Jeannie Niles Real Estate Investment
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June 2009 Multi-Family Report
MULTI-FAMILY REPORT
PALM SPRINGS, PALM DESERT,CATHEDRAL CITY, DESERT HOT SPRINGS, RANCHO MIRAGE, LA QUINTA, INDIO, COACHELLA VALLEY
June 2009
Investors are coming back into the market. Properties that are priced aggressively have multiple offers within the first week with the sales price exceeding the listing price.
Sales of Multi-Family in June represented 24% of existing inventory!
The type of sales changed this month as well. Prior to June, REO’s represented the majority of sales. This month we had 8 regular sales, 9 short sales and 16 REOs.
Great opportunities are still available. In order to submit an offer, you must have proof of funds to close escrow as well as a qualification letter from your lender if you are not making a cash offer.
| City | Type | # of Properties | Total Sales |
|---|---|---|---|
| Bermuda Dunes | Regular Sale | 1 | 1 |
| Cathedral City | REO | 5 | 10 |
| Short Sale | 2 | ||
| Regular Sale | 3 | ||
| Desert Hot Springs | REO | 8 | 12 |
| Short Sale | 3 | ||
| Regular Sale | 1 | ||
| Indio | REO | 1 | 2 |
| Short Sale | 1 | ||
| Palm Desert | REO | 2 | 2 |
| Palm Springs | Short Sale | 3 | 6 |
| Regular Sale | 3 |
| IN ESCROW | Asking Price | Age | # of Units |
|---|---|---|---|
| 78883 Ave. 42, Bermuda Dunes | 255,999 | 1979 | 2 |
| 68832 E Street, Cathedral City | 71,500 | 1959 | 2 |
| 32350 Aurora Vista, Cathedral City | 149,900 | 1991 | 2 |
| 33595 Wishing Well, Cathedral City | 170,000 | 1986 | 2 |
| 68720 Cedar, Cathedral City | 184,000 | 1988 | 2 |
| 32675 Cielo Vista, Cathedral City | 190,000 | 1986 | 2 |
| 29395 Avenida La Paz, Cathedral City | 209,500 | 1990 | 2 |
| 32900 Monte Vista, Cathedral City | 225,000 | 1985 | 2 |
| 29180 Landau, Cathedral City | 230,000 | 2000 | 2 |
| 32300 Navajo, Cathedral City | 251,000 | 1991 | 3 |
| 33711 Cathedral Canyon, Cathedral City | 305,000 | 1969 | 6 |
| 6683l 3rd Street, Desert Hot Springs | 45,000 | 1955 | 3 |
| 13700 Luis Drive, Desert Hot Springs | 48,900 | 1989 | 2 |
| 11520 Verbena, Desert Hot Springs | 53,000 | 1950 | 4 |
| 68185 Calle Azteca, Desert Hot Springs | 65,112 | 1985 | 2 |
| 13616 Mesquite, Desert Hot Springs | 105,000 | 2006 | 2 |
| 13831 Verbena, Desert Hot Springs | 128,700 | 2006 | 2 |
| 66780 4th Street, Desert Hot Springs | 135,900 | 1979 | 3 |
| 13660 Ocotillo, Desert Hot Springs | 149,000 | 1992 | 2 |
| 12905 Parma Drive, Desert Hot Springs | 156,900 | 1984 | 4 |
| 68160 Calle Las Tiendas, Desert Hot Springs | 199,900 | 1982 | 4 |
| 68150 Calle Las Tiendas, Desert Hot Springs | 199,900 | 1982 | 4 |
| 68061 Calle Azteca, Desert Hot Springs | 299,900 | 1960 | 12 |
| 81363 Miles, Indio | 59,900 | 1977 | 2 |
| 45695 Deglet Noor, Indio | 225,000 | 2007 | 2 |
| 74123 Candlewood, Palm Desert | 189,900 | 1960 | 3 |
| 74100 Candlewood, Palm Desert | 326,500 | 1972 | 4 |
| 685 E. Cottonwood, Palm Springs | 349,000 | 1964 | 5 |
| 3710 El Dorado, Palm Springs | 399,000 | 2006 | 3 |
| 600 Cottonwood, Palm Springs | 509,000 | 1964 | 12 |
| 860-862 E. Camino Parocela, Palm Springs | 535,000 | 1978 | 2 |
| 222 W. Via Sol, Palm Springs | 899,000 | 1958 | 7 |
| 541 S. Camino Real, Palm Springs | 899,000 | 1955 | 7 |
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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
