Jerry Shea
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Indian Wells Real Estate - Is now the time to Buy or Sell?

The City of Indian Wells, Ca 92210 is one of the most beautiful and affluent cities in the Coachella Valley (Palm Springs area), as well as the rest of the country.

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The full time population of 5,025 residents doubles in the winter season to over 10,000 residents spread out about 15 square miles. The city boasts 4 world-class resorts, The Esmeralda, The Hyatt Grand Champions, The Miramonte Resort and Spa and the Indian Wells Resort founded by Lucille Ball and Desi Arnaz. The city is also home to the Indian Wells Tennis Garden, host to the BNP Paribas Open, which kicked off the 2010 season on Monday of this week and runs through March 21. A large portion of the homes are located in various communities in the Indian Wells Country Club which is tucked right up to the gorgeous Santa Rosa Mountains. Across the street from the Country Club is the spectacular new Indian Wells Club which is open to the public for casual and fine dining as well as shopping in the pro shop.

I love selling homes in Indian Wells and have to remind myself not to take the natural beauty of this area for granted. People are always asking me how the real estate market is in Indian Wells and has it been hit as hard as the rest of the country’s downturn. I put together the following charts of the market over the last few years and summarized the data from the last 6 months to answer that question for you. The data is broken out between Single Family Homes and Condos.

The number of single family homes and condos sold per month in Indian Wells is relatively small compared to the other 8 Desert cities in the Coachella Valley. The graphs, therefore, show more peaks and valleys because a single sale can swing the chart wildly in one direction or another. However, the charts below still illustrate the overall trends of the local market.

The chart below illustrates that the median price of single family homes fell considerably during 2008, was very steady during 2009 and appears to be climbing in 2010. Additional months of 2010 data will determine the true trend of the median home price, but the activity of buyers looking at homes in Indian Wells has gone through the roof so far this year. Buyers seem to have a new found sense of confidence that the market has bottomed and that there are great buys and magnificent properties still to be found. Many sellers did not list their homes in the past 24 months because they could afford to wait for the market and prices to get better. In 2008 many homes were listed, but the number of potential buyers had dramatically declined. Sellers are now listing again and many are getting more realistic about proper pricing. Many sellers were in denial for the last few years and overpriced their homes with a frustrating few showings as a result. Buyers in this high price category are savvy and do not throw their money away. Perhaps that is why they have money in the first place. Since many of the homes sold in Indian Wells are second or third homes, those buyers were being more cautious with their discretionary spending while the economy was declining. Obviously, I am delighted the savvy buyers are now returning to the market.

The following is a recap of the market statistics for the last 6 months for Indian Wells broken out by Single Family Homes and Condos (As of 3-10-10):


Single Family Homes:

indian-wells-median-home-sales-number-of-homes-sold-single-family

251 Single Family Homes Actively listed from $289k - $18 Million (Click Here for details of these listings)

  • 5 are foreclosures from $289k - $1.495k

  • 9 are short sales from   $399k - $1.699k


15 Single Family Homes are in the Contingent Status from $300k - $2.500k

  • 1 is a foreclosure at    $595k

  • 3 are short sales from $445 - $700k


6 Homes are Pending from $399k - $1.750k

  • 0 are foreclosures

  • 0 are short sales


69 Homes Sold in the last 6 months from $180k - $3.425k

  • 12 were foreclosures from $180k - $765k

  • 8 were short sales from    $195k - $658k


Click Here to see the the newest Single Family Home listings in Indian Wells




Condos and Townhomes:

The chart below illustrates that the median price of condos, as well as the number of condos sold in Indian Wells are increasing.



indian-wells-median-home-sales-number-of-homes-sold-condos

75 Condos Actively listed from $129k - $1.295k (Click Here for details of these listings)

  • 2 are foreclosures from $185k - $388k

  • 3 are short sales from   $129k - $350k


3 Condos are in the Contingent Status from $115k - $449k

  • 0 are foreclosures

  • 0 are short sales


1 Condo is Pending at $155k

  • 1 is a foreclosure at $155k

  • 0 are short sales


21 Condos Sold in the last 6 months from $90k - $975k

  • 2 were foreclosures from $235k - $573k

  • 3 were short sales from   $273k - $290k


Click Here to see the the newest Condo & Townhome listings in Indian Wells



These statistics show that there are very few foreclosures and short sales in Indian Wells and when they do hit the market, they are normally snapped up quickly. I have a customized system that alerts my buyers of hot deals as soon as they hit the market. You snooze and you loose in this market. Having said that, quite often the best buys are of non-distressed properties where the sellers are motivated for one reason or another. I see this every day.

Since there are so few foreclosures and short sales in Indian Wells, the comps have not been pulled down nearly as much as the comps in so many other communities that have been stricken by so many foreclosures and short sales. The sellers, for the most part, have finally understood the reality of the market and have been more realistic in their pricing. I turn down listings almost every day throughout the desert if sellers are not realistic with their pricing. I do not think it is fair to them to anticipate a sell that will probably never happen at that price and inconvenience them with prospective buyers traipsing through their homes. I tell them, if they do not have to sell right now, they should just enjoy their home for now and wait for the market to improve. On the other hand, many smart home owners are selling now at a realistic price and then buying another home at even a better price/value. Many sellers are taking advantage of this market and “upgrading” to a better property and are still coming out ahead.

For detail information on any of the properties in Indian Wells or anywhere else in the Desert or to set up a private showing, please call me at 760-567-9296 or visit my website at www.JerryShea.com.

Click Here to Search the MLS for Homes in Indian Wells






Indian Wells Real Estate:

Communities, Country Clubs & Golf Courses in Indian Wells: