WHAT YOU NEED TO KNOW ABOUT PALM SPRINGS LUXURY REAL ESTATE
Whether you want to expand your luxury real estate portfolio, find a gorgeous vacation home in the California desert, or relocate to the Coachella Valley, you will find the ideal property in Palm Springs.
This desert oasis provides residents with wonderful year-round weather, world-class shopping and dining, a myriad of outdoor recreation activities, and endless entertainment.
Here we’ll take a look at the Palm Springs luxury real estate market, the standout luxury amenities you can find, and the best neighborhoods and communities to explore for your Palm Springs luxury home.
A BRIEF OVERVIEW OF PALM SPRINGS
Palm Springs is located in the Coachella Valley desert region, surrounded by mountains. To the north are the San Bernadino Mountains, the Santa Rosa Mountains are to the south, and the San Jacinto Mountains are to the west. Palm Springs has been called the "Golf Capital of the World" for its pristine golf courses and outdoor leisure amenities. It's been a favorite city of the elite of Hollywood since the 1930s and has had (and still has) its fair share of actors, studio executives, musicians, and athletes.
The clear, dry summers and cool and comfortable winters are perfect for peaceful nights on the porch and the wide range of outdoor activities available in the area. With average temperatures ranging between 45°F and 106°F and rarely exceeding 113°F, residents can easily enjoy a round of golf, a game of tennis, or a hike in the mountains whenever they wish.
With all that this gorgeous city has to offer, it's no wonder many real estate investors are looking for Palm Springs luxury homes that give residents and guests the best of all worlds.
THE PALM SPRINGS LUXURY REAL ESTATE MARKET
Palm Springs real estate is diverse and varied. The city is prized for its eclectic and distinct architecture that combines a diverse selection of Mid-Century Modern homes reminiscent of the Golden Age of Hollywood.
Many Modernist architects came to call Palm Springs home in the 1920s and created stunning and sleek designs that matched and celebrated the desert’s natural landscape and color palette. This specific style of Mid-Century Modern architecture became known as Desert Modernism, a style that is seen in many Palm Springs luxury homes.
In addition to these signature designs, Palm Springs also has homes and properties in Spanish Colonial Revival and Mediterranean, due to the strong Spanish influence in the area. These homes fit in beautifully with the surroundings and look perfect against the backdrop of the mountains.
Market Trends and Factors Impacting the Market
While the first quarter of 2023 showed a strong recovery from difficulties brought on by the high-interest rates of 2022, there was a dip in the median sale price of homes in July 2023. This was immediately followed by a sharp increase in median prices in August 2023. Overall, the first 3 quarters of 2023 have shown that while high-interest rates continue to affect the market (not just in Palm Springs, but also nationally) there are indications for a more positive outlook for appreciation in the coming months and into 2024.
What should be interesting for buyers is that 2023 has closed the gap between what sellers were asking for their properties and what buyers were willing to pay. In October 2022, the median price of a listed home in Palm Springs was $974,000 while the median price for a home sold was $602,000. This represents a massive difference of over 47% in what sellers were asking for and what buyers were willing to pay. By August 2023, the median listing price had come down to a more sustainable $835,000 and the median price of a home sold was $732,000, representing a difference of only a little over 13%.
The rest of the months of 2024 could be a good time for buyers and investors to acquire property in Palm Springs with house prices stabilizing and sellers adjusting to market corrections allowing buyers to close deals on more equitable terms with sellers.
Price Range of Luxury Properties in Palm Springs
The home listing and selling price for luxury properties in Palm Springs depends on where you are looking. Naturally, some neighborhoods and communities will have higher prices than others due to location and amenities.
On average, the starting price for homes in communities such as Chino Canyon and Araby Cove is just above $750,000. Prices will increase in more affluent neighborhoods like The Movie Colony and Vista Las Palmas, where luxury home prices start at $1.4 to $1.6 million and can go much higher, depending on the property’s size and amenities.
TOP NEIGHBORHOODS AND COMMUNITIES FOR LUXURY HOMES
Location is a significant factor in determining a property's price and desirability. Here’s a look at some of the most prestigious neighborhoods in Palm Springs.
1.Chino Canyon
Median Home Price: $875,000
Chino Canyon is a beautiful neighborhood with large lots, numerous boulders, towering palm trees, and stunning valley views. The community has properties that range from condos to townhouses to single-family homes, with the price range reaching up to $1.7 million.
The neighborhood is minutes from the Palm Springs Aerial Tramway and has many Eichler houses that look splendid against the landscape. Notable residents have included Elvis Presley, President John F. Kennedy, and Howard Hughes.
2. Araby Cove
Median Home Price: $1,000,000
Araby Cove is located in the southeast section of Palm Springs and is characterized by lavish homes and a spirited bohemian vibe with dazzling views of the mountains. Houses here go as far back as the 1920s to 1940s, but many homes here have been reconstructed in contemporary Spanish architecture.
Residents here enjoy large lot sizes and in-ground pools on their estates, and home prices can go as high as $1.5 million. A claim to fame is that Steve McQueen used to live here.
3. Tennis Club
Median Home: $1,900,000
The Historic Tennis Club is one of the oldest neighborhoods in Palm Springs, founded back in 1937. True to its name, it has 11 tennis courts and several single-family homes, townhomes, and condos. The architecture is either Spanish or Contemporary. The most prominent building in the neighborhood is the O'Donnell House, a 4,200-square-foot home that is now an events space.
