It's April 2009 and the real estate market in La Quinta has shown improvement this year. The realtors are currently focused on short sale opportunities and sellers who are willing to consider offers well below what many of them paid 3-6 years ago. Foreclosures have slowed a bit and inventory is down. There is speculation that another wave of foreclosures will hit the market within 4-8 weeks.
The next wave of foreclosures will feature luxury homes and lots yet seen in such numbers. Thus far the foreclosures have been reflective of the $250,000 and down price range. We will now see million dollar homes at an extreme discount.
The ratio of foreclosures and short sales is about two-thirds of all sales right now.
There have been some big dollar sales too. I am aware of three home sales in La Quinta which are in excess of $3 million each. Sales in excess of $1 million have begun to hit the books too.
It's a buyers market and there is money to borrow with low interest rates. This might be one of the premier buying opportunities we have realized in many years. If you have an interest in buying this is not the time to be riding the fence, it's time to get into the game!