Indian Creek Villas Palm Desert, CA UPDATE

Update 2-25-2009

Indian Creek Villas is a 300+ condominium project in South Palm Desert…one mile from the shopping area of El Paseo…”the Desert’s Rodeo Drive”…

Indian Creek is a basic, no frills, bottom line project that is very well maintained by the Homeowner Association and enjoys home owners, second homes and investors that rent their properties to quality tenants.

There are four units to a building. Unit 1 is all on one floor at ground level. Units 2 and 3 are two story and Unit 4 is a one story upstairs. Square footage ranges from 840 to 924. All units are two bedroom, one bath.

In 2005, a unit could be purchased for $210,000.
In October 2007, a unit sold for $155,000.
In early February 2008, we started seeing properties selling in the 115,000 range very quickly with multiple offers.

February 2009:
Unit #4 for sale $99,000. (Bank Owned)
Unit #4 for sale $103,000 Has a tenant for 8 more months at $825.
Five other units for sale….$129,800 to $208,000.

Two condos are in escrow.

Unit #3 sold 80,325. (major fixer…sold at auction) 11/08
Unit #3 sold 95,000. 12/08
Unit #3 sold 104,000 11/08
Unit #3 sold 120,000 12/08
Unit #2 sold 120,000 11/08

Rents have decreased due to rising unemployment. Rental income will be $775 to $875 depending on the level of renovation in the interior. These units were built in 1971 and most have been partially or completely redone.