Wednesday, September 19, 2012
2012 is the year of Palermo
2012 - or five years after the first souls moved into Palermo - appears ready to go down as the year of the great Palermo turn-around. The economy helped pull the rug from under many developments in Palm Springs. The adjacent Avalon residential and golf course development sits abandoned. At Palermo, home prices are going up for the first time ever, after years of falling, with real estate agents say the prices are still under-valued compared to similar modern-stytle developments such as 48@Racquet Club. They expect prices to continue to rise here, we are told. The HOA board is in settlement talks with the bank that owns the 30-something former condos that the Enterprise Cos. never sold. If a deal is reached, it will mean a large infusion of money into Palermo's HOA accounts over certain unpaid back expenses and other issues. A buyer could also take over those units later this year. Full-time owners became a majority of the HOA board this year and instituted major operational and management changes, winning praises and a recent overwhelming vote of confidence by owners. 2012 is the year of Palermo. Miss Penny Lane says: She loves sunny days.
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22 comments:
Palermo is a great place to live! :)
Love it here. Great community.
I think the board has done an amazing job this year. With all the road blocks that were thrown up, they held their heads high and moved forward as best they could. Hopefully, this coming year will prove to be even better. I think at this point, out biggest challenge is getting the reserves to the level needed. They have been neglected and ignored for way too long. The board needs to get serious about the reserves and get them fully funded ASAP.
Great vibe. Great community. The future is so bright I gotta wear shades at Palermo.
Love it here.
Palermo's design is one of a kind - nothing like in Palm Springs. The community is situated in a part of Palm Springs that is slated to new development, like the College of the Desert and others. It also is the next to last development allowed closest to the 10 freeway, the road to LA, meaning the ease of access will become a big selling point. It lso will be the closet condo development to the Amtrak station that soon may have daily service to Riverside and LA.
Property values partly depend on good management, which we are seeing at the Palermo complex these days. A direct connect exists in my book between the soaring home prices in this community and management. Just look how great everything looks.
To 10:03, price are complicated in one sense and not in another, with the case of Palermo being hurt in the past by one driving around and seeing cars in the streets and junk outside. The managers have changed this and values are going up. First impressions matter a lot in this business. AN active HOA makes a big different to my clients. the Palermo "TURN AROUND" has been significant. i most impressed how the recall, which could have had a damaging impact on property values, as becoming a selling point in that owners backed up their board leaders. The potential damage that the recall could have done to the property values was monumental.
A condo has gone on the market at around $260,000, or about $120,000 above the prices of a year ago. Someone is doing something right. Word about the bank settled is getting out in the real estate community. The change in management companies also is helping, but what the hoa board has done to keep this place looking good and bright during these tough times has been amazing. Palermo could have fallen apart but it did not and it is thriving. We should be brining the condo board flowers and chocolates for what it has done for us. Without the past year of fixes and work you would not see the prices skyrocketing in non distressed sales. I sell real estate, I know.
Need to add that part of the key is to have board members who live in the community in some fashion or another so they have a stake, as the "recall" was about a return to the times when "flippers" were in charge; I never got why the board just never said that during the recall but who am I to second guess as the "recall" just as someone else said here turn into a big vote of confidence in the board, a big kiss to them.
With so many concerned board members living on site, they are very pro active and things get taken care of as soon as discovered. This would include the moving truck hitting the sign where Travis was at the scene before the truck could flee. and the dog that was placed in the yard of a part time homeowner and discovered by Debbie, and taken care of by Travis and Debbie. Harry walks daily and picks up trash, it is truly a blessing to have a board here, who cares and is available. My hats off to the board too and I'm in favor of chocolates.
I think we are lucky to have the board we do and the increasing property values are a sign of their success. I am also happy that the streets aren't blocked with cars, a situation that residents had been asking be cleared up.
The recall could have done real damage to home prices. So glad the community came together.
I love love love the board leadership. They have put in countless hours and worked for us. Thank you.
So I herd one HOA board member was upset that the clubhouse did not have a wireless connection ------ so they could not watch a football match while they were supposed to be paying attention to the the HOA meeting business ---- can you believe that???? They wanted to watch a sports matchup instead of doing the board's business only. Amazing!!!!!
@ 11:11 - so you "herd one HOA board member was upset... ". Were you actually at the meeting? Did you hear the discussion re the lack of wireless?
I was dialed into the meeting and it sounded very business like, a lot of good discussion, many topics covered,.... sounded like a very productive meeting.
What makes your comment utterly unbelievable is the assertion that a board member, who would knbow what services the community has, would be upset about the lack of a service that they all know does not exist. Wireless at the clubhouse/pool would be nice, has often been discussed, and everyone knows it does not exist.
11:11 - give us a break - what are you trying to stir up?
The clubhouse does not have a wireless connection. You are correct in that any board member should know this basic information.
I didn't hear the wireless discussion because I had trouble getting on the line, but I do not think we need it since it would add to the budget costs. When we are down we use the cell network for our tablet. It all works out fine for us. We have also at times been able to use our neighbours wireless. My view is the board meeting was operated very smoothy and we have a board that works well and talks it out. Bravo! I tuned in with a bit of apprehension knowing that one board member is mistakenly voted in by the bank, which give them 40 votes. I was unhappy that someone who received under 10 votes by actual individual owners could be elected. My math indicates that those votes represent less than 1 percent of votes cast by individual owners in the recall. One percent.
It's all water under the bride. Time to let go of the bank's mistake. It happens. I know people are upset about it. But the board seems to work fine with the addition. When you take out all of the bank's votes from all the candidates, there was huge show of support for the board. Glad that the bank, except for the one mistake, went along with the will of the community this time.
When you take out all the bank votes and don't count them and only look at individual owner votes, the President of the Homeowners' Association received more votes than all 5 of the recall candidates COMBINED - more than all of them combined. That really says something in my book that the owners are united - one person gets more votes than five recall people from the individual Palermo owners.
But like I said, it is all water under the bridge, so "let just move on" ........
to a new beginning
I heard that the vote (mistaken votes) was the elephant in the room at the meeting.
Does anyone know if there is a new rental agency as I cannot get my calls returned.
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