Jeannie Niles Real Estate Investment
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Desert Hot Springs, California Foreclosures and Inventory April 13, 2008
Desert Hot Springs has been one of the hardest hit areas in the Coachella Valley during the mortgage meltdown. Prices in this city have fallen up to 58% in the last twelve months.
| Foreclosures | NOD’s * | Inventory ** Single Family |
Condos | |
|---|---|---|---|---|
| Zip Code 92240 |
261 | 614 | 600 | 1 |
| Zip Code 92241 |
15 | 61 | 49 | 10 |
The 92240 area is all of Desert Hot Springs. The 92241 area consists of Mission Lakes Country Club, a wonderful community in the northwestern part of the city with a golf course, club house.
There was an abundance of new construction in this city during the years 2003 through 2007. My opinion is that with all the new homes that are unsold, the builders are having to slash prices, thus reducing the value of all homes in the area.
The City Council recently approved issuing 31,000,000 of bonds for renovation and upgrading the city to make it more on par with downtown Palm Springs and Cathedral City. This could be a much needed boost to this area. http://tinyurl.com/4onbcm
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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Multi-family properties have been the hardest hit segment in the desert area for number of sales during the current real estate downturn.
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I am always frustrated how the media and other trade groups use statistical data to prove the point they want to make, thus I like to do my own statistical research.
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It can be very profitable purchasing bank owned properties in the current real estate market.
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Palm Springs, Cathedral City, Desert Hot Springs, Palm Desert, Indio aka The Coachella Valley
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I have discovered I like hearing from my agent, even if it just to say hello.
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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
