Jeannie Niles Real Estate Investment
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Palm Springs Market Watch: January 2010
Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)
Available properties for sale in the Palm Springs area - as a comparison from January 2008 to February 2010.
| 2008 | 2010 | Percentage Decline | |
|---|---|---|---|
| Single Family Homes | 5612 | 3443 | 39% |
| Condos | 1868 | 1616 | 14% |
| Multi-Family | 201 | 119 | 41% |
Even with unemployment being in the 12 to 15% range for the Coachella Valley (Palm Springs, Palm Desert, Cathedral City, La Quinta, Rancho Mirage, Indio, Desert Hot Springs) the supply of unsold single family homes is now at 3.8 months compared to 16.6 months in January 2008.
This is the lowest inventory we have had in five years! Any property that is priced correctly will have multiple offers almost immediately after coming on the market. Most properties sell well over the listing price.
Check out: Wall Street Journal - California Home Inventory Shrinks Rapidly
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This is the lowest inventory we have had in five years!
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I’m having a lot of success getting short sales approved on Investor Owned Property.
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The season officially begins 10/1/09. Many investors purchasing properties for cash.
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Fewer foreclosures, many more short sales. Rental market firming up.
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On investment property it is common to enjoy a 7% cash on cash return…. Where else in today’s financial market can you achieve this kind of earnings safely?
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
