The Cathedral City Cove - A hidden gem tucked up in the hills
The real estate market in the Cathedral City Cove has been very busy over the last 6 months (12-19-09 thru 6-17-10). There are currently only 17 homes available for sale out of a total of approximately 1200 homes all together. That means only 1% of all homes in the Cove are for sale at this time. These 17 homes, are a mix of fixer uppers to completely remodeled homes. Buyers have been snapping up incredible deals. The table below and the detail numbers illustrate the level of activity for single family homes by each category from Active Listings thru Solds. As you can see, the number of Foreclosures or REO (Real Estate Owned) properties are quickly disappearing. The banks are just letting them trickle out now. Some banks have put a moratorium on foreclosures for several months, FNMA and Freddie Mac have just slowed down on the number of foreclosures and since this is an an election year, there are a lot of politics going on with all parties. Having said that, the buyers that had the courage to step into the turbulent market instead of waiting for a sure thing and all of the stars and planets to line-up perfectly are the ones who are getting the best deals. Although Short Sales are a royal pain, you can see by the numbers below that some of them actually close. Notice also in the table that there are a lot more Short Sales still stuck in the contingent or pending categories than there are Short Sales that have actually Sold. The banks are still playing games with these. On the other hand, once a property goes to the Foreclosure Status they normally sell quickly and close quickly. I have a great deal of experience in all of these categories and I would be glad to help you through the maze.
I had the good fortune to both list and sell the highest priced home ($410,000) in the Cove in over the last year. This beautiful 3896 sq. ft. home sits on a spectacular .42 acres and is located on Foothill Rd. which is the highest street perched on the hill. This 4 bedroom, 4 bath home with a large family room was one of the best deals in the Cove because it was only $105 per sq. ft, the house was in great condition and the property has views across the entire Valley. The new owners are thrilled with their home and have even taken out the old pool and put in a magnificent new pool and spa with a cascading waterfall as well as a fire pit. I also listed and sold the property next door to a wonderful couple who fell in love with the location the minute they walked onto the property. I had this house listed for only a matter of weeks before it was sold in a very quick, clean transaction.
Cathedral City Cove, the three year sewer conversion and new streets project is now complete and the Cove looks terrific. For the last 3 years the Cove looked like a war zone because the streets were torn up to put in a new sewer infrastructure, new streets and curbs. The buyers who drove through the mud picked up fantastic deals. Since the prices of almost all real estate had plummeted in the same time frame, they basically were doubly rewarded for their courage and foresight. I recently sold a great house on Charlesworth Dr. that I listed when the streets were so torn up the buyers had to walk a block through dirt and construction just to get to the house. By the time the new couple moved in, the new streets were complete and within weeks they were putting in a sparkling new pool with a cascading waterfall coming from the new spa. Because they bought this house at such a great price they could still afford to design and have constructed the new pool, spa and decking for less than what that house would have sold for 5 years ago without a pool.As I have discussed in previous articles about the
The Cathedral City Cove is a special place due to its topography, the eclectic mix of homes, the friendly neighbors and close proximity to Palm Springs, Rancho Mirage and Palm Desert. It is only minutes away to all of these Desert Cities, but because it is tucked up in the beautiful Santa Rosa hills, it feels like it is in a world of its own. The homes in the Mirada development of Rancho Mirage are in the neighboring Cove to the East and range in price from $2.0 Million to $5.8 Million.
Cathedral City Cove Listing Statistics for Single Family Homes:
17 Single Family Homes Actively listed from $70k - $399k (Click Here for details of these listings)
- 1 is a foreclosure at $215k
- 3 are short sales from $70k - $259k
10 Single Family Homes are in the Contingent Status from $65k - $379k
- 3 are foreclosure from $65k - $330
- 6 are short sales from $99k - $379k
6 Homes are Pending from $65k - $300k
- 4 are foreclosures from $65 - $210k
- 0 are short sales
32 Homes Sold in the last 6 months from $72k - $410k
- 14 were foreclosures from $72k - $299k
- 3 were short sales from $100k - $258k
For detail information on any of the properties in the Cathedral City Cove 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.