Celebrity Factor Drives Luxury Home Prices Higher in La Quinta, CA
Donna Ambrose December 7, 2019
Donna Ambrose December 7, 2019
La Quinta’s luxury markets generally do well, but something different is happening now. Comparing the first three-quarters of 2019 to the same period in 2018 shows that homes in the higher-priced neighborhoods sold better, and at higher than average and median prices. So what is going on?
La Quinta, California, in the Greater Palm Springs area of the Coachella Valley, is a desert oasis—a natural and luxurious habitat, comfortably warm and sunny from fall through late spring. It’s bursting with brilliant flowers, unique desert plants, and verdant palms, nestled in the embrace of ancient, majestic mountains.
Just a short hop from Los Angeles and San Diego to the Jacqueline Cochran Airport in Thermal makes the city of La Quinta, and nearby cities of Indian Wells, Palm Desert, and Indio, perfect getaways for busy celebrities and executives seeking relaxation and solitude.
For eight months of the year, the Coachella Valley is a mecca of world-class entertainment, drawing millions of fans and spectators to Palm Springs’ International Film Festivals. But Greater La Quinta is ground zero for the world’s top concerts and sports events—for example, the American Express Desert Golf Classic, Coachella Fest, Stagecoach Festivals, the BNP Paribas Tennis Tournament, Empire Polo, and top-flight art shows.
Now you know why the luxury home market throughout the Greater Palm Springs area, and especially in La Quinta, does quite well.
Mega-celebrities such as Kris Jenner and family, and their purchase at The Madison Club, are so influential that they have the ability to drive a market and home prices higher just by buying there. Most likely, this is one of the reasons why the number of homes sold in The Madison Club during the first 9 months of 2019 rose 40% over 2018. Also, the average and median sold prices grew close to 10% year-over-year.
This celebrity effect often spills over to neighboring luxury communities. Nearby, the Hideaway Golf Club, another private luxury golf club community, sold 56% more homes in 2019 compared to 2018.
Also notable is that the number of homes for sale has increased significantly in the top-tier markets. Perhaps rising prices and still-low interest rates are encouraging more homeowners to put their properties on the market now. But there’s more to the story.
The financial health of a city is an important factor for luxury home buyers when planning a major purchase—and rightly so. La Quinta offers an efficient, well-run city government, is fiscally sound, and has a very bright future.
Large corporations like the premier luxury brand developers Pendry and Montage International are capitalizing on the growing popularity of La Quinta, with development projects establishing a luxury resort footprint at the SilverRock Resort. Eventually, resort residences, condos, and more will be available for lease and purchase.
Contact me directly to learn more about these resort residences.
Buying and selling in the luxury home market requires experience, knowledge, and client services of the highest order. When you are ready to buy or sell your slice of heaven in the Coachella Valley, find out how I can reach your real estate goals discreetly and quickly.
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