Feb 9 2006
The Salton Sea area is once again booming and Real Estate is just "flying off the shelf", says Ron Cleary Sales Manager for Diamond Pacific Realty Corporation. "Over the last 45 days our company has sold over 75 single family residential lots" Cleary says, I have never seen anything like this before. Prices for lot's in the area are going up at an unbelievable pace as builders are taking the opportunity to "buy low and build high."
Most builder's have said that they are at least 180 days behind and have a waiting list that stretches to December 06. Southern California is still seeking room for a hungry population that is ready willing and able to buy their first home even if it means a small commute.
Most people associate California's largest lake with a "smell" or "odor" caused by the fish die off of the 80's and 90's but since the federal government and the state and the County of Imperial have begun clean up efforts the smell is almost non existent with just a smell of salt air. Boaters and jet ski can now be seen and fisherman are catching some amazing fish.
The "rumor" word is that as soon as the population hits 30,000 major commercial activity will begin with the Torrez-Martinez Tribal Casino leading the way. The Casino which has already broken ground should be a major employer to the area and bring a stability of the "working dollar" to the area. Other majors include Stater Bros grocery chain and McDonald's who should be seeking to begin operations soon.
Right now anyone who is looking to buy can buy a home in the area on the low end for about $219,000 and plans are on the table for homes that will go as high as $600,000 to $750,000 by year end. Another city to watch out for is the city of Borrego Springs just a short 20 minute ride from the Salton Sea which looks just like Palm Springs did 50 years ago. Homes there are already hitting the million dollar mark.
The Investor Question: Investor's who have bought lots are experiencing returns of 20% to 30% within just a few months! However this quick and easy profit has not been the greatest thing for the city infrastructure which has essentially no commercial development with the exception of two small retail buildings at the south end of town. Not a big suprise is that with little availability prices for retail or office space are as high as $1.85 per sq ft.
Vacation plans changing? Here is the big question, who is going to want to drive to the Colorado River or go to Las Vegas both 4 hours away from most Southern California cities when you can go just outside of Palm Springs to a place that will have New Homes, Gambling, Water Sports, Fishing, Golf & Motor sports all within 10 minutes of each other.
So, driving around looking at this "new city" being built up from scratch , Are we looking at the beginning of a VACATION SUPER CITY?
Diamond Pacific Realty Corporation has agreements with several large land holders to disburse over 4000 lots both residential and commercial to individuals and builders over the next 2 years, and has a new office being built in the area at 1586 Desert Sand in the Vista Del Mar area of Salton City.