It’s been said time and time again: Palm Springs is on the upswing. In the last few decades, the sleepy community out in the desert that once boasted the nickname “God’s waiting room” has had many a false start. However, with recent fuel from the growing Coachella music festival and high-profile, celebrity interest in its luxury real estate market, Palm Springs may finally be poised to make its much talked-about comeback.
According to a recent article in the New York Times, much of the buzz circulating around the Palm Springs renaissance is due to a few high-profile home hunters that have been making the rounds of the community’s most exclusive luxury properties. One of those celebrity clients is none other than Hollywood playboy and Martin Scorsese-favorite, Leonardo DiCaprio. The actor recently purchased an estate formerly owned by entertaining sensation Dinah Shore in a transaction that has generated much talk about the future prospects of the quiet community.
“There’s no question he’s going to generate a lot of young Hollywood energy,” said a 30-something interviewee to the New York Times.
And it seems more celebrities like him are buying into the area. Reports have flooded the media of celebrity home hunters from Oscar-winner Anne Hathaway to the world’s most beautiful couple, Ryan Gosling and Eva Mendes, who have been perusing the local luxury offerings in Palm Springs.
World Class Offerings Behind Palm Springs Property Revival
What exactly is generating so much celebrity interest all of a sudden? The community is finally realizing its potential to diversify and offer world-class amenities to its high-end home owners and their families. High-profile events such as Coachella, the Palm Spring International Film Festival and Modernism Week highlight the diverse population addressed in the “new” Palm Springs.
This new and infused demographic of partygoers has reinvigorated the spirit and energy of Palm Springs in a way that hasn’t been seen since the 1950s and ’60s, when Elvis Presley was the king and residing in Palm Springs. Now Leo is the self-proclaimed “king of the world” and with his presence in Palm Springs comes a slew of new hotels, restaurants, clubs and galleries that are appealing to more hip and inspired crowd of luxury buyers.
According to Altos Research, a California-based real estate analytics company, this is helping to drive up demand just slightly into seller’s territory. The Market Action Index, a unique value to Altos that measures buyer and seller power from a neutral value of 30, indicates at 30.9 that Palm Springs home sellers are in favor in this current market as an increase in demand has driven this value above 30 just in the last few weeks of market activity.
Are you interested in getting to know the Palm Springs real estate market? If so, please contact our team of luxury property experts today.