Coachella Valley, Palm Springs, Desert Hot Springs, Palm Desert, Rancho Mirage, La Quinta, and Indio, California
ALL multi-family properties that sold in December and January were Bank owned (REO) sales. 10 properties went into escrow out of a total inventory of over 150 available properties.
By Area:
Five properties were in Cathedral City. These properties were in the high 100’s/low 200’s.
Other sales were:
Indio - one
Palm Desert - one
Palm Springs - one
Desert Hot Springs - two
The average decline in price from three years ago is 50%.
The majority of the multi-family REO properties are twenty to thirty years old and in poor condition.
There is strength in the market because when an attractive property becomes available, and is priced aggressively, there are multiple offers.
To take advantage of these opportunities, it is imperative that you have an approval letter from your lender of choice and a copy of your bank statement reflecting “proof of funds” to close escrow. These documents are required in order to make an offer.
Hi, I'm Jeannie. For over 25 years I've helped investors make money in markets both good and bad. 
