Donna’s La Quinta and Trilogy Market Report-April 14
Donna Ambrose April 20, 2020
Donna Ambrose April 20, 2020
The strong start to the 2020 residential real estate market is unwinding as people weigh the potential fallout of the Covid-19 virus. A lack of clarity about the future and mandated 'Stay at Home' restrictions are causing many would-be buyers and sellers to sit tight, at least for now.
Current expectations are that home sales will continue to decline until such time that people have restored confidence in their personal safety and future financial well-being. No one knows for sure how long that could take, and it will be different for every individual.
One of the biggest challenges that our real estate market faces today is that we live in what’s considered a high-risk business economy. La Quinta and the Coachella Valley’s dominant industries are leisure, hospitality, and tourism—typically the last industries to return to profitability after a major economic meltdown.
People recovering from lost income and revenue tend to be more concerned about restoring their bank accounts and paying off new debt accumulated during the crisis, rather than investing in travel, retirement, and vacation homes.
The city of La Quinta has been living with the effects of the last economic downturn until recently, when major projects like the SilverRock Resort finally got back on track.
And evidence of the impact of the 2007–2012 housing and financial crises is that many of the Trilogy homes sold since then have not recovered the full cost of their original Shea purchase prices.
More than just a financial hit, this particular crisis is also a health threat of a magnitude never seen before. How people, especially those 55+, will react when this is over could be vastly different than anyone at this time can predict.
Year-Over-Year Comparison: March 2020 vs. March 2019 | April 1 – April 11, 2020 vs. Same Period 2019
The impact of the Covid-19 virus on the local market won’t be known fully for at least a few more months. But Multiple Listing Statistics for all of March and April 1–11 give us a hint as to where the market is headed.
It’s only been since March 19 that Governor Newsom’s 'Stay at Home Order' was issued, so it’s important to note that closed/sold homes in escrow typically take anywhere from 30 to 60 days to close. The exception being cash sales, which could close homes in 2 to 3 weeks. Therefore, homes noted as sold in March were, for the most part, contracted in late January or early February.
In finance, it can be more profitable going against the herd than with it.
For those able to, now may be the best time to buy a home. Trilogy’s recent red-hot market has cooled, but there are still some great homes on the market, like the spectacular golf course pool home on 81578 Ulrich Dr shown below.
Although there are fewer sellers, the ones in today’s market are generally ready to sell. With interest rates at all-time lows and multiple offers off the table, this might be the lull in the action you need to get the home you want!
When you are ready to jump back in, let me know. I’m here for you!
Trilogy La Quinta, 81578 Ulrich Dr., La Quinta 92253 | 3BR, 2BA, 1865 SF | Available Turnkey w/ Golf Cart
If you are looking for a custom home with 180-degree mountain and golf course views from almost every angle, a supremely customized, quality stone, PebbleTec saltwater pool complete with a spa, waterfalls, and custom lighting, then this is the home for you. Check out these other amazing features, then call for a personal, virtual tour:
Stay up to date on the latest real estate trends.
Donna Ambrose has joined the fastest-growing real estate brokerage in Southern California.
The home is light and bright with ten-foot ceilings and large windows overlooking the private backyard.
Our great appreciation and thank you very much for all the extra efforts you gave to complete our sale.
The homeowners of Trilogy at La Quinta voted to purchase the golf course and restaurant.
This property offers resort-style living in a beautifully landscaped tropical setting.
Quality and pride of ownership are hallmarks of this beautifully-crafted desert resort home.
For choosy buyers, the City of La Quinta ticks all of the boxes on their desert home wish list.
This Monterey Model home is waiting for your personal touch to turn it into a 4-star retreat.
A true retreat, this bright open concept home features high ceilings and golf course.
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.