July Fourth Foreclosure in Palm Desert Indian Ridge Country Club

Here in the Palm Springs valley, our Fourth of July holiday weekend has turned overcast and humid, with desultory raindrops thrown in for good measure. Just a few days ago I was playing golf in bucolic 100° temps so the desert is flaunting its mercurial side.

For those bravely visiting the Coachella Valley this first week of July, there are some incredible bank-owned properties to inspect. This lender-owned condo in luxe Indian Ridge Country Club just came on the market and will certainly be snatched up quickly by a savvy buyer.

The Acacia 3 floorplan—the most popular of the five attached-home models in the club—boasts a livable floorplan with the kitchen integrated into the living room.

This Palm Desert REO has 3B/2b in 1903 square feet, is located at the very end of a cul-de-sac and overlooks the 8th green of the Arnold Palmer Grove golf course. The south-facilng home has lovely lake and mountain views and is priced to move at $329,900 (only $173/sf).

This home features granite kitchen counters, a retractable awning and custom decking. There are built-ins in the garage, a private courtyard and fireplace with media center.

The rarely-used community pool and spa are literally steps away so there's no need for a private pool.

The homeowners paid $625K six years ago this month at the height of the market. Since the market's downturn there have been some wonderful bargains in the Indian Ridge condos. This unit chased the market down until it became a short sale. When no buyer appeared, the bank foreclosed and now it's a straightforward, simple purchase from the bank.

Right now, the other Acacia 3 homes on the market are priced from $419K to $450K. Take a look at the listing:

435 Falcon View

I started to write a description of another stellar deal in this desirable Palm Desert country club on a Boungavillea 2 floorplan—a rectangular, open living space with walls of glass—that just became a bank-approved short sale at $540K. That's only $191 per square foot. The home sits on an elevated lot overlooking the 8th fairway of the Arroyo course and boasts a fenced, private enclave.

When I attempted to link the home description to this article, I discovered that the home just went back into escrow.

As often happens with short sales, the first homeowner-approved buyer walked away from escrow once the lender—the ultimate decider—appraised the house and issued its price demand. Now, another buyer has stepped up to the plate and the process resumes, albeit at a quicker pace.

To put this second home's price into perspective, similar B2 floorplans now on the market range in price from $645K to $849K. These models commanded price tags over seven figures just three years ago.

Distress sales come on the market daily and are quickly pounced upon. If you have a predilection for this upscale club or other country clubs in Palm Desert, Indian Wells or La Quinta, let me know and I will keep an eye peeled for the next home bargain.