May 2009 Capitis Newsletter
Living the Palm Springs Life
The Capitis Group of Luxury Home Services
515 North Palm Canyon Drive. Building #C. Palm Springs, California 92262 (760) 320-1058
May 2009 Newsletter
HOMESRUN - Home Efficiency
As we move into summer we would like to remind you of some really important items that should be addressed to make sure your home is running at it’s top performance possible.
Air Filters should be changed every 3 months to allow for more positive airflow and circulation throughout your home.
Smoke Detector Batteries should be changed to ensure optimum use and safety A/C Units should be serviced, to ensure maximum efficiency during hot months
Pool Filters should have their time increased to 8-10 hours to help prevent algae and Saline build up in Salt Water Pools. Closing window coverings to ensure against increased heat and carpet fading.
Call 760-320-1058 or online: homesrun.net
Featured Vacation Rental-Bing Crosby Estate
This legendary five bedroom celebrity golf estate offers panoramic views and a pure desert retreat lifestyle.
Formally owned by “The Crooner” Bing Crosby this home is located in the guarded enclave of Thunderbird Cove in the prestigious city of Rancho Mirage. Situated in a neighborhood of history, charm and plenty of celebrity scandal from the 1950’s through the 1970’s.
The estate today includes a main house with an attached guest house including an artist’s studio in a total of over 4,200 square feet of indoor living.
The home features eclectic décor and accents with Asian influences starting from the 10 ft rustic front doors to over 50 nostalgic film posters in the state-of-the art movie theatre.
Pocket glass walls open the great room out to the lanai creating additional living space while enjoying the panoramic landscape and views of the desert.
For more detailed information or for your next bookings, contact us at www.beaumondevillas.com.
Concierge Corner
Whether it’s your first time in Palm Springs or you’re a seasoned traveler to the Coachella Valley, it’s still fun to play tourist sometimes. See the sights, learn about the area’s history, do some shopping, visit some interesting and historic areas of town.
Looking for something to do when you’re in town?
Choose from a hot air balloon ride, horseback riding, the Aerial Tramway, the Palm Springs Desert Museum. In Palm Desert, you can take your kids to the Living Desert, an outdoor zoo and museum.
The city is famous for its world class golf courses, many of which are well known among pro-golfers and golf enthusiasts alike. There are over 200 golf courses throughout the valley that our golf specialist can arrange a round a golf for you .
**Contact your concierge for more information at 760-320-1058.**
*Hot Off The Press-Real Estate* PBS News Report On California
Friday, April 03, 2009 on the Nightly Business Report (PBS)
SUZANNE PRATT: Tonight, we continue our special series “Reviving the Economy: Real Estate,” with a look at California’s residential market. Joining us is Richard Green, U.S.C. Professor and director of the school’s Lusk Center for Real Estate. Richard, welcome to the program.
RICHARD GREEN, DIRECTOR, USC LUSK CENTER FOR REAL ESTATE: It’s pleasure to be here.
PRATT: So talk to me about California. How bad are things out there?
GREEN: Things are pretty bad out here. Depending on where you are in the state, house price have declined between 10 and as many as 50 percent. And really problematic is we have a lot of people who are under water on their mortgages. Thirty percent of people in California who have a mortgage have a mortgage whose balance spread is more than the value of their house.
PRATT: And would you expect that of those 30 percent, how many do you think are going to default on those mortgages?
GREEN: That’s really hard to say. One thing we know is that people who actually put money into their houses they tend not to default unless they have to, but a lot of people in California bought houses without a down payment, so the default rate could be as high as 10, 15 percent on those mortgages.
PRATT: So what is the biggest drag in California currently? Is it the employment situation, unemployment situation or is it inventory?
GREEN: I think it’s the unemployment situation. Actually inventory has come back to reasonable levels in the last few months. We’ve had big increases in sales particularly in the inland empire. That’s San Bernardino and Riverside Counties. But the employment picture here is pretty bleak. As you know, the unemployment rate nationally is 8 1/2 percent, but here in California it’s even worse at 10.5 percent. And again you get away from the coast, the unemployment rates are even higher than that.
PRATT: So what is your outlook for California? When do you think it’s likely to turn around?
