I was holding an open house at my listing at 2193 Amarillo Way the other weekend when a couple came in to see the house. After few moments, they commented that they could buy a brand new house at Escena in Palm Springs for $700K to $800K. My listing, a 1974 California ranch, is listed at $599K. It's a cosmetic fixer.
I thought to myself, it's all about location, location, location. Escena, while I'm sure it's going to be a lovely community, is located in a less desirable location. 2193 Amarillo Way, on the other hand, is located in the desirable south end of Palm Springs, close to shopping, dining and other amenities. Plus, this 1974 house is well-built and sits on an oversized 13,000 + square foot lot and offers gorgeous mountian views. A new Escena house is going to have a small lot and will always be in a less sought-after area.
Of course, every buyer is different. They want different amenities, neighborhood "feel", etc. But location, is always going to be the ultimate deciding factor in a home's value.
No comments:
Post a Comment