As real estate prices continue to rise, there are fewer and fewer condos still available for under $100,000.
The few condos that are available are mostly on leased land, have high monthly HOA fees or are short sales, foreclosures and fixers.
In addition, most condos must be purchased with cash only. Lenders have very strict guidelines when it comes to lending on condos and one of their rules is about rental occupancy. If a condo complex has more renters than full-time residents, lenders often will not lend in these complexes. There are other restrictions, as well, that add to the difficulty of getting a loan to purchase a condo in Palm Springs.
Please contact me if I can help you with your Palm Springs condo purchase.
CLICK HERE TO SEARCH PALM SPRINGS CONDOS UNDER $100,000
If you are searching for a Palm Springs home with NO monthly HOAs (Homeowner Association Fees) click the link below to search the neighborhoods listed here:
Palm Springs (North)
Desert Park Estates
Racquet Club East
Racquet Club West
Palm Springs (Central)
Las Palmas Heights
Old Las Palmas
El Rancho Vista Estates
Ruth Hardy Park
Sunrise Park (some homes on lease land)
Tennis Club (Single Family Homes)
Vista Las Palmas
Palm Springs (South)
Canyon North (some homes on lease land)
Tahquitz Creek Golf
Tahquitz River Estates
CLICK HERE TO SEARCH ALL HOMES FOR SALE WITH NO HOA FEES
Many Palm Springs, California buyers come from other states and even other countries, where the term HOA is not common.
HOAs are homeowner association fees. The fees are usually paid monthly, but sometimes quarterly or annually.
Condo HOAs tend to be higher than home HOAs because they typically cover the repair and maintenance of everything outside of the owner’s unit, like the roofs, painting of the exterior of the condo and other shared facilities.
Homeowner HOAs typically do not cover anything related to the home, but cover repair and maintenance of common facilities like pools, landscaping and gates, so the fees tend to be lower.
The average HOA in Palm Springs is about $300 a month. As a comparison, Mountain Gate has one of the lowest monthly HOA fees at $110 currently, while the HOA at Seven Lakes Country Club is currently approximately $1,000 a month.
Approximately half of all homes and condos in Palm Springs have HOA fees.
CLICK HERE TO SEARCH ALL PALM SPRINGS HOMES WITH NO HOA FEES
Most buyers I work with understand that annual property taxes need to be considered when purchasing a home, but there are often other fees that they forget to calculate as part of the cost of buying a home.
In Palm Springs, California, half of the homes are on Indian Lease Land, most new homes have Mello Roos fees (an additional tax assessment), there are city taxes and fees and many homes are a part of Home Owner Associations, especially gated communities, and there are monthly HOA fees.
Make sure you calculate these additional fees up front, before you make your offer on a Palm Springs home or condo.
CLICK HERE TO SEARCH ALL PALM SPRINGS HOMES FOR SALE