From a reader who’s email says, “The housing crisis summed up in one house in Palm Springs”:
Check this out – from NPR’s Plante Money exercises:
Twitter Tweet 1 for this info on one Palm Springs House:
Date Event Price Appreciation Source
Apr 30, 2009 Sold $32,500 -87.1%/yr Public Records
Feb 08, 2008 Sold $399,479 -8.3%/yr Public Records
Sep 22, 2006 Sold $450,000 28.4%/yr Public Records
Sep 20, 2005 Sold $350,000 63.3%/yr Public Records
Jul 30, 2004 Sold $200,000 89.0%/yr Public Records
Oct 06, 2003 Sold $119,000 24.3%/yr Public Records
Oct 11, 2002 Sold $96,000 114.3%/yr Public Records
Jun 28, 2001 Sold $36,000 -26.2%/yr Public Records
Apr 16, 2001 Sold $38,250 — Public Records
and then this
Twitter Tweet 2 for this info on the house across the street:
Date Event Price Appreciation Source
May 19, 2009 Sold $47,500 -68.6%/yr Public Records
Jan 15, 2008 Sold $225,000 7.4%/yr Public Records
Jan 31, 2005 Sold $182,000 22.8%/yr Public Records
Jul 09, 2003 Sold $132,000 96.3%/yr Public Records
May 08, 2002 Sold $60,000 -12.3%/yr Public Records
Oct 24, 2001 Sold $64,392 -8.4%/yr Public Records
Feb 01, 2000 Sold $75,000 112.1%/yr Public Records
Nov 13, 1998 Sold $30,000 -79.0%/yr Public Records
Apr 14, 1998 Sold $74,598 -0.1%/yr Public Records
Mar 03, 1992 Sold $75,000 271.3%/yr Public Records
Jun 01, 1990 Sold $7,500 — Public Records
Apologies for the horrible formatting on the columns (working remotely), but the information is there nonetheless. Thanks to the reader, and (raising glass of wine in the air), “Here’s to the end of the Recession, please!”
Well, that says it all.
Trailer park or bullet holes?
Does this mean it’s a good time to buy a rental in Palm Springs? (I am actually being serious)
@anon,
I would imagine…Palm Springs is “hot”!
considering that a RV runs in the 6 digits – I’d rather buy a 50K house somewhere *hot*.
Both gathering dust 10months a year for 2 months of enjoyment, the PalmSprings house is a better value! (and the a/c in the house is quieter than the a/c in the RV – and I’m not even talking about the size of the bathtub, sorry, the jacuzzi!)
Along the road, we saw galore of foreclosures. I wouldn’t touch a property in a foreclosure development, but there are cool places along the coast, russian river etc.
True, although…consider this for an alternative spin…
The $ loss on house 2 ($180,000) is probably not much different to many properties in SF….(say, $1m, bought at peak, approaching 20% off that now gives a 200k loss, plus commission of 6% of $800,000 say, as opposed to basically nothing on the Palm Springs sale….).
Certainly in % terms, Palm Springs has fared worse, but bottom line $’s – I think alot of SF properties would have done worse – and I think they are much closer to bottom than we are.