A Palm Springs estate with a few high-profile former owners has been listed on the market for $2.195 million. The home has seen its share of Hollywood royalty as it is the former love nest of Hollywood golden couple Clark Gable and Carole Lombard and is currently owned and being sold by Joel Douglas, son of legendary actor Kirk Douglas and brother of Oscar-winner actor Michael Douglas.
Aside from the high-profile residents, the home itself is a stunner. The restored pink-stucco home is evocative of the Old Hollywood glamour in a much simpler time. The home boasts 3,301 square feet of living space and features four bedrooms, six bathrooms, a den/office and family and living room fireplaces. Built in 1925, the home has plenty of stylistic accents that retain the influence of the period in which it was built. Decorative wrought-iron work runs throughout the home while vaulted ceilings and colorful tile accents add to its drama.
The property is being offered furnished and features a custom pool table made especially for the Hollywood icon Kirk Douglas, who turns 98 in December.
The grounds of the home are just as timeless as the interiors. The Spanish Colonial is situated on more than a half-acre of grounds in picturesque Palm Springs. A circuitous, tree-lined driveway leads up to the home and out back there is a swimming pool with pool house, a detached guesthouse and garage.
Palm Springs Housing Market Is Heating Up
Throughout the busy summer season Palm Springs hasn’t shown too much note-worthy activity, however according to Altos Research, a California-based real estate analytics company, conditions look to be heating up as demand has spiked in the last few weeks. Altos measures buyer demand versus seller inventory through a unique value known as the Market Action Index. This value determines from a neutral point of 30 whether buyers or sellers are in favor in a particular market.
With a current MAI at 37.43, Palm Springs is well in favor of home sellers, meaning there are more buyers on the market making homes a very hot commodity. Earlier in the year the MAI had hovered closer to 30, even falling below neutral into buyer’s territory for some time. However, in late August the MAI shot up from 31 to near its current level and has continued to climb with smaller margins of increase. This indicates a sudden swell of interest in the area and could help home prices to appreciate in the coming weeks to months.
As of September 26, Altos reported the median single-family home value in Palm Springs to be $574,481. This value has been on a downward trend since much earlier in the year so it will be interesting to see how prices fluctuate with the new interest brought on by buyers.
If you are interested in learning more about Palm Springs homes for sale, please contact our team of property experts today. We’d love to help you find a great home in this beautiful community.