You may be seeing some would-be developers at Palermo Palm Springs today. See our April 30 post for background. But basically today has been scheduled as a property tour from 10 a.m to 4 p.m., according to the Internet site of The Hoffman Company, real estate brokers. What's for sale is the foreclosed-upon 34 condos at Palermo once owned by Enterprise and the undeveloped Phase 2 land and the six vacant models on that land. Bids are due 1 p.m. Friday, May 20. Miss Penny Lane says: She wishes she had thought to call in sick today and have a pitcher of Cosmos on hand for bidders as they walk by. Cheers to our bright future together.
5 comments:
I wonder how many will be here and bid? Is there any idea of when the 34 units will go for sale individually?
I think it would be up to the new developer as to how they want to handle selling units.......however if they dump them all on market at once our values will plummet even further. Bright side is lets get that behind us and develop next door and have a complete community with everybody paying their HOA dues and us not having to cut back any further.
Prices are still dropping like a rock - there is a D unit on Enterprise for sale for $155K right now. It last sold for $479K. There is not much support to prop prices up right now. There is very little demand for long term rentals in Palm Springs, so rental income is very low.
And because the HOA and the "nanny" city council of Palm Springs do not effectively allow people to rent on a short term basis, more people are walking away from their loans and there will be fewer buyers stepping forward.
Please, people aren't buying because they can't out to party vacationers for the weekend? And that is why they are losing their units? Odd logic. Oh, wait, it's not logic it is just more complaints from a new owner (who didn't seem to have trouble buying) who now can't rent out to weekenders? Give it a rest, bro. Palermo long-term rentals are very desirable. They get snapped up within days usually. There may be a problem for the Enterprise ones in that that soon they will be on the market so the best you might be able to get is a one-year lease with probably no option to renew. It's also important to remember that Village Property has been consistently increasing rents on ones that open up (when they do and that in 2010 was rare) and on renewals, month to months. The "price problem" on for sale units is directly connected to the 34 unsold units sitting out there and that is a short-term problem. So please, dude, you bought on the low, right? so don't make up pretexts why you are a victim because you can't rent out to weekenders and wreck the quality of life of those of us here full time who care about our community. You got the CC&Rs when you bought and abide by them. Stop crying. It is important for us to remember that that short-term weekender and weekly rentals are being done by brand-new owners for the most part who bought low.
It is odd for someone to come into a community, buy at a low price, break the rules on short-term rentals to make a quick buck, and then wrongly blame the rules for the low prices that she/he benefitted from to begin with. This is the kind of thinking that got this country into the current mess, the kind of thinking that banks use.
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