Although the Coachella Valley is traditionally a seasonal market, annually experiencing a quieter period as the heat cranks up in the summer months, this year proved otherwise and demonstrates a growing trend toward greater year-round activity. Many notable properties throughout the Coachella Valley, especially in Palm Springs at the west end of the valley, changed hands. Bennion Deville Homes has been instrumental to several of these high-profile addresses switching owners, reinforcing the company’s status as the dominant luxury home experts with a nearly 2 to 1 ratio in closed sales volume over its closest competitor in homes priced at $1 million and above.
Included in the summer sales spree are the Pond Estate (listed by Patrick-Stewart Properties), the former Kirk and Anne Douglas Tennis Estate (listed by Jim Schwietz), and now the world-renowned Bob and Dolores Hope Estate (listed by Patrick-Stewart Properties), which is currently under contract. Bennion Deville Homes REALTOR® Scott Histed also represented the buyers of the Mark Ware Estate in Old Las Palmas, which set the record at the time for highest sales price in Palm Springs at $5.75 million, which has since been surpassed. Other notable homes sold over the summer include the Elrod Estate, the Zanuck Estate, and the former home of Cary Grant. This flurry of activity and high-profile home sales has created an incredibly optimistic view of the real estate market and supports the notion that Palm Springs and the surrounding desert communities are high on the list of desirable destinations.
According to numbers obtained through the MLS, from June through September 15th of this year, there have been 174 transactions of $1 million or higher valley-wide, accounting for closed sales volume of over $341 million. “This increase in activity at the top of the market has also trickled down to other price points, creating a stronger out-of-season market throughout the Coachella Valley and giving hope that the solid year-round sales push will bode well for the impending high season, starting around mid-October,” says Chris Anderson, General Manager of Bennion Deville Homes.
Adds Bob Deville, Co-Founder of Bennion Deville Homes, “We are proud of the summer sales push by all of our agents, highlighted by the sale of several of the finest addresses in the Greater Palm Springs area and headlined by the Bob and Dolores Hope Estate, the crown jewel of the Coachella Valley. This is a historical sales period for our market and I commend our agents and brokers for setting the fervid pace.”