1. 220 Enterprise – Unit 83 – D model
2. 270 Enterprise – Unit 110 – A model
3. 3621 Melody Lane – Unit 75 – A model
4. 3631 Melody Lane – Unit 76 – B model
5. 3572 Melody Lane – Unit 89 – C model
6. 3582 Melody Lane – Unit 90 – C model
7. 308 Sandy Point – Unit 146 – A model
8. 228 Sandy Point – Unit 139 — B model
9. 218 Sandy Point – Unit 138 – B model
10. 208 Sandy Point – Unit 137 – A model
11. 245 Sandy Point – Unit 130 – A model
12. 255 Sandy Point – Unit 126 – A model
13. 275 Sandy Point – Unit 122 – D model
14. 232 Breeze Loop – Unit 131 – B model
15. 212 Breeze Loop – Unit 135 – A model
16. 311 Breeze Loop – Unit 119 – D model
17. 231 Breeze Loop – Unit 100 – A model
18. 3596 Sunburst – Unit 189 – E model
19. 3616 Sunburst – Unit 193 – E model
20. 3626 Sunburst – Unit 196 – E model
21. 3676 Sunburst – Unit 205 – E model
22. 3575 Sunburst – Unit 117 – B model
23. 3585 Sunburst – Unit 118 – A model
24. 3558 Quiet Side – Unit 179 – G model
25. 3578 Quiet Side – Unit 183 – E model
26. 3588 Quiet Side – Unit 185 – F model
27. 3607 Quiet Side – Unit 194 – E model
28. 3647 Quiet Side – Unit 202 – F model
29. 3657 Quiet Side – Unit 203 – F model
30. 3667 Quiet Side – Unit 206 – F model
31. 3687 Quiet Side – Unit 210 – E model
32. 3554 Penny Lane – Unit 105 – B model
33. 3564 Penny Lane – Unit 104 – C model
34. 3574 Penny Lane – Unit 103 – C model
See this site's "Basics About the Palermo Palm Springs Development" for descriptions of the development's seven different models. The link for that is on the left-hand column of this page. Miss Penny Lane says: Many of our dear neighbors live in these units, and she's crossing her fingers it all works out for the best for everyone.
15 comments:
Thanks. Did anyone see the clean up crew here in early evening - looked like the bank or brokers sent them in to spruce up the entry gate area ...
I saw a bunch of suits running around the streets here the other days. Looks like some action here baby.
Thanks for the overview and update on our dear Palermo.
I wish they'd clean up the back lot and fix the green fence - I have some pictures for you Penny. Want em?
I just had it confirmed from a reliable source that the new owner of the development "Palermo" will market and sell the current rental units previously owned by Enterprise. The new owners also plan to continue the work of finishing-up the other phases of the project. Of course, this will take time, and it may be that any new owners may want to continue leasing or renting to current leasees and renters. However, it is a gamble. If I were a renter in one of the 34 units going up for sale, I'd be looking for a new home! Better to move now, when you have some time to find a place you like, rather than scramble at the last minute to move somewhere you have to settle for. May I encourage you to purchase, if you can. Interest rates are very low and with good credit, a solid down payment and excellent job, owning at Palermo (or anywhere else in Palm Springs and the surrounding Desert Cities), is a good bet! Best wishes to all.
To 11:44, how can you know that when the bids aren't due until May 20? No one knows who the new owner will be until after that
Each unit is different with regard to leases. They are being told that about 15 (not quite half) are on month to month leases it appears. A bunch of one-year leases will be up in the summer and fall. There are a few that expire in early 2012. There's only been a little turnover this year so not a lot of ones expiring in 2012.
The rents are about $900 plus for the one bedrooms and up to $1425 for the townhomes (although some are less because the renters have been here awhile) so all they can only bring in about 35K to $40K a month. Then you have to subject about $270 for HOA fees per unit, another management fee of probably 8 to 10 percent, so maybe a 100 buck a unit, so that almost $400 a unit, so the bank or new owner only is getting in the high 20Ks a month, if that. Then add in property taxes, one-time expenses, and taking care of Phase 2 land (the fence must cost at least a couple hundred a month), and you see the owner isn't getting much in profit - maybe in the low teens. It's not worth it to keep renting and adding the wear and tear, etc.
I'm thinking of purchasing a unit in Palermo, since I have stayed in your complex a few times for vacation and have enjoyed my visits.
Since I'm from out of town and a couple three years before I can actually move there part or full time, is there someone that manages rental units in the complex or can check up on the place during my transition. I thought I read that somewhere on this site.
Thanks for any input...I'm guessing I should wait and see what's available in the 34 units coming up for sale. I would definitely prefer the renter stay, at this point in time.
I'm only Anonymous becasue everyone else is. :)
Maybe I can join the next Homeowners meeting, if nobody has a problem with that.
You have a lot of options. There are plenty of management companies in PS that will rent out your place long term. Palermo rentals don't stay on the market long. There also are services that you can pay to watch over your place and even get it ready for your arrival with food, etc. No one can rent their place out short term (less than 30 days). Weekly rentals aren't allowed.
Thank you Miss Penny Lane for keeping your fingers crossed for us renters.Just remember it's your fingers,NOT your legs !
@10:25, the numbers you have and the fact that weekly rentals are not allowed is bringing prices down further. If the townhomes get down to about $130K - $140K renting brings in 7-10% a month, which makes it worth doing. They are getting close to that now - an 'A' Unit on Enterprise with the best view in the complex just sold for $151K. With the 30 that are coming on to the market soon, I think some of the townhomes will sell for around $130K.
That one on Enterprise does not have the best view in the complex and it that unit didn't even make the Top 20 List that Penny posted (the top 20 that the developer placed high premiums on because of views, location, yard size, traffic. (She put the opt 20 list on the blog on March 14, 2011) That A unit has one of the smallest backyards in Palermo and it has too much traffic, even more when the next phase is built.
Everyone needs to remember that more than one-third of the Enterprise units are of the one-story variety, not the two-story/two-bedroom ones. These also all won't come on line for sale at once because of the leases on them.
That corner of Enterprise meeting Foothill and Sunburst will be high traffic. You also are going to have years of looking at a construction site. The best views are elsewhere on Enterprise, some on Penny Lane and some on Breeze Loop.
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