We’re proud to present two new mid-century home listings at opposite ends of the price spectrum, in Palm Springs, just in time for MODERNISM WEEK.  Presented by us, Paul Kaplan’s Modern Real Estate Group.

1154 E. Racquet Club Road, Palm Springs  $399,000

One of the most beautiful pools you’ll ever find in Racquet Club Estates! Enjoy unobstructed mountain & tramway views from the intimate outdoor living room & firepit. This mid-century home built by the legendary Alexander Construction Company was designed by William Krisel, features numerous upgrades- gated property for ultimate privacy, stunning outdoor retro Architectural Pottery sculptures, extensive outdoor lighting & speaker system, custom modern fountain in entry courtyard; huge saline pool with in-ground spa; misting system; enclosed yard with full-grown privacy hedges, outdoor shower; indoor and outdoor gas fireplaces; updated bathrooms with mosaic glass tile. Two large master bedrooms feature custom built-in storage. (Could easily be changed back to the original 3 bedroom floorplan). Ideal for outdoor entertaining, as well as perfect for that cozy intimate private desert retreat for those appreciating mid-century modern design with a unique flare. Not a short sale, or REO, just a great value.

2300 W Cantina Way, Palm Springs  $1,480,000

Nestled upon the rock of the beautiful Cahuilla Hills is an extraordinary mid-century masterpiece guaranteed to fulfill any architectural aficionado’s passion for design & glamorous desert living. This iconic home ends where the desert wilderness begins. A semi-circular floorplan was designed by R. Denzil Lee, around the circular saline pool. Floor to ceiling windows wrap around the pool, flooding the interior with natural light, giving each room the incomparable panoramic view beyond. A sculptural loggia with central oculus cut-out over the pool bisects the home & provides a balance of shade & ever changing sunlight. Built for entertaining, the center-island kitchen features a view oriented breakfast/cocktail bar. Guest bdrms offer walls of glass & restored en-suite bthrms that sparkle w/ updated glass mosaic tiles. This home exemplifies the Palm Springs desert lifestyle, ready for your immediate enjoyment. Perfect for full/part-time living, or vacation rental opportunities.

For more information on these, or other mid-century homes, visit us at www.MidCenturyModernPS.com

Palm Springs’ Racquet Club Road Estates Neighborhood Organization is featuring its 3rd annual home tour to coincide with Modernism Week 2011.  This tour typically sells out every year… so buy your tickets now!  See below for more information.

http://www.racquetclubestates.com/

The Racquet Club Road Estates development was built by the Alexander Construction Company between 1959 and 1962, and designed by William Krisel of Palmer and Krisel Architects. The first homes were completed in 1959, coinciding with space-age optimism, the apex of tailfins, and the height of popularity of the nearby Palm Springs Racquet Club. William Krisel designed the 1225 square foot houses as weekend and vacation getaways, on slab with single pane glass and without insulation. The beauty in these houses, however, is the post and beam construction allowing soaring rooflines, an open floor plan, and an indoor/outdoor relationship to the generous 1/4 acre lots dottted with poodled olive trees and fan palms.

For more information on other events during Modernism Week, click here.

Don’t forget to stop by the Paul Kaplan Group’s booth at the Modernism Show too!

Per a recent post on CNN Money, Vacation Home Ownership is on the rise.  Per Liz Westman, “Don’t listen to the naysayers. Rentals can cover your second-home costs if you’re careful when you buy and you follow these 3 simple rules.”

In Palm Springs, many people rent out their homes as vacation rentals.  The Palm Springs market is a popular destination for many travelers looking to escape, and wanting the comforts of a private home, as opposed to a hotel room.  Palm Springs draws from a number of states all over the country, in addition to being only two hours from Orange County, San Diego and Los Angeles.  Buying a second home in Palm Springs and renting it out, is a viable option for many.

Per the article, for a successful vacation home rental, here are the three basic tenents:

• Vacation homes need to be rented 15 to 17 weeks a year in many areas to break even. This estimate is based  on the assumption that one month’s mortgage payment would equal one week’s rental income in the peak season. More expensive homes would need to be rented longer. 
• Internet advertising is essential. You need to reach the widest possible audience of potential occupants to keep your place solidly rented.  The more sites you can post on, the better. 
• Owners need to cut out the middlemen. Management companies take anywhere from 10% to 60% of rental income, making positive cash flow impossible. Handling rentals and maintenance isn’t that tough, even long distance.

Many of my clients rent out their 2nd homes here in Palm Springs on a part time basis.   Let me help you find the perfect 2nd home, and I’ll be happy to share with you my knowledge of what is involved with making it a successful vacation rental. 

To read the full article, click here.

With the boom and bust of real estate and the economy over the past 8 years, Racquet Club properties values have been in flux.  After peeking in 2006, the prices have been on a steady decline until this year.  After what appears to be the bottom in 2009, we’re  now starting to see prices starting to inch their way back up as per the graph below.

Racquet Club Road Estates Sales History

Interesting to note, is that the higher end of the market has still declined somewhat in 2010, with $450,000 being the highest priced home sold recently.  This however, is starting to change as well.  Currently there is a home in escrow in the high $500,000′s that is expected to close soon. 

Racquet Club - Price per square foot sales history

The average price per square foot for a home in Racquet Club, is still low compared to at the peak of the market.  However,  as noted on the graph, this number is starting to increase as well..  Buyers are recognizing the value in Racquet Club right now, and thus sales have been brisk.  With the addition of the strong Canadian dollar, there has been a recent resurgence of interest of buyers for Mid-Century homes in the past six months, and showings in the Racquet Club Road Estates neighborhood.

If you’re thinking of selling your home in Racquet Club, or know of anyone looking, please feel free to contact me.  I’m the neighborhood real estate expert, and happy to help anyone with Racquet Club Road Estates properties.

Below are the latest stats for the Racquet Club Road Estates neighborhood in Palm Springs.   The trend is showing increased inventory however, the prices have been going up over the past 6 months. 

(Median sales price from 10/09 to 1/10 was $280,000.  Median  sales price for the last 3 months was $302,000)

These stats show what’s been going on in the past 3 months:

Total sales:  8

Total active listings:  24

Months considered to take to absorb all the listings:  8.99

Median Sales Price:  $302,000

Median days listing are on the market:  56

Median sales price as a % of list price:  96.25%

For more detailed info, see the chart below.  If you have any questions, feel free to contact me!

Click Here for a list of current listings available in the Racquet Club Road Estates neighborhood and vicinity.