POPULATION

The permanent population has grown to 3,562 at the end of 1997. This is an increase of 39% from 2,570 residents in 1989.

This growth is similar to the rapid population expansion recorded in the Coachella Valley and Riverside County in recent years.

In addition to permanent residents, the City has approximately 4,600 seasonal residents who spend three to six months in Indian Wells during the winter season

RETAIL SALES

Taxable sales in INDIAN WELLS have grown significantly on a long- term basis. The recession slowed down the growth in retail sales during the early 1990's; however, taxable and retail sales recovered strongly during 1996 and 1997.

Total taxable sales amounted to over $62 million in 1999 - an annual record in Indian Wells. This represented an increase of over 3% from the previous year.

Retail sales have grown similarly - to $22 million in 1999. This is an 14% increase over the previous year's retail sales.

The construction of several retail centers and retail sales in the city's exclusive destination resort hotels have supported this dramatic growth.

Although all categories of retail businesses have grown substantially over the long- term, the strongest growth has occurred in non-hotel affiliated restaurants which have grown to over $8 million in annual sales.

PER CAPITA RETAIL SPENDING

Annual per capita total taxable sales in the City is substantially higher than the Coachella Valley, Riverside County and California. 1999's per capita total spending in INDIAN WELLS amounted to over $17,800.

This is substantially higher than per capita taxable sales of $14,100 for the Coachella Valley.

For comparison, the per capita total taxable sales in California and Riverside County amounted to $11,500 and $10,000 respectively during 1999.

Retail spending by tourists, seasonal population and retail sales to residents from surrounding communities are the main reasons for such high per capita retail sales in the City.

TOURISM

INDIAN WELLS has experienced phenomenal growth in recent years.

The City is home to well known destination resorts including The Renaissance Esmeralda Resort, Hyatt Grand Champions Resort, Indian Wells Resort Hotel and the Miramonte Resort.

Hotel room sales have increased dramatically from less than $19 million in 1989 to over $48 million in 1999 representing over 1,300 rooms in some of the most exclusive resorts in the Coachella Valley.

As part of the tourist industry, one must consider golf, tennis, conventions, special events and other activities.

Special events include Town Hall at Indian Wells lecture series and the Indian Wells Desert Symphony. Other well known annual events are the Bob Hope Chrysler Classic golf tournament and the Tennis Master Series at Indian Wells.

The new $75 million tennis facility - Indian Wells Tennis Gardens - will be home for the annual Tennis Masters Series at Indian Wells. The main facility including the 16,000+ seat stadium was ready for the 2000 tennis tournaments. A second and third stadium seating 7,000 and 4,000 will be ready at a later date. Plans for future expansion at the 189-acre complex include two hotel sites, retail and restaurant developments and an entertainment center. The facility will also be used for concerts and various other entertainment events.

REAL ESTATE

ASSESSED VALUATIONS

The development of major projects in country club communities include many exclusive residential country club communities including:

- The Vintage Club

- Desert Horizons Country Club

- Indian Wells Country Club

- Eldorado Country Club

Currently, The Reserve, an exclusive residential country club with an 18-hole golf course, is under construction in the southwestern part of Indian Wells. This development will increase assessed values substantially in future years.

Assessed valuation of real estate stood at $2.24 billion at the end of the last fiscal year - an increase of 68% from less than $1.4 billion in 1989.

REAL ESTATE CONSTRUCTION

During the last ten years $331 million worth of building permits have been issued. Most construction in recent years consisted of single family homes within various country clubs.

Construction during 1999 increased 6% over the preceding year with an annual total of over $67 million in building permit valuations.

During 1999, single family residential construction accounted for $48 million in building permit values representing 154 single family homes.

1999 produced the highest annual building permit valuations as well as the highest number of single family homes built in the last ten years.

HOUSING

During 1999, 154 single family homes built - the same number of homes as in the previous year. The following tables summarize the housing market in INDIAN WELLS.

Information prepared by Wheeler's Desert Letter 2000