With its Old Hollywood charm and understated contemporary glamor, Palm Springs is the perfect getaway if you’re looking to kick back and relax in the sun. But buying a second home in Palm Springs isn’t only about the laid-back ambiance – the town also boasts an ideal location, steady real estate appreciation and short term rental ordinances that protect homeowners. Read on to learn more about what this classic desert oasis has to offer second home buyers.
Expect to enjoy 350 days of sunshine in Palm Springs each year, with an average of 3,233 hours of golden rays warming its desert sands annually. You’ll very rarely – if ever – have to worry about rain ruining your outdoor plans. While it’s true that Palm Springs summers are scorchers, the cooler nearby San Jacinto Mountains offer a welcome respite. Spring, winter and fall in Palm Springs are usually milder, with winter highs in the 70s and highs in the early spring in the mid-80s. The average high for the city is 89, and the average low is 60.
Location, location, location
Palm Springs is less than two hours from Los Angeles by car, and just over two hours from San Diego. It’s also within a day’s drive of Phoenix, Tucson and Las Vegas. If you live in one of these metropolitan hubs, buying a second home in Palm Springs gives you a convenient weekend getaway. If you’re not from the West, buying a second home in Palm Springs can provide you with a convenient home base to explore exciting cities across California, Nevada and Arizona.As an added bonus, Palm Springs International Airport was named one of the top 10 most stress-free airports in the U.S. by smartertravel.com.
Fun in the sun
In the past, Palm Springs has been geared toward the snowbird set, with entertainment options focused on golf, tennis, shopping, gardens and museums. But escape rooms, spas, live comedy shows and jeep tours have started cropping up around town, catering to a more adventurous demographic. Casinos, bars, concert venues and fine dining establishments also rev up the city’s nightlife, and the surrounding protected wilderness areas are drawing more outdoor enthusiasts to the region for hiking, rock climbing and other daytime desert adventures.
Host to major international events for golf, music and film, Palm Springs is steadily climbing the ladder onto the world stage. Don’t be surprised if buying a second home in Palm Springs has you rubbing elbows with some superstars. The PGA Tour comes to town every January at Palm Springs courses like PGA West and La Quinta Country Club, featuring big names like Phil Mickelson and Adam Long. January is also when the city hosts the Palm Springs International Film Festival, which has drawn A-list celebrities like Jennifer Lopez, Antonio Banderas and Robert DeNiro. If music is more your thing, you’ll love Coachella. Hosted at the Empire Polo Club in nearby Indio, Coachella is one of the most famous music festivals in the world. Headliners regularly include artists like Beyonce, Madonna, Coldplay and Lady Gaga.
Limited short-term vacation rentals
The city of Palm Springs has tough restrictions on short-term rental properties like Airbnbs. Short-term rentals are limited to one property per owner, and owners must pay an annual fee to register the property as a short-term rental with the city. Other ordinances include in-person guest check-in, signed guest contracts and limits on numbers of guests. Owners are charged hefty fines for noncompliance.These strict rules are designed to ensure a higher quality of life for residents, which is great if you’re thinking of buying a second home in Palm Springs. Restrictions also free up real estate inventory for buyers, since investors can’t snatch up multiple properties for vacation rental listings.
Rising home values
Real estate values in Palm Springs are experiencing steady growth, rising an average of 10.9% year over year. Over the past 20 years, natural real estate appreciation in the area has reached an accumulated 147%. As prices continue to rise, it’s the perfect time to let Pacaso help you find your Palm Springs dream home. Pacaso’s proven LLC co-ownership structure makes buying a second home in Palm Springs more attainable and less hassled, so you can start enjoying all that Palm Springs has to offer.