Frank Sinatra had a number of homes in the Palm Springs area over the years-  Probably the most famous is the one by E. Stewart Williams, Twin Palms, in the center of Palm Springs.

However this is his family estate that he built in Rancho Mirage, in the Tamarisk Country Club.  It just hit the market at a whopping $4.5 million!  Built in 1970, it consists of 4 bedrooms, 6 baths, in 6900 sf of living space on a lot that’s 21,344 sf. 

Heres the description from the actual listing:

Former FRANK SINATRA Family Estate – Built by Sinatra on land originally owned by JACK BENNY; Named WONDER ESTATES — This Upscale home has had guest Celebrities, Movie Directors, and the Rich & Famous! Expansive backyard on the 17th Double Fairway of Tamarisk Country Club; Tennis Cts in C.C. Over 6,900 sf., 4 Bedrooms, 6 Bathrooms — Elegant Versace Furnishings; Gourmet Kitchen w/triple Stainless Refrigerator for those who like to Cook, like Frank did! Pool Table, Gym, Big Screen TVS, Resort-Style Pool & Spa w/Waterslide; over 20,000 SF of pristine landscaped grounds; Outdoor BBQ & Party Island; Filmed for TV by CBS Channel 2! FULLY TURNKEY FURNISHED — Bring your Bathing Suit & Toothbrush! Located in CENTER OF PRESTIGIOUS RANCHO MIRAGE — 5 Minutes to The River, Eisenhower Medical; 5-Star Restaurants; Theatres; Agua Caliente Spa & Casino; Shop & Dine at The River or El Paseo. YES, IT’S THE GOOD LIFE!

Guess what, its offered furnished too!!  Ok, this isn’t the typical groovey mid-century home that we typically feature-  as you can see from the pics-  but if living in a home that has some celebrity pedigree sounds appealing to you, then this is your house!  (and no doubt it could be a great vacation rental that could most likely generate big bucks!)

Here are more pic’s:

Listed by Power Brokers International.  Listing informatin courtesy of the Desert Area MLS.  For more information, contact The Paul Kaplan Group.

From one of our agents at The Paul Kaplan Group in Palm Springs, Kris Rain:

 Meet Craig and Diane, our new homeowners in Racquet Club Estates, Palm Springs- this cool mid-century home built by the  Alexander Construction Company, is their first home purchase! They did their final walk thru today and brought their dog Winston who walked right in and sat in the pool. Welcome to Palm Springs!

Read more: http://moneywatch.bnet.com/economic-news/blog/daily-money/7-reasons-why-nos-a-good-time-to-buy-a-home/2834/#ixzz1RLasiJ81

Kris Rain is one of the Paul Kaplan Modern Real Estate Group’s stellar agents- Here’s a short update from one of the many deals that she’s worked on recently:

The last month has continued to prove busy even as the high season has come to a close. June started off right with a successful short sale closing on a cute mid-century modern house in Rancho Mirage Cove.  This house was exactly what the client was looking for, but short sales can be a challenge- both for the seller and the buyer.  Time is of the essence in most sales, but this was moreso the case in this instance: The client was renting a house locally, and had sold her business in another city, and was very nervous that the sale would not close in sufficient time.  I gave the client weekly updates on her purchase, and even showed her some additional properties in the meantime to alleviate her anxiety.  We both visualized a happy outcome, and sure enough, it came.  She is now living in her wonderful new home!  I have a great deal of respect and admiration for her to go after the things that she wants in life, and my clients are often an inspiration for me.

Great video from the CBC. The Looney is at an all-time high, with many homes that formerly would have cost Canadian buyers two million Canadian Dollars are now available for one million Canadian or less! We’re experiencing it in our office, too, as Canadian snatch up fabulous properties! Watch the full video: Canadian Buyers in Palm Springs Land Grab

The Martini House, 1970 S Ana Maria Way, Palm Springs $1,195,000

The Desert Sun printed an article yesterday about the million dollar Palm Springs Real Estate market and above, starting to take off.. Per the article, “many buyers of high-end homes have seen their stock portfolios and investments recover along with the slow economic rebound. As long as you can build confidence in the marketplace, and jobs are coming back, high-end people have the confidence and assurance to keep going forward — to hire people, to buy homes.”

