Palm Springs – The light at the end of the tunnel is here 01.29.2012
We never want a repeat of 2009 in Palm Springs, what felt like the depths of the Recession…. The good news, is that things are picking up in Palm Springs, as reported in The Desert Sun this past week. The following are highlights of the article that shows Palm Springs is experiencing an economic recovery.
Palm Springs has experienced a surge in tourism; tax revenue from hotel stays up 17.7% from 2010 to 2011, and new airline routes by Virgin America connecting the city with New York and San Francisco are expected to open up the link for visitors from the East Coast.
Real Estate is also on an upswing in Palm Springs. Housing prices are up over 10% from 2009 to present, showing an ever increasing demand for Palm Springs Real Estate. People are scouring the market for great deals on vacation homes, after a few years’ drought of buyers waiting for the economic climate to improve. The Paul Kaplan Group experienced record sales in 2011, to become #1 in sales for the year in Palm Springs. 2012 is proving to be as robust with over 21 homes sold by the Paul Kaplan Group in January, as buyers flock to the desert to buy 2nd homes, and vacation homes.
The local Palm Springs economy is further boosted by the high season events: International Film Festival(this year attracting the likes of Brad Pitt, Angelina Jolie and George Clooney). We’re gearing up in February, for the annual Modernism Week, celebrating the wondrous architecture of the desert with works by Albert Frey, A. Quincy Jones and William F. Cody. Tickets for the events are mostly already sold out. And in April there’s the Coachella Valley Music and Arts Festival,one of the biggest and most profitable outdoor concerts in the country. This year it extends over two weekends this year from April 13-22 and brings performances by Radiohead, Florence + the Machine and David Guetta.
“Bohemian spirits in search of eternal sunshine and a less hurried urban life have always been at the root of desert migration, and those dreaming of a different life fuel many of the city’s burgeoning businesses — quirky cantinas, mid-century antique shops, lively bars and restaurants,” says Michael Martin. The Saguaro Hotel is a vibrant new venue operated by the Joie de Vivre hotel chain, opening Feb. 1, promises to infuse life to the South Palm Canyon area with vibrant guest rooms and lively restaurant.
Cheeky’s Restaurant has proven one of the city’s tastier success stories and become an eatery known for its creative healthy breakfasts and feel-good foodie lunches. Last year, the restaurant added a pizza eatery called Birba next door, and this year the company has expanded to include the Alcazar Hotel. Alcazar Hotel sits just west of the city’s downtown stretch, on the edge of the Palm Springs design district amid stylish antique stores, clothiers and art galleries. Lulu’s, opening this past year in downtown Palm Springs, is a hip trendy new restaurant that has become a popular hot spot for visitors and residents alike. One of the hot spots in Palm Springs, with a booming successful business, is Trio, voted one of the top restaurants in town. They recently started a lunch service which has proven to be very popular.
The recent demolition of the decrepit Palm Springs Fashion Plaza in January, show signs that redevelopment is finally underway in the downtown core of Palm Springs.
All good news for the recovery of Palm Springs… Many people including myself,have commented that after a tough few years, it feels like we’re about to experience another Palm Springs Renaissance! Bring it on!
To Read the full article, click the link below: