NOT LISTED FOR SALE

120 W Vereda Sur Palm Springs, CA 92262

Old Las Palmas Neighborhood

Estimated Value: $3,431,775

11 Beds
10 Baths
5,500 Sq Ft
$624/Sq Ft Est. Value

Last Sold April 08, 2022

Last sale price $3,800,000 $691 Per Sq Ft

Est. 10% decrease in value since last sale

Current estimated payment $23,391/month

177 Days on Market

Highlights

  • Heated In Ground Pool
  • Gated Community
  • Mountain View
  • Palm Springs High School Rated A-
  • Midcentury Modern Architecture
  • 1 Fireplace

About This Home

As of April 2022

MAJOR 250K PRICE REDUCTION! SELLER SAYS BRING ALL SERIOUS OFFERS - A luxurious ten room hotel located right in the middle of the Old Las Palmas neighborhood of Palm Springs. Developed by the prominent 20th century architect Herbert W. Burns, this hotel features a spacious layout that allows for guests to fully enjoy the sunshine and fresh breeze in a secluded environment. Because of the timeless architectural designs and the wide range of services and facilities that are offered in and around the area, this hotel was frequently visited by a well-established domestic and international clientele. Being only minutes away from the airport, convention center, and the buzz of Downtown Palm Springs, the topical ambiance features a central pool and spa, misting system, and individual air conditioning units for each room. The hotel rooms include four king studios, three queen guest rooms, one queen studio, one queen studio with a private patio, and one double queen studio. Call for more information about this historic property and the chance to tour the premises. Appointment only.

Last Agent to Sell the Property

Adam Gilbert

The Firm Brokerage License #01914157 Listed on: 10/13/2021

The Firm Brokerage

Last Buyer's Agent

David Rios

eXp Realty of Southern California, Inc License #01797545

eXp Realty of Southern California, Inc

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $49,519

Year Built

  • Built in 1953

Lot Details

  • 0.44

Home Design

  • Midcentury Modern Architecture
  • Modern Architecture

Interior Spaces

  • 5,500 Sq Ft Home
  • 1-Story Property
  • 1 Fireplace
  • Painted or Stained Flooring
  • Mountain Views

Bedrooms and Bathrooms

  • 11 Bedrooms
  • 10 Full Bathrooms

Parking

  • 10 Car Parking Spaces
  • 10 Parking Garage Spaces
  • Side by Side Parking

Pool

  • Heated In Ground Pool
  • Heated Spa
  • In Ground Spa
  • Outdoor Pool

Utilities

  • Central Air
  • Sewer in Street

Additional Features

  • 0.44 Acre Lot
  • Ground Level

Listing and Financial Details

  • Assessor Parcel Number 505221008

Community Details

Overview

  • 10 Units
  • Old Las Palmas Subdivision

Building Details

  • 1 Separate Electric Meter
  • 1 Separate Gas Meter
  • 1 Separate Water Meter

Security

  • Gated Community

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$49,519

Year Built

Built in 1953

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Attached/Detached: No
  • Levels: Ground
  • Building Number Of Stories: 1
  • Building Style: Mid Century, Modern
  • List Price per Sq Ft: 726.36
  • Lp Sp Ratio: 0.9500
  • View Type: Mountain(s)
  • Year Built: 1953
  • Internal Listing I D: 20220113192059091939000000
  • Listing I D: 219072424
  • Listing Member Address: 431 S Palm Canyon Drive, Suite 206, Palm Springs, CA 92262
  • Listing Office Address: 431 S Palm Canyon Drive, Suite 206, Palm Springs, CA 92262
  • List Office Board Code: Palm Springs Association of Realtors
  • Selling Office Address: 950 Boardwalk Street Ste 301, San Marcos, CA 92078
  • Street Direction: W
  • Land Type: Fee
  • Subdivision: Old Las Palmas
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: Yes
  • Fireplace Features: Unknown
  • Flooring: Stained Concrete
  • Total Bedrooms: 11
  • Total Bathrooms: 10.00
  • Full Bathrooms: 10
  • Estimated Sq Ft: 5500.00

Exterior Features

  • Pool: Yes
  • Pool Construction: In Ground
  • Pool Description: Heated, In Ground
  • Pool Location: Private
  • Spa Hot Tub: Yes
  • Spa Hot Tub Construction: Hot Tub, In Ground
  • Spa Hot Tub Description: Heated, Private
  • View: Yes
  • Paved: Yes

Garage/Parking

  • Parking: Side By Side
  • Parking Info Total Parking Spaces: 10.00
  • Total Uncovered Assigned Spaces: 10.00

Utilities

  • Number Electric Meters: 1
  • Number Water Meters: 1
  • Cooling Type: Air Conditioning
  • Security: Gated Community
  • Sewer: In Street Paid
  • Water: In Street
  • Number Gas Meter: 1

