1,699,000
Amalfi 621                2       3260 SF          4/4.5    $1,350,000-$1,595,000
Amalfi 622                7       3766 SF          4/4.5    $1,450,000-$1,895,000
Amalfi 623                8       4064 SF          4/4.5    $1,500,000-$2,250,000
Bellagio 701              1       3679 SF          3/3.5    $1,695,000
Bellagio 721              4       4246 SF          4/4.5    $1,600,000-$2,295,000
Bellagio 722              2       4278 SF          4/4.5    $1,600,000-$1,990,000
Bellagio 723              2       4587 SF          4/4.5    $1,900,000-$2,200,000
Cortona 921               2       4916 SF          4/4.5    $2,900,000-$2,975,000
Cortona 922/972           3       5414 SF          4/4.5    $2,500,000-$3,350,000
Cortona 923               2       5433 SF          4/4.5    $2,695,000-$3,300,000

              Note: 11 of the homes for sale are Developer Spec homes
Currently Diane Williams & Associates represents 16.7% of all the homes on the market
                and 26.1% of the resale homes currently on the market.
   Toscana Country Club Home Sales
           1st Quarter 2007
              Homes Sold in 1st Quarter of 2007

 Floor plan      Size              # Sold           Price Range
Amalfi 621       3260sf            1         $1,300,000 Resale
Amalfi 623       4064sf            1         $1,655,000   Resale


              Homes Sold in 2nd Quarter of 2007

Floor plan       Size              # Sold               Price Range
Cortona 923      5433sf            1             $2,650,000 Resale

          Homes Sold in 3rd Quarter of 2007

Floor plan                Size          # Sold                Price Range
Amalfi 602                3221sf        1              $1,470,000   Spec
Amalfi 621                3260sf        1              $1,754,000   Spec
Amalfi 621                3260sf        1              $1,817,000   Spec
Custom Estate Home        6534          1              $4,025,000   Resale
Cortona Lot                             1              $ 845,000    Resale

          Homes Sold in 4th Quarter of 2007

Floor plan       Size            # Sold                Price Range
Amalfi 623       4064            1               $1,775,000 Resale
Cortona 921               4916sf       1               $2,850,000 Resale
Bellagio 721              4064sf       1               $2,356,525  Spec
Bellagio 723              4587         1               $2,414,000  Spec
Custom Estate Home        6412sf       1               $4,100,000  Resale
         Toscana Country Club Home Sales
                  Homes Sold in 1st Quarter of 2008


   Floor plan         Size           # Sold           Price Range
  Bellagio 701        3679sf         1         $1,570,000   Resale
  Cortona 923         5433sf         1         $2,859,000   Resale

                 Homes Sold in 2nd Quarter of 2008

  Floor plan          Size           # Sold           Price Range
  Amafli 601          2850sf         1         $1,350,000   Resale
  Amalfi 621          3260sf         1         $1,721,189   Resale
  Bellagio 722        4278sf         1         ??           Club Repurchase
  Cortona 922         5397sf         1         $2,900,000   Resale

                 Homes Sold in 3rd Quarter of 2008
 Floor plan           Size           # Sold           Price Range
 Bellagio 723         4587sf         1         $2,200,000   Resale
 Amalfi 623           4097sf         1         $2,255,000   Resale

                 Homes Currently on the Market
                        Resale Homes

  75632 Via Cortona   Amalfi 601     2790 SF    No Pool     3 BD/3.5 BA    $1,350,000
*76545 Via Chianti    Amalfi 601     2790 SF    Pool/Spa    3 BD/3.5 BA    $1,365,000
  76056 Via Chianti   Amalfi 621     3260 SF    Pool        4 BD/4.5 BA    $1,395,000
  76159 Via Chianti   Amalfi 601     2790 SF    Pool/Spa    3 BD/ 3.5 BA   $1,699,000
  76142 Via Firenze   Amafli 622     3766 SF    Pool/Spa    4 BD/4.5 BA    $1,845,000
  76014 Via Chianti   Bellagio 721   4246 SF    Pool/Spa    4 BD/4.5 BA    $1,995,000
  43707 Via Orvieto   Amalfi 622     3766 SF    Pool/Spa    4 BD/4.5 BA    $2,075,000
  75620 Via Cortona   Amalfi 622     3766 SF    Pool/Spa    4 BD/4.5 Ba    $2,095,000
  76322 Via Chianti   Bellagio 723   4587 SF    Pool/Spa    4 BD/ 4.5 BA   $2,195,000
 *76297 Via Arezzo    Bellatio 721   4299 SF    Pool/Spa    4 BD/4.5 BA    $2,295,000
  75584 Via Cortona   Amafli 623     4097 SF    Pool/Spa    4 BD/4.5 BA    $2,300,000
 *75704 Via Cortona   Bellagio 721   4246 SF    Pool/Spa    4 BD/4.5 BA    $2,395,000
  76044 Via Firenze   Amalfi 623     4097 SF    Pool/Spa    4 BD/4.5 BA    $2,500,000
  75919 Via Cortona   Cortona 972    5414 SF    Pool/Spa    4 BD/4.5 BA    $2,700,000
 *75835 Via Cortona   Cortona 923    5433 SF    Pool/Spa    4 BD/4.5 BA    $2,795,000
  43231 Via Siena     Custom Home    6046 SF    Pool/Spa    3 BD/4.5 BA    $6,500,000

				
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