July 2009 Multi-Family Report

MULTI-FAMILY REPORT
PALM SPRINGS, PALM DESERT,CATHEDRAL CITY, DESERT HOT SPRINGS, RANCHO MIRAGE, LA QUINTA, INDIO, COACHELLA VALLEY
July 2009

REO’s continue to dominate the market, but the number of short sales are increasing as lenders become more willing to negotiate with investment property.

All sales sold over listing price with the exception of properties that are major fixers or very old. All non-fixer duplexes in Cathedral City sold for 103 to 121% OVER list price. This area continues to be a strong rental area.

There were no REO sales in Palm Springs!

Closed Escrows

City	Type	# of Properties	Total Sales
Cathedral City	REO	8	8
Desert Hot Springs	REO	2	4
	Short Sale	2
Indio	REO	1	1
Palm Desert	REO	1	2
	Regular Sale	1
Palm Springs	Short Sale	3	6
	Regular Sale	3

Twenty five properties went into escrow in July. Seven were REOs, five were short sales and four were regular sales.

Clarification: The twenty five includes “contingent other, contingent sale as well as pending.

Shortest market times were in Cathedral City, with many properties selling in less than 10 days! Palm Springs had the longest market times but there were no REO’s .

Desert Hot Springs continues to have the lowest prices, however some of the sales are “Major Fixers”.

Twenty eight new listings came on the market for this month. The temperatures are over 100 degrees but that doesn’t seem to deter buyers.

Financing is available for around 6.25% interest with 30% down payment. Most lenders require the property support itself.