Jeannie Niles Real Estate Investment
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December 2009 Multi-Family Report
MULTI-FAMILY REPORT
PALM SPRINGS, PALM DESERT,CATHEDRAL CITY, DESERT HOT SPRINGS, RANCHO MIRAGE, LA QUINTA, INDIO, COACHELLA VALLEY
December 2009
To close out the year we had fourteen closed escrows for apartments this month.
Three triplexes closed escrow in Bermuda Dunes. Bermuda Dunes is a small community unincorporated in Riverside County just east of Palm Desert. It’s also famous for hosting the Bob Hope Chrysler Classic.
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.
Cathedral City had seven closed escrows this month. An investor got a fantastic purchase for 29275 Avenida La Paz at $212,000 (All Cash). This was a ten year old duplex in good condition that was an REO.
This property had multiple offers immediately after being placed on the market.
Good property sells quickly here!
Desert Hot Springs enjoyed four closed escrows in December. Three were short sales and one was an REO. Can you believe all the multi-family in Desert Hot Springs sold for less than $87,000? This type of unit will have higher operating costs and may require intensive management.
Attractive purchases can still be located. It’s imperative to have your proof of funds, qualification letter (if financing a property) and be ready to make an offer as soon as a great deal hits the market.
In summary – for December 2009 closed escrows:
REO Sales - 8
Short Sales - 5
Regular Sale - 1
| Address | City | Sales Price | Year Built | Days on Market |
|---|---|---|---|---|
| 78941 Savanna La Mar Dr | Bermuda Dunes | $260,000 | 1984 | 25 |
| 41651 Adams St #A, B, C | Bermuda Dunes | $374,000 | 2004 | 14 |
| 41601 Maroon Town Dr | Bermuda Dunes | $380,000 | 1987 | 29 |
| 29275 Avenida La Paz | Cathedral City | $212,000 | 1999 | 13 |
| 68765 Arrowhead Rd | Cathedral City | $131,500 | 1984 | 17 |
| 33027 Pueblo Tri | Cathedral City | $160,000 | 1985 | 7 |
| 32425 Monte Vista Rd | Cathedral City | $185,000 | 1986 | 11 |
| 33185 Moreno Rd | Cathedral City | $186,000 | 1993 | 11 |
| 32400 Monte Vista Rd | Cathedral City | $199,000 | 1989 | 43 |
| 36982 Bankside Dr | Cathedral City | $345,000 | 1977 | 85 |
| 66358 2nd St | Desert Hot Springs | $42,000 | 1954 | 43 |
| 66384 2nd St | Desert Hot Springs | $59,500 | 1955 | 407 |
| 66912 Vista Pl | Desert Hot Springs | $60,000 | 1975 | 48 |
| 66375 Buena Vista Ave | Desert Hot Springs | $87,000 | 1991 | 89 |
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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
