3554 Penny Lane, Palm Springs, California 92262, Palm Springs, 92262 - 2 bed, 3 bath
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Palm Springs, California 92262
This Turnkey Condominium in the gated Palermo community is a Strong Value Opportunity, listed at $489,000—positioned slightly above the $478,790 Fair Market Value. With a Good Condition Rating and modern 2007 construction, this home features a private backyard spa and an upstairs patio with stunning mountain views. The property offers a stable, rental-friendly asset with a 30-day minimum policy. Located near Vista Del Monte Elementary, it balances resort-style amenities with practical living. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a low-maintenance Palm Springs retreat.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3554 Penny Lane Subject | $489,000* List Price | 2 | 3 | 1,343 | $357 | - |
A 240 Enterprise Way 93 Sold | $569,000 | 2 | 3 | 1,387 | $410 | 0.0 mi |
B 2501 N Indian Canyon Drive 631 Sold | $350,000 | 1 | 2 | 1,083 | $323 | 0.6 mi |
C 250 E Via Escuela C Sold | $450,000 | 3 | 3 | 1,344 | $335 | 0.9 mi |
D 179 The Sold | $515,000 | 2 | 3 | 1,500 | $343 | 1.0 mi |
E 130 W Racquet Club Road 511 Sold | $540,000 | 2 | 2 | 1,310 | $412 | 0.6 mi |
F 2023 N Via Miraleste 1017 Sold | $440,000 | 2 | 2 | 1,183 | $372 | 1.0 mi |
G 250 Enterprise Way Pending | $545,000 List Price | 2 | 3 | 1,387 | $393 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Built in 2007, the property is approximately 19 years old, placing it squarely in the 'Good' category. The home features well-maintained polished concrete floors, modern architectural styling, and appears move-in ready. While the kitchen and baths likely feature original 2007 finishes, the overall condition is functional and clean with no visible deferred maintenance.
Unlike many properties in Palm Springs situated on leased land, this home is on fee land, meaning you own the land, which simplifies financing and enhances long-term value.
The property features a rare combination of a private backyard spa and an expansive upstairs patio above the garage, offering exceptional mountain views and secluded relaxation space.
Located in the gated Palermo community, residents enjoy premium amenities including two pools, a fitness center, and a clubhouse, all while benefiting from a rental-friendly 30-day minimum policy.
The property only includes a one-car garage, which may be a drawback for multi-vehicle households or those requiring extra storage space.
The $590 monthly association fee is a significant recurring expense that buyers must factor into their monthly carrying costs and overall affordability.
Welcome to Palermo, a gated community in Palm Springs situated on fee land (you own the land). This desirable Model B floor plan offers 2 bedrooms, 2.5 bathrooms, a one-car garage, a private backyard spa, and an upstairs patio above the garage with stunning mountain views.The open-concept layout creates an inviting space for everyday living and entertaining, while the private backyard offers a peaceful retreat to relax and enjoy your own spa. Upstairs, the spacious patio provides the perfect place to take in the surrounding mountain vistas.Palermo's resort-style amenities include two community pools, two spas, outdoor showers and restrooms, a clubhouse with a lounge area, pool table, full kitchen, fitness center, abundant guest parking, and dog stations throughout the community. The HOA permits rentals with a 30-day minimum, making this property an excellent choice as a primary residence, vacation home, or investment opportunity.Photo Disclosure: Some listing photos have been virtually staged using AI to illustrate the home's potential. Additional photos show the property in its current vacant condition. Buyers are encouraged to review both the virtually staged and vacant photographs.
No exterior & parking available.
Grades K-5 • 0.5 mi
Grades 6-8 • 1.3 mi
Grades 9-12 • 3.3 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.0 |
| Baths | 3.0 | 2.0 |
| Square foot | 1,343 | 1,199 |
| Lot Size | 1,134 | 1,742 |
| Price | $489.0K | $445.8K |
| Price per sq ft | $364 | $351 |
| Built year | 2007 | 1980 |
| HOA | $590.0 | $587 |
| Days on market | 13 | 67 |
Jul 9, 2026
$489,000
Initial Listing
Sep 23, 2020
$365,000
Public Record
Mar 26, 2015
$267,000
Public Record