Top 4 Things To Know About Real Estate in Palm Springs Video
We want to share with you the top 4 things we think you need to know about real estate in Palm Springs… in under 2 minutes…
Number 1 – Lease land vs. Fee Land
There are two kinds of land here in Palm Springs.
When you buy a home on fee land, you own the land underneath the home and are entitled to the rights granted at the time of purchase.
When you buy a home on leased land, you own the home, but are “leasing” the land underneath for the duration of the lease.
Most leased land is managed through the Bureau of Indian Affairs, but some land is privately owned.
Leased land is not something to be afraid of, and some of the most gorgeous homes here are on leased land. It’s important to understand the pros and cons of each kind of land to evaluate which is right for you.
Number 2 – Single-Family Home vs. Condo vs. Manufactured Homes
Single-family homes range in size and style from Spanish villas to Mid-Century masterpieces, and are yours to personalize, as long as you follow city, zoning, and building codes.
Since this is a big second home market, condos are very popular. Many buyers appreciate the ability to “lock-and-go”, where an HOA takes care of landscaping and pool maintenance.
Manufactured homes are trendy and moderately priced. There are plenty of parks that offer lots of amenities to residents. Bing Crosby even founded a trailer park in Rancho Mirage – Blue Skies Village – (https://www.architecturaldigest.com/gallery/bing-crosby-midcentury-trailer-park-palm-springs) – which still impresses, 50 years later!
Number 3 – Short-Term Rentals/Investment Properties
Palm Springs is known as a resort town, and it has a booming vacation rental market.
According to a recent Investopedia study, Palm Springs was rated the number one US City for investing in AirBNB Properties, with an average net profit potential of over $62,000 a year.
Currently, Palm Springs allows short-term vacation rentals, but before buying an investment property, be sure to check the policies in place with the city, and make sure they’re accepting new permit applications. And if the home is part of an HOA, you’ll want to check the community rules.
Number 4 – Neighborhoods
Palm Springs is only 95 square miles, but it consists of 48 individual neighborhoods, each with their own style and feel.
Certain neighborhoods are known for a specific kind of architecture or unobstructed views or for the celebrities that once populated the area.
It’s important to get a feel for what neighborhood suites you best. For more videos on individual neighborhoods, or to learn more about Palm Springs real estate, follow us on Instagram or Facebook @escapetopalmsprings, or subscribe to our channel on YouTube.