Jeannie Niles Real Estate Investment
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Palm Desert, California Foreclosures and Inventory April 13, 2008
Palm Desert is one of the nicest cities in the Coachella Valley, enjoying the luxury shopping district of El Paseo as well as many city parks and events. Prices have fallen substantially in the last twelve months however.
Condos in one project that sold for 225,000 24 months ago are now going as low as 113,000 which represents a 50% decline in value.
Rents have remained constant, nor have vacancies increased in our rental properties.
| Foreclosures | NOD’s * | Inventory ** Single Family |
Condos | |
|---|---|---|---|---|
| Zip Code 92260 |
41 | 123 | 537 | 502 |
| Zip Code 92211 |
31 | 100 |
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
