2018 has been strong year for several high-end communities in Rancho Mirage, as sold transactions have increased and inventory has stayed at lower levels in many cases. In Rancho Mirage, there has been a surplus of $2,000,000 properties in recent years past with sales lagging far behind with signs showing improvement in 2017- for example in 2016 there were 16 properties that sold over $2m, and in 2017 is grew to 23, and in just the first 6 months of 2018 there are already 23 sales above that mark in the desired city. It wouldn’t be uncommon to see inventory around this time of year around 50-60 available properties priced over $2m, this year we are closer to 40 available.
We wanted to spotlight a few of the higher performing luxury communities of Rancho Mirage over the last 12 months:
Thunderbird Heights to Rancho Mirage is similar to how Old Las Palmas is to Palm Springs in the luxury marketplace- owners and investors have price support when they purchase in these areas, and the communities offer amazing views, large lots, and expansive homes. Properties’ Historical/Celebrity significance and Architectural prowess are commonality in driving through either development. Thunderbird Heights delivers from many property lots huge elevated views, and is a very tranquil area to enjoy the desert landscape. Notable architects include Thunderbird Country Club has been labeled the “Playground of the Presidents” internationally, with 5 past presidents teeing off from the oldest 18 hole course in the desert: Dwight Eisenhower, Richard Nixon, Gerald Ford, George W. Bush, and Barack Obama, and Thunderbird Heights was home for Gerald and Betty Ford.
Currently: 11 available, 0 under contract, current listing prices range from $1.349m-$3.9m
Sold Residences in last 12 months: 19! Several sold over $600 a sq ft and closed under 90 days
Only 5 expired listings in last 12 months which is very encouraging for sellers on the market
Available Listings in Thunderbird Heights: https://bit.ly/2NoQiUO
We have long felt Mirada Estates has been undervalued, as the elevated views are arguably the best in the Coachella Valley. Sitting above the Ritz-Carlton Rancho Mirage, this development has over 80 home sites, home styles range from Mediterranean to Contemporary to Modern to Ultra Modern. They showcase? more current architects like Brian foster, This is a community to keep an eye on for more sales to hit the $3m+ range.
Currently for residences + lots: 11 available, 3 under contract, current residence listings range from $2.25m-$4.895 (1 property listed @ $12.995m) and lots range from $550K-$1.995m
Sold Properties in last 12 months: 8. Most sell over $500 a sq ft
Most residences are now around $3m+ as inventory has shrunk.
Available Listings in Mirada Estates: https://bit.ly/2muEJAp
Right off famous Clancy Lane, Mission Ranch is performing very well and no doubt has caught the eye of investors as properties are trading around $300 a sq ft range and is generally more affordable to get a luxury estate on sprawling lots typically at least 25000+ sq ft or more. Adjacent is The Renaissance, where price points typically escalate much higher than Mission Ranch, so this is another reason to look here first as the communities themselves are very similar in layout. Amenities at Mission Ranch include a clubhouse, horse barn, horse arena, swingset, tennis courts, nearby equestrian barn, and nearby bridal paths.
Currently: 2 available, 1 under contract, current listing prices range from $1.3m-$1.495m (though many properties are $2m+)
Sold Residences in last 12 months: 8! Several sold over $600 a sq ft and closed under 90 days
From 8/17- 7/18 residential sales have been steady
Available Listings in Mission Ranch: https://bit.ly/2uCNpbe