Jeannie Niles Real Estate Investment
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Market Watch: October 2006
For my initial Market Watch post, I've collected the basic numbers of pending properties in each of my 4 selected areas. If you haven't already, you may want to read my previous post, which explains why I'm interested in these areas and how I'm approaching them.
| Market | # of Pendings |
|---|---|
| Single Family Homes (Palm Springs Area) |
223 |
| Condominiums (Palm Springs Area) |
103 |
| Residential Income (Palm Springs Area) |
4 |
| Downtown Condos (San Diego) |
49 |
As the numbers show, the Residential Income (Multi-Family Home) market in the Coachella Valley has come to a dramatic halt. There are currently 233 Residential Income properties for sale in the area, with only 4 pending sales.
Two of those four properties are in Desert Hot Springs, and the other two are in Indio. All four of these were very inexpensive, older, small units ranging from 2-4 units. I suspect they may have been purchased by owner occupiers — investors are staying on the sidelines and out of the market at present.
If you're unfamiliar with the Coachella Valley, a map of the area may help.
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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.
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
