RealKey
‪(213) 433-7766‬

505 S Farrell Drive A3, Palm Springs, California 92264, Palm Springs, 92264 - 2 bed, 2 bath

505 S Farrell Drive A3, Palm Springs, California 92264 home-pic-0
ACTIVE$435,000
505 S Farrell Drive A3, Palm Springs, California 92264
2Beds
2Baths
1,175Sqft
1,307Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Designer Remodel & Modern Upgrades: Extensively remodeled by a renowned desert designer, featuring a sleek, modern aesthetic, state-of-the-art Samsung appliances, newly renovated bathrooms, luxury vinyl flooring, and a chic fireplace, creating a 'brand-new home' feel.
Top Cons:
History of Price Reductions: The property has undergone multiple price drops from its initial listing of $519,000 to the current $435,000, which may suggest previous overpricing or market resistance.

Compared to the nearby listings

Price:$435.0K vs avg $439.4K ($-4,450)49%
Size:1,175 sqft vs avg 1,307 sqft38%
Price/sqft:$370 vs avg $34062%

More Insights

Built in 1984 (41 years old).
Condition: Despite being built in 1984, this property has undergone a comprehensive and high-quality designer renovation, presenting as a virtually new home. The kitchen features state-of-the-art Samsung appliances, new white shaker cabinets with gold hardware, and quartz countertops. Both bathrooms are newly renovated with modern fixtures, stylish tiling (marble-look and hexagonal), and frameless glass showers. Luxury vinyl plank flooring is installed throughout, and light fixtures are contemporary. All components appear new and meet current quality standards, indicating an extensive renovation within the last 5 years.
Year Built
1984
Close
-
List price
$435K
Original List price
$519K
Price/Sqft
$370
HOA
$507
Days on market
-
Sold On
-
MLS number
219134824PS
Home ConditionExcellent
Features
Good View: Mountain(s)
Patio
ViewMountain(s)

About this home

Short Term Rentals Allowed! Discover a stunning two-bedroom, two-bath condo in the heart of South Palm Springs, beautifully remodeled by a renowned desert designer. This sleek, modern space is like stepping into a brand-new home, featuring a fully updated kitchen with state-of-the-art Samsung appliances, newly renovated bathrooms, and a chic fireplace that adds warmth to the living room. The luxury vinyl flooring enhances the contemporary vibe throughout. Situated on the first floor with no steps, this private unit offers the convenience of its own washer and dryer located on the back patio, along with a secluded backyard area. Mesquite Country Club has a very liberal rental policy allowing stays of 7 days or more, it presents exciting income potential. Carport parking and you own the land. Just moments to Palm Canyon, you will enjoy proximity to the area's most sought-after shopping destinations, restaurants, nightlife, museums, and the lively Thursday night street fair. With exceptional design by Sandoval Designs, this property is a rare find!

Nearby schools

4/10
Cahuilla Elementary School
Public,•K-5•1.2mi
4/10
Raymond Cree Middle School
Public,•6-8•2.3mi
4/10
Desert Learning Academy
Public,•K-12•0.2mi
6/10
Palm Springs High School
Public,•9-12•0.4mi
Condition Rating
Excellent
Despite being built in 1984, this property has undergone a comprehensive and high-quality designer renovation, presenting as a virtually new home. The kitchen features state-of-the-art Samsung appliances, new white shaker cabinets with gold hardware, and quartz countertops. Both bathrooms are newly renovated with modern fixtures, stylish tiling (marble-look and hexagonal), and frameless glass showers. Luxury vinyl plank flooring is installed throughout, and light fixtures are contemporary. All components appear new and meet current quality standards, indicating an extensive renovation within the last 5 years.
Pros & Cons

Pros

Designer Remodel & Modern Upgrades: Extensively remodeled by a renowned desert designer, featuring a sleek, modern aesthetic, state-of-the-art Samsung appliances, newly renovated bathrooms, luxury vinyl flooring, and a chic fireplace, creating a 'brand-new home' feel.
Excellent Short-Term Rental Potential: The Mesquite Country Club's liberal rental policy, allowing stays of 7 days or more, presents significant income-generating opportunities for investors.
Prime South Palm Springs Location: Centrally located in the heart of South Palm Springs, offering immediate access to Palm Canyon's vibrant shopping, dining, nightlife, museums, and local attractions.
Fee Simple Ownership: A notable advantage for a condominium, as the buyer owns the land, contributing to greater long-term value and equity compared to leasehold properties.
Convenient First-Floor Access & Private Outdoor Space: Features no steps for easy accessibility, includes a private washer/dryer on the back patio, and a secluded backyard area, enhancing comfort and privacy.

Cons

History of Price Reductions: The property has undergone multiple price drops from its initial listing of $519,000 to the current $435,000, which may suggest previous overpricing or market resistance.
High Monthly Association Fees: A monthly association fee of $507.0 is substantial and could be a deterrent for some buyers or impact the overall investment profitability.
Lack of Explicit Cooling System Mention: While extensively remodeled, the description highlights a fireplace for warmth but makes no explicit mention of a cooling system, which is a critical comfort feature in Palm Springs' hot climate.

Best solution for experienced home buyers!

Data-driven home buying experience with our licensed real estate agents and cutting-edge AI

Browse Properties by State Browse housing market trends by state