The Palm Springs Real Estate Market has also seen foreclosures and short sales which  have also affected the high end market, adding an affordability factor to luxury Palm Springs real estate that we haven’t seen for years. Sellers are being more realistic about pricing. 

Per the article, “A lot of our buyers have been able to take advantage of some really incredible buys.” Although we’re not seeing huge discounts now, the luxury real estate properties are priced appropriately and are selling.   Canadian buyers have also  been taking advantage of positive exchange rates, and investing in the luxury real estate market.  (A large percentage of buyers are paying cash).  In 2010, 22,529 homes sold in California for $1 million or more. That was up 21 percent from 2009, DataQuick reported, and compares to a 9 percent drop in sales for all homes statewide.

Click here to read the full article.

The Paul Kaplan Group specializes in mid century and architectural real estate in Palm Springs, in all price categories, including the over $1 million luxury  real estate market. There are currently 19 homes in Palm Springs, priced over $1,000,000.   Click here for properties currently available in this category.   Interested in buying one? Please give us a call at 760-285-8559 or visit our website.

The real estate 2011 First Quarter results are out, andI’m proud to announce that The Paul Kaplan Group was #1 in sales volume for Palm Springs.  We sold 14 homes this quarter, that’s 64% more homes then our closest competetor, who sold  5!

Thanks to my team for a job well done-  Kris Rain, Clay Baham, and Gary Moe.  We’re thankful to all our clients that we’ve had the opportunity to represent this quarter.   Although we’re thrilled about these results, we also strive to continue to provide our clients with the absolute best service possible. 

We’re a results-oriented team-  if you or anyone you know is looking for real estate assistance, we would be grateful for your referrals!  Thanks everyone!

760-285-8559

Interesting post on the LA Times site today about the influx of all cash buyers in today’s Real Estate market.  This is very true in all prices ranges for the Palm Springs market-  the majority of our sales in the past year have been from all cash buyers. In particular, most of our Canadian buyers purchase only using cash.  For more info, read below:

By Lauren Beale, Los Angeles Times

March 1, 2011

All-cash buyers grabbed a record 30.9% share of California house and condo sales in January. In Southern California’s most expensive communities, cash deals now account for as much as two-thirds of home sales.
 See the attached link for the full story:

http://www.latimes.com/business/realestate/la-fi-cash-only-20110301,0,7049248.story

Check out the August update for home sales by the California Association of Realtors’ cheif economist:

http://videos.car.org/mediavault.html?menuID=1&flvID=10

California home sales and price edge up from July
California home sales edged up 1.8 percent in August compared with July, but were down 14.9 percent from August 2009, C.A.R. reported today. The statewide median home price also increased 1.2 percent from July and was up 8.6 percent from a year ago.

“Buyers who are holding out should consider the opportunities in today’s market,” said C.A.R. President Steve Goddard. “Favorable home prices and interest rates at or near historic lows make housing affordability the best in recent memory. Anyone who is in a position to buy a home should do so before either of these key factors rise.”

The statewide median home price posted its 10th consecutive year-over-year gain in August. The median price of an existing, single-family detached home sold in California during August 2010 was $318,660, an 8.6 percent increase from the revised $293,400 median price recorded in August 2009, C.A.R. reported. The August 2010 median price was up 1.2 percent compared with July’s $314,850 median price.

“The housing market is transitioning from the conclusion of the housing tax credits as is evidenced by stronger home sales in the higher-price range and weaker sales in entry-level homes and condominiums, which are typically favored by first-time home buyers,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “As a result of the strength in the upper-end market and inventory levels that are higher but still lean by average, we’re seeing home prices holding steady.”

If you’ve thought about taking advantage of current conditions by buying a home in Palm Springs, please give us a call, we’d love to help you out! 760-285-8559 Modern Real Estate Group