PROPERTY EVALUATION (RESTRICTED REPORT)
Cathedral City has an automotive mega-dealership known as the Palm Springs Auto Mall based on the city limits with Palm Springs. Cathedral City hosts an annual Mexican Independence Day festival on every third weekend of September; to commemorate the event an "el Grito de Dolores" is held at the city hall/movie theater complex. One of the world's most technologically advanced cannabis greenhouses is being developed in Cathedral City by the company Sunniva. Once completed, this facility will be approximately 489,000 square feet and employ over 150 people. Several local golf resorts are in Cathedral City. These include Lawrence Welk's Desert Oasis hotel/resort located in the Cathedral Canyon Country Club, the Date Palm Country Club, Outdoor Resort – Palm Springs, Cimarron Golf Resort, and the Doral Desert Princess Resort and Golf Club. Date Palm Country Club and Golf Course, designed in 1967 and opened in 1971, has an 18-hole "executive style" facility designed by Ted Robinson, ASCCA. It is landscaped in Bermuda Greens and includes lakes and sand traps. The most memorable tee is the 175-yard 8th hole, which has an accurate tee shot over a lake. The Phil Harris Golf Classic was held there for many years from the 1940s to his death in 1994. Though built on part of the Agua Caliente Indian Reservation, an exclusive retirement community of manufactured homes lines the greens. The Big-League Dreams Sports Park softball complex is on the corner of Date Palm and Dinah Shore drives, made up of four softball fields designed as replicas of four major league ballparks. The Pepsi All-Star Softball Game was held there since 1998. Cathedral City Soccer Park is also a new sports facility that was built nearby. The median home value in Cathedral City is $298,700. Cathedral City home values have gone up 7.3% over the past year and Zillow predicts they will rise 3.9% within the next year. The median list price per square foot is $187, which is lower than the Riverside-San Bernardino-Ontario Metro average of $210. The median price of homes currently listed in Cathedral City is $309,900 while the median price of homes that sold is $313,600. The median rent price in Cathedral City is $2,095, which is lower than the Riverside-San Bernardino-Ontario Metro median of $2,195. In Cathedral City 1.4 homes per 10,000 are foreclosed. This is greater than the Riverside- San Bernardino-Ontario Metro value of 1.0 and also greater than the national value of 1.2. The percent of delinquent mortgages in Cathedral City is 0.9%, which is lower than the national value of 1.1%. The percent of Cathedral City homeowners underwater on their mortgage is 7.8%, which is higher than Riverside-San Bernardino-Ontario Metro at 6.4%.
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