GREEN: Well, I think one of the issues is how does the stimulus money flow? One thing that’s going to be helpful to us is in the stimulus bill the conforming loan limit for Fannie Mae and Freddie Mac loans was raised and in the housing rescue bill, people are going to be allowed to refinance those loans even if they don’t have a lot of equity and that will allow people to get lower interest rates and put more money in their pockets. The other thing is, we need a lot of infrastructure out here in California. We have a lot more people than we have the infrastructure to support it so to the extent that the Federal stimulus package provides for infrastructure and allows people to go to work on those infrastructure projects, it will be helpful to our unemployment picture and once jobs come back, I think you’ll start to see the housing market come back here pretty quickly.
PRATT: And I think you told me earlier today when we spoke that you think there’s a possibility that California could be one of the first residential markets to turn around. Why do you think that’s the case?
GREEN: I do and the reason is, as bad as things are out here, we didn’t have the overbuilding particularly along the coast that you saw in places like Nevada and Arizona and Florida. In part the regulatory environment here makes it very hard to build so if you look at the vacancy rate in Los Angeles, that’s vacancy in detached homes and apartments, it’s among the lowest in the country, which means as soon as there’s demand, we should see a return to some health in the housing market here.
PRATT: So we have probably a little bit time left for one question. Are there any particular signs that you watch for to tell you that things may be starting to bottom for people who might be looking for a house to buy a house?
GREEN: Well, there are two signs generally that we look at. One is that inventory number and the inventories have been dropping pretty rapidly here so that’s very good news. The other thing is does owning look good relative to renting as a bargain and right now with the lower prices and low interest rates I think it does. But the employment picture really clouds everything else at the moment and until we see those jobs come back, it’s going to be hard to be really bullish about the housing market here.
PRATT: Understandable. Thank you for joining us.
GREEN: My pleasure.
PRATT: My guest, USC Professor Richard Green.
For more information on this or for information on Palm Springs Real Estate, contact a member of Capitis Real Estate at 760-325-1978 or www.capitisrealestate.com.
Our extraordinary inventory of homes are constantly increasing with new additions that enhance your possible needs and lifestyle requirements. During the month of April the Coachella Valley will be a current hot spot for fun, activities, and most of all relaxation. While in residence your Concierge has the inside scoop for the best seats and access to the most prestigious events of the season, some of the events include but are not limited to:
The Kreiss Estate is an architecturally significant mid century contemporary luxury home nestled in the South end of Palm Springs near Indian Canyon Golf Course. This home was designed, decorated, and furnished by world re-known designer Michael Kreiss. He used bold, unexpected combinations of fabrics, textures, finishes and accessories to make this home perfect!
Unfortunately, due to our economic recession we are seeing a market increase in home invasions and vandalism locally as well as state and nationwide. The majority of these invasions are taking place with vacant and absentee homes.
With all the bad news we hear every day it is so easy for all of us to get down in the dumps. The State was months behind on having a budget, the housing crisis looms, the number of foreclosures continue to grow, the economy nationally as well as globally is shaky and an increase in the local, state, and national unemployment rates are constantly rising like water in a sinking ship. This daily news can really affect the outlook a person may have with so many negative thoughts and often times overrun the subconscious mind.
William Miller Design, a top interior design firm based in Palm Desert, California, is launching “ala carte design packages” for clients who want some good advice on the direction of their style.
Just tell us what you need and consider it done! Whether for business or pleasure:
Lot 24 Modern, an amazing three bedroom Palm Springs Luxury Villa, is located in the Tahquitz River Estate area of Palm Springs.
As many of you were able to see, President Obama explained briefly his plan for a “stimulus package” that would most likely focus on afflicted homeowners in Phoenix in late February.
That Capitis Group, they are constantly in the middle of community events and fundraisers. Again, the Capitis Group was highly involved with being affiliated with local charities that affect the community in which they reside.
Concierges offer not just great restaurants and the best message therapists in town. Our service also includes access to many professional specialists, such as golf and tennis that will work one on one with you on some of the best and most sought after places to play, best rates available as well as customized golf club and resort fittings.
Regency Escape - this beautiful regency style home has echoes of mid-century architecture designed by Krisel for the Alexander Group in 1959.
Modernism Week is an annual collaboration between the Modernism Show, Palm Springs Preservation Foundation, Palm Springs Historical Society, Palm Springs Modern Committee and the Palm Springs Museum focusing on the design and architecture events and programs throughout the Greater Palm Springs Area.
The 1st Time Home buyer’s, $7500 - Tax Credit is offered under the Hope for Homeowners Program within the U.S. FORECLOSURE PREVENTION ACT OF 2008!
