Palm Desert, CA – As the winter home buying season draws to a close, prices across the desert have dipped and sales have jumped. The median price for a Coachella Valley home in February was $283,000, the lowest of this year’s season, according to real estate research firm CoreLogic DataQuick. But sales remain brisk: Resale home sales were up about 10 percent year-over-year in February, and new home sales jumped by more than 20 percent.
That median price — around $280,000 — offers a variety of options, including large family homes, small condos and even a handful of new builds.
Many listings in desert developments include high homeowners association fees. All the listings in this installment of Price Point include HOA fees below the Coachella Valley median, which was $315 per month in 2015.
A 20 percent down payment on a home at this price would be $56,000.
A 30-year mortgage on the remaining $224,000, at a 4 percent interest rate, would require monthly payments of $1,069.
Here’s a sampling of what $280,000 can buy in the desert right now.
A condo in Palm Springs’ Biltmore. At nearly 900 square feet, this is a pretty spacious one-bedroom unit, and the second-floor space includes a big outdoor balcony. Other features include: porcelain tile floors, a walk-in pantry, an in-unit washer and dryer and a garage.
The Biltmore Colony is also one of only three condo complexes in Palm Springs eligible for financing from the Federal Housing Administration, which can make it attractive to first-time buyers. Down payments on FHA mortgages can be less than 5 percent of the cost of a home.
“In general, with weekend people, seasonal people, full-timers, when you can find a home in the heart of Palm Springs under $300,000, I think most consumers say ‘wow’,” said listing agent Joe Woods. “This is one of the best bargains in the valley right now.”
Listing price: $279,000 ($311 per square foot)
HOA fees: $279 per month
Size: 898 square feet. One bedroom, one bathroom.
Listing agent: Joe Woods, Bennion Deville Homes. View the listing.
A rendering of a new home in Gallery Vista, a Desert Hot Springs development.
A new build in Desert Hot Springs. Gallery Homes, the developer of Gallery Links in Indian Palms Country Club, is now building 22 homes in a gated neighborhood at the northern edge of Desert Hot Springs.
“We picked up 22 lots of an existing tract located at Sonora and Via del Sol, and we are building out the remaining lots. We’ve started with our first five homes, and those are currently for sale,” said listing agent Shirley Myers. She said the neighborhood’s other 10 homes were built and sold in 2006, just before the housing market crashed.
Three single-story floor plans, ranging from about 1,800 square feet to more than 2,600 square feet, start at $279,900. Five homes are now for sale, and remaining lots can be reserved.
“We’re excited to be building in Desert Hot Springs,” Myers added.
Listing price: $279,900 ($126 per square foot)
HOA fees: $81 per month
Size: This home is listed at 2,218 square feet. Two bedrooms, two bathrooms.
The back of a home in Coachella includes a pool and spa.
A pool house in Coachella. This big ranch features an open living area, light-filled French doors and a gas fireplace, according to the listing. The backyard is filled largely with a pool and spa, shaded in part by palm thatches, and a sliding door connects the master bedroom to the backyard. Its neighborhood sits just east of Indian Palms Country Club, bordering Indio.
Listing price: $279,000 ($144 per square foot)
HOA fees: None
Size: 1,938 square feet. Four bedrooms, two bathrooms.
This La Quinta Cove home is on the market for $279,000. (Photo: Used with permission from Redfin.com)
Cute Spanish cottage in La Quinta Cove. This three-bed, two-bath house sits near the southwestern corner of La Quinta Cove. According to the listing, the ranch includes a fireplace, vaulted ceilings and several floor-to-ceiling windows. Outside, previous owners installed an AquaFit Sport Swim Spa, or a pool will special jets for exercise, along with artificial turf in both the front and back yards.
Listing price: $279,000.
HOA fees: None
Size: 1.744 square feet. Three bedrooms, two bathrooms.