Thursday, June 22, 2006

Real Estate News for Thursday, June 22nd, 2006

Slowing . . . but still going. Inventories climb, homes stay on the market longer. The once-sizzling Southern California housing market is cooling off. Gone are the days when sellers had multiple offers to mull a day after they listed their homes. Inventories have climbed, and houses are staying on the market longer. Many potential sellers not wanting to miss the top of the market have listed their properties for sale. He added that there's enough houses for sale now that would last nearly eight months at the present rate of sales. In many areas of Southern California, home-sales counts are declining from levels a year ago. For a house to sell quickly, it must show perfectly. And it must be priced at the market or a little below the market. Click here to read more.

Housing market cools down. High inventory levels, unrealistic sale prices dampen housing market. There is no question home prices have skyrocketed during the past few years. The median home price in Inland Valley cities is now more than half a million dollars in at least half of the area. Even cities such as Fontana, where the median price was $135,000 in the spring of 2002, had a median of $430,000 in April. Indeed, it appears that a good bit of the excessive inventory on the market isn't really on the market. Numerous sources have suggested that many of the homes that are for sale are listed at unrealistic prices. At a press conference at the Premier Building Show on Wednesday in San Francisco, Alan Nevin said as much. Nevin, the chief economist for the California Building Industry Association, said sellers need to realize the market has normalized. Click here to read more.

Rancho Mirage: Around the city in 25 fascinating facts. Rancho Mirage: The Facts.
1: Rancho Mirage is a centralized community in the Coachella Valley, as its original name showed. The community began as Eleven Mile Ranch because it was 11 miles from Palm Springs and 11 miles from Indio.
2: Celebrities have come and gone through the city, but Frank Morgan, the wonderful wizard in “The Wizard of Oz” was the first celebrity to live in Rancho Mirage. He built his home in Magnesia Falls Cove in 1934.
3: But that was before the city was incorporated. The first official building permit issued by Rancho Mirage was for Sunrise Country Club in 1973.
4: By the way, that’s the same year Rancho Mirage was officially incorporated. It was Riverside County’s 16th city and California’s 409th.
5: The nation’s leaders took notice of the growing community. U.S. Presidents who’ve visited include Dwight D. Eisenhower, John F. Kennedy, Richard Nixon, Gerald Ford, Ronald Reagan and Bill Clinton.
Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

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