The highest recorded Luxury Home Sale to Date for the Coachella Valley just closed. Listed at 9.75 million, the sale is second only to the sale of the former Blixseth estate, Porcupine Creek. Porcupine Creek is not a good comparable (Sold for 42.9 million recently), because it included a private Golf Course as well as four guest homes! But..for a single family residence, this 9,798 sf home on approx. 2.2 acres at the Bighorn Golf Club pushes our Luxury Home prices to anotehr level.
A sale of this magnitude, in this market, lends some weight to the theory that the market is very strong at the very top. Luxury Homes in the Valley have continued to sell, although many have experienced drops of approx. 35% from the housing peak days of 2005-2006. When a great value comes up, or a luxury home that someone has been watching..it get sold! Luxry Sales across the Valley are on the rise. Other gated, golf course communities seeing increased sales are The Hideaway Golf Club, The Tradition Golf Club, and The Madison Club to name a few.
Buyers waiting to move up are doing it. Buyers who have been watching the Luxury Market settle down are making the move into real estate. Investors from other countries and other States are deciding to park their money in the Valley’s real estate. 2012 looks to be a very strong year in the Palm Springs Valley!