Lot Info

  • Assessor Parcel Number: 505221008
  • Lot Size: 19166.00

Rental Info

  • Land Lease Type: Fee Simple

Multi Family

  • Total Fireplaces: 1
  • Total Units: 10

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Oct 13, 2021
Closed on
Mar 4, 2022
Sold by
1295 N Via Monte Vista Llc
Bought by
Riosdev Inc
Seller's Agent
Adam Gilbert
The Firm Brokerage
Buyer's Agent
David Rios
eXp Realty of Southern California, Inc
List Price
$4,250,000
Sold Price
$3,800,000
Premium/Discount to List
-$450,000
-10.59%
Total Days on Market
177
Current Estimated Value
$3,431,775

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$368,225
Avg. Annual Appreciation
-2.66%
Original Mortgage
$500,000
Outstanding Balance
$471,996
Interest Rate
3.89%
Mortgage Type
New Conventional
Estimated Equity
$3,017,261

Purchase Details

Closed on
Jul 1, 2021
Sold by
Spencer Christopher
Bought by
1295N Via Monte Vista Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,300,000
Interest Rate
2.9%
Mortgage Type
Commercial

Purchase Details

Closed on
Feb 26, 2007
Sold by
Posada Palms Investments Llc
Bought by
Spencer Chris

Purchase Details

Closed on
Dec 13, 2002
Sold by
Griffin Alex and Bryant Blake
Bought by
Posada Palms Investments Llc

Purchase Details

Closed on
Jun 21, 2001
Sold by
Thompson Albert R and Grossman Robert M
Bought by
Griffin Alex and Bryant Blake

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$500,000
Interest Rate
7.19%
Mortgage Type
Commercial

Purchase Details

Closed on
Mar 27, 1997
Sold by
Early Harry J
Bought by
Thompson Albert R and Grossman Robert M

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$46,000
Interest Rate
7.86%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Riosdev Inc $3,800,000 Wfg National Title
1295N Via Monte Vista Llc $2,300,000 Fidelity National Title Co
Spencer Chris $1,300,000 Commonwealth Land Title Co
Posada Palms Investments Llc -- Southland Title
Griffin Alex $820,000 Commonwealth Land Title
Thompson Albert R $337,500 First American Title Ins Co
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Riosdev Inc $105,000
Open Riosdev Inc $500,000
Open Riosdev Inc $2,700,000
Previous Owner 1295N Via Monte Vista Llc $2,300,000
Previous Owner Posada Palms Investments Llc $975,000
Previous Owner Posada Palms Investments Llc $579,300
Previous Owner Bryant Blake $20,720
Previous Owner Griffin Alex $500,000
Previous Owner Early Harry J $46,000
Previous Owner Thompson Albert R $208,375
Closed Griffin Alex $74,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/08/2022 04/08/22 Sold $3,800,000 -4.9% $691 / Sq Ft
02/08/2022 02/08/22 Price Changed $3,995,000 -6.0% $726 / Sq Ft
10/13/2021 10/13/21 For Sale $4,250,000 -- $773 / Sq Ft
Source: Greater Palm Springs Multiple Listing Service

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2023 $49,519 $3,876,000 $714,000 $3,162,000
2022 $31,146 $2,300,000 $700,000 $1,600,000
2021 $21,791 $1,577,520 $453,472 $1,124,048
2020 $20,849 $1,561,346 $448,823 $1,112,523
2019 $21,504 $1,530,732 $440,023 $1,090,709
2018 $20,139 $1,500,719 $431,396 $1,069,323
2017 $19,859 $1,471,294 $422,938 $1,048,356
2016 $19,303 $1,442,446 $414,646 $1,027,800
2015 $18,718 $1,420,780 $408,418 $1,012,362
2014 $18,226 $1,392,951 $400,419 $992,532
Source: Public Records

Agents Affiliated with this Home

  • Adam Gilbert

    Seller's Agent in 2022

    Adam Gilbert

    The Firm Brokerage

    2 in this area

    74 Total Sales

    Adam Gilbert
    Section Image
  • David Rios

    Buyer's Agent in 2022

    David Rios

    eXp Realty of Southern California, Inc

    (714) 345-7610

    1 in this area

    39 Total Sales

    David Rios
    Section Image
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Map

Source: Greater Palm Springs Multiple Listing Service

MLS Number: 219072424

Greater Palm Springs Multiple Listing Service

APN: 505-221-008

California Riverside County Palm Springs 92262 Old Las Palmas

120 W Vereda Sur, Palm Springs, CA

This home is located at 120 W Vereda Sur, Palm Springs, CA 92262 since 13 October 2021 and is currently estimated at $3,431,775, approximately $623 per square foot. This property was built in 1953. 120 W Vereda Sur is a home located in Riverside County with nearby schools including Katherine Finchy Elementary School, Raymond Cree Middle School, and Palm Springs High School.

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