There's little for sale at Palermo Palm Springs. The units that do go on the market are being snapped up quickly. Right now, it seems that the model type, location, views, backyard size, spas, and number of adjacent neighbors of the two-story, two-bedroom units aren't making a difference in price because of the short-sale or foreclosure status. Positively Palermo thought it might be a good idea in revisit the original pricing and marketing of our development. Back then, premiums were placed not only on model types but also on views and location within our community. Watch for detailed information about list prices. Miss Penny Lane says: Choosing a house is like choosing a boyfriend, the details the matter.
7 comments:
Is there any news on the negotiations between the developer and the bank regarding the status of the Palermo units being rented/leased? Or is there any news on the developer completing the project or any aspect of the project, e.g., dog park, tennis courts, etc.?
I heard that Michael Heath of VPM needs to get the court approval and must notify the bank and Enterprise in advance to get approval for any new rentals. I don't get why Enterprise must be notified in advance if the property is foreclosed upon already. Does anyone know? Is it because there's still a lawsuit going on and it is not resolved?
I am happy to be a new owner & will be coming down in early April. Yes coming down means I am Canadian. I am looking forward to spending winters with 2 of my brothers who retired to Palm Springs. I purchased on a short sale....an interesting experience, but worth it in the end.
After the last round of foreclosures last summer there has been almost nothing on the market. It is good that those are out of the way and hopefully most sales now will be non-foreclosure. This should push prices back up a bit.
My Zillow keeps going down each month.....lets turn it around.....lol
It will go up - this is THE area to be for the future with nice cool development and close to the 10 highway. Uptown is taking off. We all just need to sit tight and watch out our assets here.
Now that the HOA is enforcing the 30 day rental limit prices will continue to drop at Palermo because there is nothing to support them. There is no money to be made by renting long term in Palm Springs because there are very few high paying jobs. Palm springs is a resort town, if we can't rent out these units to vacationers they are not worth what they are selling for now. Wake up people! Prices are based on potential future cash flows - period. If they rise too far above real cash flows they will come crashing down, as we saw in 2007.
There will also be another round of foreclosures because renting short term is how many of the owners have been able to make payments on their condos.
Post a Comment