On the Road: Palm Springs

This week, we took an excursion down to Palm Springs to connect with Compass colleagues. A popular vacation and retirement destination in the Coachella Valley of Southern California, this desert oasis has a high concentration of Mid-Century Modern homes as well as luxurious estates.

The real estate market in Palm Springs has experienced steady growth thanks to a unique combination of warm weather, natural beauty, and artistic character. Robust tourism and vacation industries make the city a desirable investment opportunity for savvy buyers looking to generate additional income.

With a range of options to suit your preference and budget, Palm Springs could be the place for you. Contact us to learn more about what we discovered on our trip!

Tahoe Secondary Market

We recently rolled up to Lake Tahoe for an economic summit with our Compass family and found a hot market where median sales prices are up, inventory is high, and vacation homes are flying off the shelves!

Why are people on the move?

According to the U.S. Census, Americans are on the move, with 8.7% of the population changing their environment in 2022 alone. Why? There are a number of factors. The aspiration to move from renting to owning is part of everyone’s home dreams. Proximity to family is also a critical component, especially with the cost of childcare. And of course, housing affordability and the cost of living are also huge factors.

It’s interesting to note that young people and seniors are the most motivated demographics to move, and for many of the same reasons like new jobs and career opportunities. Check the numbers for additional insights.

New city. Who this?

The cost of living in California has many people on the move to new cities and new adventures. What are some of the resources you can use to get familiar with your future home?

CHIC (Pearl)

The first thing you can do before you pack a single box is check an online travel guide like Tripadvisor, lonely planet, or TimeOut. These sites are full of tips and insights for travelers, and that’s exactly what you are! You’re just staying a little longer. Speaking of which, you can check local government websites in your new city to learn about population demographics and public services like schools, transportation, and safety. It’s also a good idea to understand the city’s governance.

GEEK (Kevin)

If you’re moving to save money, you’d be wise to crunch the numbers and make sure your new city fits your current budget! You can use websites like Numbeo or Expatistan to get an estimate of the cost of living in cities you’re considering, including the current price of goods and services. Another great resource is local news. Reading the city newspaper or browsing local news websites can help you get a sense of the big issues and challenges you might face after your move.

So you want to move to Phoenix?

Yesterday, the city of Phoenix, Arizona, experienced its 18th consecutive day with temperatures of 110°F (43.3°C) or higher. That matched a record from 1974, which is likely to fall today if the city hits the projected high of 115°F.

Meanwhile, according to the National Weather Service, the Monday morning LOW in Phoenix was 95°F, the 8th straight day with an overnight low of at least 90°F. Get more numbers from Axios.