Questions remain about the future of home prices in the desert. Some economists are pointing to 2018 as the crescendo to happy years of buyer demand and sales excitement for the housing industry. Other real estate sites like Zillow, which reports the median home value in Palm Springs is up 1.4% over the past year, predict that home values will continue to rise by 4.9% within the next year.
While the housing market may not have fully recovered from the 2007-2008 crash, there is no denying the sharp upswing in desert home values over the past several years. In addition to the attractive desert lifestyle, which entices buyers from around the world, the latest trend of “flipping homes” appears to be a large factor in increasing home values. HGTV’s hit show ‘Desert Flippers,’ starring home renovation experts Eric and Lindsey Bennett, has helped put Palm Springs on the flipping map. Remodeling and updating older homes to resell at current market values can be profitable, but flippers can also lose their investments quickly if they lack the expertise and experience.
Savvy investors and buyers should keep in mind the golden rule in real estate: location, location, location! Deepwell Estate is a highly sought-after Palm Springs neighborhood due to its close proximity to downtown shopping and dining. Nestled up against the San Jacinto mountain range, there are approximately 365 houses featuring midcentury modern design and California ranch style homes. Many of these homes were designed by renowned architects like Donald Wexler, E. Stewart Williams, and Hugh Kaptur. Wise investors are snatching up midcentury homes in need of repair and restoring them with modern finishes, elevating the property value of the home and surrounding neighborhood.
The most recently remodeled home in Deepwell Estates at 1245 South Sunrise Way is an excellent investment opportunity. This home embraces the quintessential Palm Springs lifestyle, with indoor-outdoor living, an open floor plan boasting large windows for plenty of natural sunlight, as well as a new pool and spa with amazing mountain views. The backyard is newly landscaped in gorgeous desertscape for easy maintenance. Prospective buyers will enjoy cooking in the kitchen with white cabinets, quartz counter tops, a breakfast bar, plus a new stainless gas range, refrigerator, and dishwasher. With 2,160 square feet, the home features plenty of living space including three large bedrooms and three beautifully tiled bathrooms with modern fixtures. Additional improvements include new 12 X 24 tile flooring, fresh interior and exterior paint, a new garage door, electrical panel, and so much more.
This home is currently on the market for $799,000. With its prime location and the rising popularity of vacation rentals in south Palm Springs, this investment gem won’t last long. In fact, ACME Housing Company in Palm Springs predict this home will be a hot income generator for its new owners. To schedule a tour of this property, please call (760) 880-3848 or email: craigmichaelsrealestate@gmail.com. You can view other homes for sale on my Facebook page: www.facebook.com/amazingcoachellavalleyhomes.
Written By: Craig Michaels | Leaskou Partners Inc. | BRE#02038709
