Jeannie Niles Real Estate Investment
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Riverside/San Bernardino prices up 32.6%!
Riverside/San Bernardino California prices rose a whopping 32.6% in the past twelve months! These areas combined were 4th in the U.S. and the only area in California in the top 10, according to the National Association of Realtors quarterly report. The Coachella Valley (Palm Springs area) is included in those numbers.
Though San Diego was ranked 19th, I still feel it remains one of the best investment opportunities in the country. Its low ranking shows why these types of lists should be taken with a grain of salt; they rate percentage change for a single year, rather than actual increase in dollar value or sustainability over time. As a result, areas like Las Vegas and Florida, whose initial prices were far lower than any of the California markets, have a higher percentage increase, but actually appreciated less than areas like San Diego in actual dollar value.
For example, the #1 area was Bradenton, which grew at a 45.6% rate, over twice the rate of San Diego’s 20.9%. But Bradenton’s median price is $275,100, while San Diego’s is $584,100. Thus, Bradenton property actually increased its value by about $86,157, while San Diego property about $101,000. When the numbers are re-sorted according to actual dollar value increase, San Diego comes in second behind Honolulu, which was #12 in terms of percentage increase. All four major southern California markets, plus San Francisco, make the top ten according to dollar-value, and are much larger markets than places like Bradenton or Ocala, FL (population: 50,000+).
So it’s important not to take these lists too seriously, since the statistics can be pushed in a number of ways, neither of which is terribly useful when comparing specific markets. However, in terms of percentage increase and actual value increase, both California and Florida are undeniably hot markets at the moment.
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Seven properties went into escrow in October.
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For Coachella Valley
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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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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.
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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
