Palm Springs is undoubtedly California's premier desert getaway, and vacationing here never goes out of style. It's a truly timeless destination that casts any trip with a vintage sheen while remaining in vogue as the years go by. The market in Palm Springs is quickly heating up again after home values dipped during the 2008 recession. With more appreciation on the horizon, now is a prime time to get in on the Palm Springs vacation home market. If you're considering taking the plunge but you're not 100% convinced, not to worry — it's best to consider any real estate investment thoroughly and in-depth before going forward with it. That being said, here at the Ron Parks Team, we know that if you're in the position to buy a vacation home in Palm Springs, it's probably a good idea. If you're looking for more reasons to make an offer on that stunning desert home, here are a few that could help you make the decision!
Palm Springs Real Estate Prices Are Rapidly Accelerating
Although home prices in Los Angeles County have exceeded their pre-recession record, that hasn't happened for Palm Springs yet, but it's bound to. Home values in Joshua Tree have more than doubled over the past five years, while in Desert Hot Springs they've skyrocketed by over 80% in the same amount of time. Cathedral City and Indio's home prices have increased by 65% and 52% respectively over the past five years. Home prices in Palm Springs itself have increased by just under 50%, but are continuing to go up. While this isn't bad news at all, it does mean that this is an exceptional time to find your dream vacation home and invest. While a desert fixer-upper is no longer the most lucrative option, you can bet on your gorgeous Palm Springs second home appreciating while providing excellent rental income if you choose to go that route.
Palm Springs Vacations Are Ready-Made
Whether you already live in California or not, having a Palm Springs vacation home allows you to easily escape to your dream locale without the burdens of extensive vacation planning. While of course it's great to explore the world and see new places, there is something to be said for having a true home-away-from-home. You'll likely run into familiar faces and connect with community members over the years. You'll be able to visit your favourite restaurants, bars, and spas, and form traditions that you can enjoy time and time again. Plus, Palm Springs is a truly rich place to spend time, with so much near by. There's a vibrant art scene, amazing golfing opportunities, and world-class cuisine. You can always easily escape into nature by hiking into the nearby mountains or exploring nearby Joshua Tree National Park.
Ideal Location For Home Swap Or Vacation Rentals
If you've ever wanted to list your home on Airbnb or enroll it in a home exchange program, you'll be able to do so easily with a Palm Springs vacation home. The more desirable a location, the better results you'll have with these types of listings. And Palm Springs is truly a desirable spot; its amazing hiking, golfing, and famed resorts are highly sought-after and its sleek 20th century vibe is recognizable the world over. It's a quintessentially Southern California experience and one that people from far and wide will be all too eager to see for themselves.
Year-Round Golfing Opportunities
As mentioned, Palm Springs is among the top destinations in the world if you're looking to sample a wide variety of scenic and challenging golf courses. Palm Springs and the surrounding Coachella Valley communities are home to several dozen golf courses, ranging from inexpensive public courses to high-end courses that have hosted PGA events to private country clubs with upscale amenities in addition to your round of golf. Best of all, your experience on the links will be highlighted with breathtaking views of the San Jacinto Mountains and the surrounding palm trees. If you plan your tee time just right, you can finish your round just as the sun is setting in behind the trees and mountains, which is truly a sight to behold and will make for a perfect ending to your afternoon. Oh and don't forget that Palm Springs is also one of the few places where you can enjoy great golfing weather during all 12 months of the year!
Potential Tax Benefits
If you would rather not rent your second home out year-round and simply rent for less than two weeks each year, you can deduct the interest on the mortgage and the property taxes from your income. While you'll need to discuss the details of any possible tax deductions with your accountant, this is one of the major draws of owning a second home for primarily personal use.
Whether you're ready to start looking at possible Palm Springs vacation homes, or you'd like to chat with an expert to determine if this is the right move for you, we've got your back. Connect with your local Palm Springs luxury real estate experts at the Ron Parks Team today!