Ruth Hardy Park is Buzzing Once Again: 57% of Sold Homes were for ALL CASH
The Ruth Hardy Park neighborhood of Palm Springs, CA, has recently been referred to as “The Movie Colony East” or “Movie Colony Adjacent.” This is a very popular area, adjacent to the high-end Movie Colony neighborhood and contains an eclectic mix of architectural styles. Many Mid-Century Modern homes have been beautifully remodeled and have kept true to the Mid-Century design. There are also many Ranch style and Spanish hacienda or Mediterranean style homes. About 4-7 years ago this area was buzzing with remodels and hyper activity of new home owners restoring these unique homes to their original unique style. That activity had slowed to a snails pace in the last 2 years and is once again beginning to buzz with new activity.
In addition to being located in Central Palm Springs, within walking distance to the fine restaurants and shops of Downtown Palm Springs, this neighborhood is built around the beautiful and serene Ruth Hardy Park which contains tennis courts, vast lawns, picnic areas, and a children's play area. The views of the San Jacinto Mountains from the park and from many of the homes are spectacular and are some of the best mountain views in the Coachella Valley. The prices of the 21 homes currently listed on the market are from $180,000 to $1,495,000 and those are for fixer uppers to completely remodeled properties.
In the last 6 months (2-09-10 through 08-08-10) 23 homes sold from $198,000 to $900,000. Only 3 of those were foreclosure properties ($230,000 - $313,000) and all of those 3 sold for CASH. Another 3 were Short Sales ($500,000 - $675,000) and 2 of those 3 sold for ALL CASH.
Inventory of active listings is quite low in this neighborhood, as it is in many desert areas. Home values have dropped considerably since 2006 and now appear to be stabilizing and even appreciating in several cases. As the economy recovers, confidence is gaining momentum. Since many home owners bought at higher prices than today’s market values and then spent large sums of money remodeling, they can’t afford to sell. They don’t have any or much equity. I have spoken to many home owners recently that are getting ready to sell so they can buy another home and remodel it. There is a passion in this neighborhood to constantly improve and make the neighborhood better. The demand is growing and the number of remodels that have started in the last few months or are in the planning stages is growing every week. The buzz is back in Ruth Hardy Park.
Ruth Hardy Park Listing Statistics (Single Family Homes):
Ruth Hardy Park Video:
For detail information on any of the properties in Rancho Mirage 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.