Jeannie Niles Real Estate Investment
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Cathedral City, California Foreclosures and Inventory November 29, 2009
| Foreclosures | NOD’s * | Inventory ** Single Family |
Condos | |
|---|---|---|---|---|
| North Cathedral City | 332 | 355 | 149 | 49 |
| South Cathedral City | 61 | 45 |
Cathedral City is separated by Ramon Ave….North of Ramon is North Cathedral City while everything South of Ramon is South Cathedral City, including the Cove.
In the last nine months, foreclosed properties have increased by 78 homes and Notice of Default Filing have increased by 149 homes. Available inventory has DECLINED by 82 homes.
Lenders are very willing to work with homeowners in default by working to facilitate a short sale. This willingness by the lenders should preclude a huge wave of foreclosures and help stabilize the real estate market.
As inventory continues to decline, many properties receive multiple offers within days of being on the market.
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
