Windermere Real Estate Southern California recently cosponsored Coachella Valley Inve$t, a two-day event highlighting the attraction of the Coachella Valley as an exceptional place to invest in real estate. Attended by residential and commercial developers, the two-day extravaganza was concluded with a high-energy symposium filled with exciting local real estate updates, statistics, and a capstone speech by legendary economist, lawyer, and actor Ben Stein. Windermere’s Bert Garland presented on multi-family and commercial development opportunities and trends as part of a 6-person panel, giving a rousing presentation that forecast a rosy picture for Riverside County and the Southern California desert.
The symposium, held at The Show at Agua Caliente Resort & Spa in Rancho Mirage, was kicked off with a presentation by Nachhattar S. Chandi, Owner of Chandi Group USA. Mr. Chandi detailed his story of hard work, including his emigration from India in the early ‘90s, and smart financial investments in land and nationally recognized retail franchises on his road to becoming one of California’s top retailers. Next, Mario Gonzales, CEO and President of GHA Companies, spoke about an upcoming master-planned development in Palm Desert – Millennium. Featuring several phases and product types, including residential, commercial, retail, and a hotel site, Millennium will start coming online in 2015 and 2016 and is the largest active master-planned development in the Coachella Valley.
Next up was a six-person panel, with each presenter giving a brief presentation on their area of expertise within the market, including a recap starting in 2006 and projections running up to 2018. All presenters brought incredible information to light, indicating the real estate market and local economy are both heading in a positive direction. Many communities are within striking distance of their 2006 market highs, led by Indian Wells, which is forecasted to reach a full recovery this year. Other notable Coachella Valley figures:
- 56% of all home re-sales occurred in the range at $300,000 or less
- 80% of all home re-sales occurred in the range under $500,000
- 5% of all home re-sales sold for $1 million +
- 15 New Home projects are expected to start and/or come online in 2015
- Price increases are expected for 3rd and 4th quarter, 2015
- Buyers from San Diego and Baby Boomers are expected to be more active in the Coachella Valley due to price levels and the appeal as a second home and/or retirement market
Windermere Southern California Associate Broker Bert Garland reviewed trends in the commercial market, beginning in 2006 and recapping in periods of four years, projecting up to 2018. Bert discussed several examples of commercial properties that, during the downturn in the market, were repositioned and successfully sold or leased, as well as past and current rates and the excellent financing options currently available. Overall, Bert sees “prime opportunities for investors and developers in the Coachella Valley,” citing mixed-use projects as a growing trend that investors are getting behind. “The Coachella Valley is expected to grow 4,000 new jobs this year, with 2,000 jobs being created every year following. In 2016, the population is expected to increase by 68%, and Riverside County in general ranks in the top 10 for growth across the United States. The time to get in and invest is now,” Bert concludes.
To finish off the day, Ben Stein, former speech writer for President Nixon and the famous droning economics teacher from Ferris Bueller’s Day Off, gave a stirring speech about economics, current events, and the joys of living in the Coachella Valley. Mr. Stein and his wife have a home in Rancho Mirage, and have been champions of the Southern California desert for decades.
“We are proud to cosponsor Coachella Valley Inve$t,” says Bob Deville, Co-Owner of Windermere Real Estate Southern California. “This event is crucial to fostering economic development and showcasing the appeal of the Coachella Valley as a place to live, work, and, even more importantly, invest in for the future. The numbers clearly indicate that we are in the midst of a recovery and resurgence of real estate and economic activity, and we are proud to be a local leader working to advance the positive growth and momentum in our local communities.”