The Cribline (Labor Day Vacation) Pick of the Week: Deals in Palm Springs, CA (Own for $1,000/mo.)
As much as I love my home city of Washington, I am really enjoying my time away at my vacation home in Palm Springs, CA. So, this week, I bring you a taste from the West Coast… the treat that is Palm Springs.
After some bumps in the road with real estate prices during the economic downturn, there are even more reasons to think about this little oasis in Southern California as the market recovers and, smart investors, and baby boomers think about a second home or even retirement. In addition to the beautiful scenery, which is simply stunning, there are many deals to be had. This week’s House Pick of the Week is in the wonderful vacation destination of Palm Springs at 2317 Sierra Madre.
It’s a 2 bedroom 2 bath mid-century “villa” home in the highly sought after community of Canyon View Estates in South Palm Springs. It was designed by William Krisel and built in 1963 (the height of Mad Men), this home is spacious and a perfect retreat. There are 10 foot vaulted ceilings, with direct mountain views. It’s a great escape from the rigamarole of city life and everyday stresses.
The villa is located minutes from shopping and the heart of downtown Palm Springs, golf, and some of my favorite spots such as: Koffi, the Ace Hotel, Viceroy, The Parker (for the uber chic LA set), Melvyns, Tropicale, El Mirasol (the best margaritas in town), Cheeky’s (one of the best breakfast places around with its signature flights of bacon), the Purple Palm, Copleys, and the new LuLu’s restaurant and lounge. There’s also a Matchbox (the only other 2 are in DC). And, I nearly forgot… the Palm Springs Art Museum. It’s very cool and take the docent tour on Thursdays at 5pm (it’s free).
And, every so often you might even bump into Sonny Bono…
At $199,000, this is a bargain, and perfect for those looking not only for a good investment, but who can appreciate the magic of Palm Springs!
To the Point Analysis:
With 20 percent down on $199,000, which is required should this be a second home or investment property, the loan amount would be about $160,000. At a 4.5 percent interest (estimate), the gross payment with taxes and insurance is about $1,000 a month. After the tax deductions, the net payment would be closer to $700/mo.
The association fee is $345/mo.
Happy vacation home hunting!