505 S Farrell Drive H49, Palm Springs, California 92264, Palm Springs, 92264 - 1 bed, 1 bath
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Palm Springs, California 92264
This Turnkey Condominium is a Strong Value Opportunity, listed at $325,000—positioned above the $307,305 Fair Market Value. While priced slightly above market, the property features a Mint Condition Rating with designer finishes, newer HVAC, and Fee-Simple Land Ownership, which eliminates costly lease fees. With Short-Term Rental eligibility and access to three community pools and spas, this unit offers immediate lifestyle and income potential. It is an ideal acquisition for Buy-and-Hold Investors or second-home buyers seeking a move-in-ready desert retreat.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 505 S Farrell Drive H49 Subject | $325,000* List Price | 1 | 1 | 797 | $386 | - |
A 505 S Farrell Drive D17 Sold | $319,000 | 1 | 1 | 797 | $400 | 0.0 mi |
B 505 505 S Farrell Sold | $270,000 | 1 | 1 | 797 | $339 | 0.0 mi |
C 2001 Camino Parocela E O-107 Sold | $275,000 | 1 | 1 | 797 | $345 | 0.4 mi |
D 1111 E E Ramon 103 Sold | $385,000 | 2 | 2 | 1,069 | $360 | 0.9 mi |
E 1111 E Ramon Road 1 Sold | $340,000 | 2 | 2 | 1,069 | $318 | 0.9 mi |
F 505 S Farrell Drive H47 Active | $290,000 List Price | 1 | 1 | 797 | $364 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
The property has undergone a comprehensive modern remodel within the last 5 years, featuring a designer kitchen with quartz countertops and stainless steel appliances, a fully updated bathroom with marble-look tile, and a newer HVAC system, placing it in mint, move-in-ready condition.
A significant advantage in the Palm Springs market, this property includes fee-simple land ownership, eliminating lease payments and simplifying the financing process for buyers.
The community allows short-term rentals with a 7-night minimum stay, making this an ideal opportunity for investors or seasonal residents looking to offset costs.
The unit is move-in ready with high-end remodeling, newer HVAC, and stainless steel appliances, offering modern efficiency and aesthetic appeal without the need for immediate renovation.
With only one bedroom and under 800 square feet of living area, the property may not appeal to buyers needing extra space for guests, a home office, or a growing household.
The $507 monthly association fee is relatively high for a one-bedroom unit, which may impact the overall affordability and return on investment for budget-conscious buyers.
Beautifully remodeled with designer finishes, this ground-level end unit combines style, comfort, and convenience in a sought-after South Palm Springs location. The thoughtfully designed one-bedroom layout opens to two private patios, creating inviting spaces to relax or entertain. Fee-simple land ownership means you own the land, while newer HVAC and stainless steel appliances provide modern efficiency and peace of mind. Hard-surface laminate and tile flooring throughout offers easy maintenance, and the private laundry/storage area adds everyday functionality. Short-term rentals are permitted with a 7-night minimum stay, providing excellent flexibility for personal use or investment. Set in a gated community with three pools and spas, adjacent to Prescott Preserve and just minutes from shopping, dining, recreation, and other local amenities, this move-in-ready home is ideal as a full-time residence, weekend getaway, or income-producing property.
No exterior & parking available.
Grades K-5 • 1.2 mi
Grades 6-8 • 2.3 mi
Grades K-12 • 0.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 1.0 | 2.0 |
| Baths | 1.0 | 2.0 |
| Square foot | 797 | 1,199 |
| Lot Size | 1,306 | 1,742 |
| Price | $325.0K | $445.8K |
| Price per sq ft | $408 | $351 |
| Built year | 1985 | 1980 |
| HOA | $507.0 | $587 |
| Days on market | 2 | 67 |
Jul 21, 2026
$325,000
Initial Listing
Nov 6, 2013
$145,000
Public Record
Mar 23, 2012
$108,000
Public Record
Apr 30, 1998
$59,000
Public Record