Jeannie Niles Real Estate Investment
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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.
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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
