Positively Palermo has received some more e-mails asking that we discuss home sales and prices, so we thought we would repost this from two years ago ... Palermo Palm Springs has 117 residences. First, let’s examine the seven model types. There are four model types (A, B, C, and D) with two-bedrooms and two stories. There is one model (G) with two bedrooms in a single level. The developer generally priced the two-bedroom models in this order: A unit had highest price, D unit had the second, B and C tied for third, and then the G unit. There also are two models (E and F) with one bedroom in a single level. The F unit is bigger than the E unit.
However, the developer in the initial sales push didn’t treat all of the units of the same model type equally. That is, for example, the price of a D unit could vary from another D unit, depending on location, views, yard size, privacy and other factors. Below, we have listed the top most desirable units based on the original “final unit release price” furnished to us. Please note that these prices may not have been what the units eventually sold for — but the list serves as a guide to the residences considered to be premium ones. We’re highlighting these "top 20" to show that the appraisers and banks are being short-sighted when selling individual units at prices that don't take into account distinguishing factors. All of Palermo's 117 units, not just these 20, should be evaluated individually by appraisers, and then the prices for all of us should go up. (Also, please note “final unit release price” on these 20 units below and the other 97 units do not include pools or spas they were added.)
1. 260 Enterprise Way, A unit, $481,000
1. 270 Enterprise Way, A unit, $481,000
1. 3534 Penny Lane, A unit, $481,000
4. 250 Enterprise Way, A unit, $480,000
5. 3585 Sunburst Blvd., A unit, $477,000
6. 302 Breeze Loop, A unit, $473,000
6. 210 Enterprise Way, D unit, $473,000
8. 280 Enterprise Way, A unit $470,000
8. 318 Sandy Point Trail, A unit, $470,000
10. 312 Breeze Loop, A unit, $468,000
11. 3525 Sunburst Blvd., D unit, $466,000
12. 308 Sandy Point Trail, A unit, $463,000
13. 220 Enterprise Way, D unit, $463,000
14. 272 Breeze Loop, A unit, $461,000
14. 3591 Melody Lane, A unit, $461,000
14. 255 Sandy Point Trail, A unit, $461,000
17. 215 Sandy Point Trail, D unit, $460,000
18. 252 Breeze Loop, D unit, $456,000
18. 245 Sandy Point Trail, A unit, $456,000
18. 275 Sandy Point Trail, D unit, $456,000
For comparison sake, some A and D units not considered prime units had original “final release prices” that were $50,000 to $75,000 below the premium locations. Most of the B and C units had “final release pricing” in the mid to high $300,000s as they shared more common walls, weren’t on corners, and had smaller back yards. They were a few exceptions in the low $400,000s. The developer initially pre-sold a large number of Palermo residences with many of the prime units now in private hands. The developer apparently instituted more uniform model pricing as the economic downfall hit and as its unit inventory went down to 34 unsold residences. Miss Penny Lane says: She loves them all.
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