One Hot Market

Demand is high, inventory is low, so prices are moving on up

BY DANIEL VAILLANCOURT

For longtime Los Angeles image consultant Tom Burke and his husband of 33 years, corporate food and beverage franchise executive Scot Hobert, moving to Palm Springs was always the dream at the back of their minds. But the pandemic—coupled with their growing dissatisfaction with L.A.’s overpopulation, pollution, traffic, and fellow Angelenos’ too-often unfriendly attitudes—precipitated turning that some-day eventuality into 2021 reality. “L.A. was really beginning to wear on us,” says Burke, who had shared the same Burbank bungalow with Hobert and their two cats for more than 20 years. “Scot’s goal has always been to open a small restaurant. That dream had definitely become unattainable in Los Angeles, but it’s still quite possible here in Palm Springs.” And so, putting their trust in realtor James Meyer of Zapala Meyer Real Estate Group, the couple began their search last September. “Nerve-wracking is how best to describe it,” remembers Hobert, pointing to the fact that the high demand and low inventory created by COVID-19 presented sharp challenges. “We had to bend with the curves and just keep moving forward, no matter how fast things were going. A home would come on the market and be under contract within 24 hours. We had our hearts set on one house only to lose it in a bidding war. We quickly learned to act fast.” By late fall, Burke and Hobert’s sudden expertise had paid off. The major renovation of their new home in South Palm Springs began last January. The men were undoubtedly savvy, but also lucky. Many would-be buyers are still desperately seeking.

“The real estate market is incredibly strong right now,” concurs Palm Springs Chamber of Commerce Board President Brady Sandahl, the principal of Brady Sandahl Real Estate Group at Keller Williams Luxury Homes. “People have figured out they can work from home, so they’re choosing to live in smaller cities with better weather and a higher quality of life. Not to mention that low interest rates, a strong stock market, and a high level of savings are allowing more people the opportunity to buy.” According to Sandahl, most new desert dwellers are hailing from major West Coast cities—Los Angeles, San Diego, San Francisco, Portland, and Seattle. “Across the board, single-family homes are more popular than condos,” he says, “in part because the former don’t require the use of shared amenities that have been closed down due to COVID.” Not that the realty traffic is all in-coming. There are those who, due to the rising value of their property, are cashing in—downsizing or upgrading within city limits, or departing the

desert entirely. “Those leaving are primarily moving to tax-free states like Nevada, Texas, or Florida,” says Sandahl, “or to lower-cost states with similar climates, such as Arizona.”

For those staying put, there’s comfort in knowing their life’s major investment has mushroomed in worth. As for those still looking to call Palm Springs home, patience and perseverance remain key. On Bogert Trail, Burke and Hobert—who moved into their remodeled dream home this month—are nothing but excited and thankful they made the big move sooner than they’d envisioned. “We’re so glad we trusted our instincts and took the plunge,” concludes Burke. “We found our forever home in a gorgeous city where we can be safe and happy and feel part of a vibrant, welcoming community. If that’s not a fairy tale ending, I don’t know what is.”