Sept. 25 Daily Briefing: Return of The Riviera, housing market update, and more

Welcome to Wednesday, everyone, where there is joy in Mudville, the angels are singing, much rejoicing is taking place, etc., because a temporary Riviera sign (we hear the old one will be back soon) is now covering the Margaritaville sign at the corner of Palm Canyon Drive and Vista Chino. Earlier this month, we were delighted to first report the change marking the beginning of a return to its roots for one of the city’s most celebrated stomping grounds was coming, and we’d be even more delighted if it’s permanent. Nothing against the Margaritaville brand, but it did seem more suitable for Key West than Palm Springs. Welcome back, old friend!

🎶 Setting the mood: “The Riviera” by Blossom Dearie

LEADING OFF

Palm Springs housing prices drop, sales slow

The Palm Springs housing market is experiencing a significant cooldown, with declining prices and slower sales reflecting a broader slowdown in the Coachella Valley region.

Driving the news: According to the August 2024 Desert Housing Report, the median price of detached homes in Palm Springs has dropped 6.1% compared to last year, now at $1,198,338, while attached homes have seen a slight increase of 2.5%.

• Sales volume has declined to an average of 103 units per month, down from 138 units the previous year.

By the numbers: Inventory in Palm Springs has risen to 548 units, up from 421 units a year ago, resulting in a “months of sales” ratio of 5.0 months.

• The median time on market has increased to 45 days from 43 days last year.

Big picture: The trends in Palm Springs reflect the broader Coachella Valley market, where the median price of detached homes has declined to $653,726.

• Three-month average sales across the Valley have dropped to 578 units per month, compared to 629 units a year ago.

What’s next: Industry experts hope that a planned drop in interest rates will encourage more buyers and stimulate the market.

Dive deeper with our complete story

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IN OTHER NEWS

🚨 The person who was stabbed in an apartment complex in downtown Palm Springs on Sept. 10 has died from their injuries. The suspect now faces a murder charge. [Desert Sun]

📽️ Organizers of the Palm Springs International Film Festival (PSIFF) have announced that the upcoming 36th annual event will include screenings in La Quinta. [My News LA]

🏳️‍🌈 Palm Springs Pride, the yearly event that celebrates diversity and inclusion in the Coachella Valley, needs more volunteers. [KESQ]

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TODAY’S FEATURED EVENTS

The Dinah pre-party
6 p.m. | Chill Bar
The Dinah, the world’s premier music festival and event for queer women, lesbians, and trans and nonbinary people, celebrates its 33rd year in Palm Springs. Join thousands of other queer people for an unforgettable experience in the desert. It kicks off tonight in The Arenas District.

Citizenship Classes
9 a.m. and 5:30 p.m. | Family Center
The Palm Springs unified School District offers free preparation for the U.S. Citizenship test.

Rotary Club of Palm Springs
12 p.m. | Hilton Palm Springs
One hour Luncheon gathering with weekly changing programs. Go here for updates. 

Thriving Sober
12 p.m. | The  Center
In-person, closed therapeutic support group for individuals who have 30+ days of sobriety that would like to learn more skills of how to maintain sobriety. Please email debbie@thecentercv.org to sign up.

Planning Commission
5:30 p.m. | City Hall – Council Chambers
There will be in-person access to this meeting at the above location and a remote option for members of the public who wish to speak. Go here for more information and an agenda. 

Administrative Appeals Board
5:30 p.m. | City Hall – Large Conference Room
Administrative Appeals Board Meeting Agenda and Packets. Please contact the City Clerk’s Office for Zoom credentials and registration to speak.

Open Mic Night
5:30 p.m. | Play Lounge & Cafe
Join Joel Baker on piano and Brian Alec Thom as we sing the night away!

SAVE THE DATE

• Palm Springs Police Department open house on Saturday.
  
  
• Boo2Bullying Wellness Festival at Palm Springs Stadium on Saturday. 
  
  
• City Council Candidate Forum at Demuth Community Center on Oct. 5.
  
  
• One Night Out Rio benefiting The Foundation for PSUSD on Oct. 5.
  
  
• Evening Under The Stars benefit for AAP – Food Samaritans on Oct. 13.
  
  
• Center Stage benefiting LQBTQ+ Center of the Desert on Oct. 19.
  
  
• Pride on the Page Book Festival on Oct. 20.
  
  
• Palm Springs Speaks first speaker on Oct. 22.

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AND FINALLY …

🐾 Each week, The Post partners with a local animal shelter to feature one or more of the many animal companions ready for a new home in our community. 

Today we invite you to come in and meet Celeste, one of the many felines available for adoption at Frisky Business Cat Cafe.

• Owner Claire Rogers says Celeste is a 15 month old stunning calico who loves attention. 
• “She is very friendly but still a tad bit shy,” Rogers said, “but we have no doubt she will fully come out of her shell in the coming days.”

If you’re interested in adoption: You can visit Frisky Business at Rimrock Plaza (where Von’s is located) at 4781 E. Palm Canyon Dr., Suite F. Look for the cafe’s current hours here.

• All cats available at Frisky Business come from the Palm Springs Animal Shelter. They are spayed or neutered and can be adopted while you sip a delicious beverage or enjoy a tasty treat. 

But wait: Don’t want to adopt but still enjoy cats? You can book a time to hang out in the cat lounge by clicking here.