Homes here are priced from $900,000 up to $5 million. It’s a highly desirable location as it's within walking distance of many of Palm Springs' attractions like restaurants, nightclubs, lounges, art galleries, and more.
4. Deepwell Estates
Median Home: $1,059,000
This neighborhood features more than 360 mid-century modern, desert ranch, and Spanish-style homes, many of which are now eco-friendly. Many of the houses in this community were built during the 1950s with panoramic views of Mount San Jacinto. The neighborhood also has many retro bold-colored boutique hotels.
Home prices range from $500,000 to $1.5 million. Some of Deepwell Estates’ notable residents have included Tippi Hedren, Jerry Lewis, Eva Gabor, and William Holden.
5. The Mesa
Median Home Price: $1,800,000
This neighborhood is set against a gorgeous mountain backdrop and features a varied collection of homes in different architectural styles, including Spanish colonial villas, Santa Fe homes, and mid-century modern. The Mesa has its own beauty being a hillside community with rugged peaks, natural streams, and more.
Home prices in The Mesa range from $500,000 to $4 million.
6. The Movie Colony
Median Home Price: $1,950,000
The Movie Colony was home to many Hollywood stars from 1930-1960 and was one of the most sought-after communities in Southern California. Frank Sinatra’s house was located here and was famously referred to as Twin Palms, a home that would become synonymous with desert modernism style.
The neighborhood boasts fantastic views of the surrounding mountains and gorgeous palm trees, perfect against the Spanish colonial revival and mid-century modern homes. Other notable celebrities who lived here include Cary Grant and Jack Benny.
7. Vista Las Palmas
Median Home Price: $2,900,000
This is one of the most expensive neighborhoods in Palm Springs and is undeniably glamorous. The neighborhood has over 300 architecturally beautiful luxury estates and is the location of many celebrity homes in the city, including properties once owned by Judy Garland, Elizabeth Taylor, and Leonardo DiCaprio.
FEATURES AND AMENITIES OF LUXURY PROPERTIES
While the architectural styles of Palm Springs luxury homes vary, there are amenities and features that are almost standard in luxury homes in the area. These include:
1.Big Pools
No Palm Springs luxury home is complete without a gorgeous, inviting swimming pool. You’ll find many glass pools (actually made of acrylic for strength) that create an enchanting sense of wonder, an effect that is amplified in the desert.
2. Well-Designed Kitchens
In Palm Springs, you’ll find luxury homes with kitchens that are sleek, stylish, and highly functional. These kitchens are made with high-quality materials and finishings like granite or marble countertops. They’ll often feature top-of-the-line appliances and sophisticated lighting.
3. Spa Quality Bathrooms
Many bathrooms in luxury homes in Palm Springs are lavish and bear more resemblance to mini spas. These resort-like bathrooms feature huge tubs, double sinks, and gorgeous glass showers. They are also likely to have ample storage, sophisticated lighting, and are designed to induce a sense of relaxation and serenity.
4. Panoramic Views
In Palm Springs, you’ll want great, if not, stunning views. You find that many luxury properties in Palm Springs feature floor-to-ceiling windows to take full advantage of the natural surroundings.
5. Smart Technology
Smart home features are not new to the luxury housing market. However, the technology has now reached a point where security, entertainment, work, and home management can be handled with the utmost ease by phone, tablet, or even fully automated.
6. Sports Amenities
Palm Springs estates can have on-site amenities like horse stables, tennis courts, and small putting greens. Luxury homes that don’t have these at home are most often located near country clubs, so residents still have easy access to exercise and sports facilities.
THE INCREDIBLE PALM SPRINGS LIFESTYLE
Palm Springs has an exceptional climate, an endless supply of outdoor recreation activities, world-class shopping and dining, and countless entertainment options. It hosts world-renowned music and movie festivals like the Coachella Valley Music and Arts Festival and the Joshua Tree Music Festival, alongside movie festivals like the Palm Springs International Film Festival and the Arthur Lyons Film Noir Festival.
This capital hosts premier golf and tennis tournaments, as well as offering other sporting and outdoor events for those who love an active lifestyle. Residents can enjoy pickleball, swimming, hiking, horseback riding, and a raft of other sporting activities.
Nearby there are attractions like the Living Desert and Joshua Tree National Park. If you prefer indoor activities you can enjoy shopping in world-class stores at the El Paseo Shopping District or eat at one of Palm Springs' many exceptional restaurants.
Palm Springs is an ideal home for those who want to live in luxurious homes, enjoy the serenity of the desert, and have fun too.
PARTNER WITH THE NO. 1 REAL ESTATE TEAM IN PALM SPRINGS
Find the perfect Palm Springs luxury homes with a team of skilled professionals. The Brady Sandahl Real Estate Group provides access to some of the finest investment properties in the Palm Springs area.
The team ensures excellent communication, exceptional service, and a dedication to making your buying or selling venture a success. Experienced agents are ready to assist you in locating the best luxury property real estate options in Greater Palm Springs, including Palm Springs, Palm Desert, La Quinta, and Rancho Mirage. Call us at (760) 656-6052 or send an email here. Alternatively, you can leave a message here. We’d love to hear from you.
