I have been closely following Palm Desert, La Quinta for about 1 1/2 years now. We were looking to buy retirement / 2nd home after close friends bought in Sommerset ( top of 79 just down from Big Horn ). After alot of review felt prices had no where to go but down and we held off. Liked Laguna de Paz in LQ, but they were asking approx $ 460 – 525 for about 1850 sq ft ( SFR in gated project, very small lots, but lake and good amount of green, built early 90’s). We have watched for the last year and half as prices declined. Recent sales of $ 350 – $ 360 and rest have just sat on market. So about $ 195 sf. I have also watched Trilogy in LQ, Shea 55+ development, new and nicely done, similar story for those who bought in 04, 05, 06. As regards PD what I have learned is there is a higher base level of demand than LQ, this is especially true of south of Fred Waring and especially south of 111. Few new developments and they are a long ways from 111 / Monterey shopping. For example there is alot of prestige living in Ironwood and people will pay alot. Another factor since alot of property is owned as 2nd homes, there is a lot of rentals, either short or long term. As a consequence 1200 sq ft as described can be had for about $1500-2000 a month long term, usually furnished. For $2300-3500 you can get a place in Rancho Mirage or Indian Wells, maybe 2000 sf and possibly golf course usage with minor costs. Paying $ 525K for what was described, unless there is alot of special something is truly “catching the knife”. I have looked for a specifc web / blog that focuses on Palm Desert / La Quinta ( or Cochella valley ) without luck, any others knowing of such would appreciate the link. Happy to share any other infor I can about the area.
