Month: April 2012

Palm Springs Neighborhoods

Should I Buy Newer Palm Springs Condo Or One Built In The 70’s or 80’s?

Vic Yepello

Buy Newer Palm Springs CondoWhy Buy Newer Palm Springs Condo?

You’re in the market for a Palm Springs condo so the question becomes Should I Buy Newer Palm Springs Condo?  Or maybe one built in the 70’s or 80’s?

Great Question!  So let’s answer it.

As with any question about architecture and age, it’s a matter of taste and preference but there are a few things to consider that may help you to decide.

  • Like open space?  Then an older condo will work best.  The units built back then are on expansive land with lots of green space (land was cheaper) so its more of a park-like feel.  Newer Condo developments have little green space if any.
  • Land type matter?  Well many condos are on lease land so the choices for condos on Fee land are limited.  (What is Lease Land?)
  • What about style?  Older condos can range from Mid-Century Modern all the way to Spanish.  Many have open floor plans or can be easily modified into a Great Room.
  • Older condos are more likely to have larger multiple outdoor patios which is a real plus for the Palm Springs Lifestyle
  • Neighborhoods- Condos are located in most neighborhoods but do know it affects price.  South end and near mountain condos are higher priced.
  • Is Golf and Tennis important?  Older ones win here too.  In fact, the older complexes are amazing when it comes to Tennis.  Golf on the other hand means a possibility of course fees included in the HOA for some or a higher purchase price for a Fairway unit.
  • Does price matter?  You bet and some of the older ones will be a better value even if they need some updating or repair.

And the above only touch on the options and choices.  When it comes to searching, you will not be able to see some of the nuances described above.  Only a Realtor experienced with Palm Springs can help you decide to Buy Newer Palm Springs Condo or maybe opt for one that has a few years and some character and may only need to be updated. There are good choices in units that have been updated so take your pick.

Call our office today and talk to one of our agents about what choices there are for owning a Palm Springs Condo.

Take a look below at your choices available right now if you choose to buy a Buy Newer Palm Springs Condo or one that has a few years under its belt.

[optima_express_search_results cityId=”675″ propertyType=”CND” header=”true” includeMap=”true”]

Finance/Lending, Lifestyle

How To Assess The Real Cost Of A Palm Springs Fixer Upper

Vic Yepello

Concierge Services in Palm SpringsHow To Assess The Cost Of A Palm Springs Fixer Upper

When You Want To Renovate A Home, what things should be considered?

When you buy a Palm Springs fixer upper, you can save a ton of money or get yourself in a financial fix. This is only a guide so please be sure to consult a pro!

Trying to decide whether to buy a fixer-upper house?  Follow these seven steps and you’ll know how much you can afford, how much to offer, and whether a fixer-upper house is right for you.

1. Decide What Is DYI and What Is For A Pro

It may not be as easy as the TV shows make it look.  yes they take it step-by-step but there are many hazards and pitfalls along the way.  Its happened to all of us.  A simple task or project can take a day instead of an hour. So ask yourself:

  • Do I have the skills?
  • Is there time in my life?
  • What is the completion date?
  • Do I have the tools?
  • Can I get through the permit process?
    • Don’t even THINK about skipping this step
  • Am I ready to live in the home while all this is going on?

2. Price the cost of repairs and remodeling before you make an offer

Get an estimate for the work as though a contractor were going to do it.  If you are going to do the work yourself, this is a good cost basis to follow because the labor is free yet it will allow for cost over runs and buying or renting tools.  If you do the pricing on your own, add 10 to 20 percent as a cushion.

3. Check permit costs

Go to your local planning department and ask if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it’ll cause problems when you resell your home.

Factor the time and processing of permits into your plans. And remember, the local official may want to do inspections which may slow things up a bit at times.

4. Double-check pricing on structural work

You will need a structural engineer if any walls are coming down or any major demo is taking place.  Its 500 bucks well spent.  And be sure to take all points of the pre-sale home inspection into account.  Just because you’re doing a Reno does not mean that you can forget this all important item.

5. Check the cost of financing

OK, so you have enough money for a down-payment, closing costs, and repairs without draining your savings.  Now factor in the costs of the work, tools, permits and inspections.  Does it add up?

If you’re planning to fund the repairs with a home equity or home improvement loan: Get yourself pre-approved for both loans before you make an offer.  Then make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.

Consider the Federal Housing Administration’s Section 203(k) program, which lets qualified purchasers wrap up to $35,000 into their mortgages to upgrade their home before they move in.

6. Calculate your fair purchase offer

Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.  Now also subtract your closing costs pn the purchase then also add in the closing costs were you to sell.  Does that add up to a profit? Even if you plan to stay in this home for a long time, sometimes life happens and you may have to move sooner.  Don’t over-build for the neighborhood

7. Make sure you have inspection, loan, appraisal contingencies in your offer

Most home inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you cash at closing to pay for the repairs.Even if a total Reno is planned, the home should be livable going in.  Even an REO (foreclosure) is made livable these days.

The seller can also opt to simply back out of the deal, as can you, if the inspection turns up something you don’t want to deal with. If that happens, this isn’t the right fixer-upper house for you. Go back to the top of this list and start again.

Loan and appraisal contingencies are a no brainer.  The appraisal will be a key tool for you to know the true value of the home.  And your Realtor will be a key player to help you determine the resale value after the renovations.

101 Things To Do in Palm Springs, Lifestyle

Will Palm Springs Continue To Have The Best Outdoor Lifestyle?

Vic Yepello

Whitewater Multi Use Parkway Brings Outdoor Excitement!  Notes from the monthly meeting of the Downtown/Uptown Merchants Association.

 

Whitewater Multi-Use Parkway Brings Outdoor Excitement

If the movers and shakers have their way, and we hope they do, Palm Springs and the Coachella Valley will soon rank amongst the top cities in the world of recreation via the Whitewater Multi Use Parkway.  And the area will secure its place as a mecca for the best outdoor lifestyle.

The Parkway 1e11 will bring a new level of outdoor excitement and here’s why. Continue reading “Will Palm Springs Continue To Have The Best Outdoor Lifestyle?” →

Lifestyle, Palm Springs Neighborhoods

The Mesa Neighborhood Palm Springs CA, Palm Springs Neighborhoods

Vic Yepello

The Mesa Neighborhood Palm Springs CA

The other day, I rode my bike up and around every street in The Mesa Neighborhood Palm Springs CA.  I came away with the feeling this may now be one of my favorite Palm Springs Neighborhoods!  Why?  Its a feeling I get when riding around and seeing all the wonderful properties.  Then the I take into account the diverse architecture ranging from Mid-Century Modern to Spanish and a few more styles tossed in for diversity.  And now a bit of history…. Continue reading “The Mesa Neighborhood Palm Springs CA, Palm Springs Neighborhoods” →