Jeannie Niles Real Estate Investment
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Desert Hot Springs, California Foreclosures and Inventory March 26, 2009
Desert Hot Springs has been one of the hardest hit areas in the Coachella Valley. There were too many new homes built in the area. There are also many homes built that were too far out to attract buyers.
| Foreclosures | NOD’s * | Inventory ** Single Family |
Condos | |
|---|---|---|---|---|
| Zip Code 92240 |
371 | 225 | 335 | 2 |
| Zip Code 92241 |
29 | 21 | 29 | 10 |
As compared to one year ago, the number of bank owned properties increased by 110 properties and properties in foreclosure DECREASED by 389 properties.
Available inventory declined 45%!
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.
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
