Apparently, Canadian baby boomers with cash to spare are snapping up bargains in Palm Springs, California, attracted by the lifestyle change and advantageous economic factors.
Brad Schmett, broker associate with Luxury Homes by Keller Williams has more than 25 years’ experience of helping clients find the right property. He says "November 1 marks the launch of our annual "season" here in Palm Springs and we are already seeing far more Canadians arrive to buy vacation properties and second homes and what we’re accustomed to seeing at the start of our season."
Southern California is currently a very attractive proposition due to the strong Canadian dollar and weak Californian real estate market and many of the buyers are baby boomers with a decent chunk of cash to invest and who are not entirely comfortable with the stock market, especially when it's possible to buy property in Palm Springs at rock bottom prices. According to Schmett "the trend is for them to sell their large, primary residence in Canada, move into a smaller property or condominium at home, and then buy a second home here in Palm Springs. They want to slow down and enjoy life more-and they see Palm Springs as a great place to retreat to with family and friends, especially during the blustery, cold Canadian winter."
At the moment real estate prices in southern California are at their lowest point in more than a decade while inventory levels are high giving buyers a huge choice of property. As Brad Schmett points out, "Canadians may never see the likes of this type of buying opportunity in our lifetimes again. Now is definitely a phenomenal time to buy Palm Springs real estate."
Luxury Homes by Keller Williams-La Quinta, is an exclusive, elite and sophisticated group of real estate consultants raising the bar for service in the upper tier La Quinta and Palm Springs area residential real estate market.