Jeannie Niles Real Estate Investment
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Cathedral City, California Foreclosures and Inventory March 26, 2009
| Foreclosures | NOD’s * | Inventory ** Single Family |
Condos | |
|---|---|---|---|---|
| Zip Code 92234 |
254 | 206 | 220 72 |
62 55 |
The area north of Ramon has 220 homes and 62 condos currently active in the Multiple Listing Service. The area south of Ramon has 72 homes and 55 condos available.
In the southern part of Cathedral City, there is a large amount of multi-family properties…most of which are duplexes, triplexes and four plexes. In the last three months many more of the multi-family buildings are coming on the market as REO (bank owned) properties. Prices have fallen at least 40% in the last twelve months, making many owners “underwater” or having loans that far exceed the value of the units.
It is truly unbelievable that duplexes that sold for in the high 400’s two to three years ago are now selling for $200,000! Rents are falling as a result of unemployment issues but not as drastically as prices have decreased.
The observations represented are my opinions only, based on experience and working in the desert area for many years.
Foreclosure stats have been obtained from www.foreclosure.com. Inventory stats are from the Desert Area MLS.
* Notice of Default filed.
** Inventory is defined as properties currently listed for sale in the local multiple listing service. A large number of these properties are foreclosure properties, also known as Bank REO.
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Income property has once again become “Income property”.
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There are many small income properties available in the area. Prices here have declined over 50% since the peak of the market late 2005/early 2007.
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It’s possible to obtain some great apartment financing. 25% down payment and interest rates at 6% or slightly below.
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Cap Rate is an investment tool for analysis that enables an investor to compare one investment to another.
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Cap Rate is the best tool for determining the value of an income property.
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Some of the most outrageous episodes in property ownership that the owners lived to tell about.
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Only 5% sales agents or brokers actually own investment property, and only 10% actually sell a property.
Every investor's situation is unique, and I have over 25 years experience solving problems. Use the form below to ask me about your unique needs.
Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
