Jeannie Niles Real Estate Investment
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February 2009 Multi-Family Report
A total of eleven multi-family properties went into escrow in February.
| City | Type | # of Properties |
|---|---|---|
| Indio | REO | 2 |
| Cathedral City | REO | 1 |
| Cathedral City | Short Sale | 1 |
| Cathedral City | Regular Sale | 1 |
| Desert Hot Springs | REO | 6 |
Only two of the above properties were built after 2001. The majority of the properties were built prior to 1990. Most of the properties, especially in Desert Hot Springs are boarded up, need serious repair and would be management intensive.
Most of the above properties are selling for 55 to 70% LESS than they sold for three to four years ago, especially in Desert Hot Springs.
Income property is back to being “income property”. Investors are unwilling to purchase a property for anticipated speculation profits.
There are some fabulous buys in Cathedral City. Cathedral City is a great rental area, close to the Freeway, has a larger tenant radius than most cities. There are also some fixer properties available that can be purchased at an even further discount. Contact me if you would like addresses and further info.
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Income property has once again become “Income property”.
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There are many small income properties available in the area. Prices here have declined over 50% since the peak of the market late 2005/early 2007.
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It’s possible to obtain some great apartment financing. 25% down payment and interest rates at 6% or slightly below.
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Cap Rate is an investment tool for analysis that enables an investor to compare one investment to another.
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Cap Rate is the best tool for determining the value of an income property.
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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
