August 2008 Multi-Family Report

Palm Springs, Desert Hot Springs, Palm Desert, Rancho Mirage, La Quinta and Indio, California

The REO market is now dominating the multi-family segment of the Sales in our area.

August of 2008, a traditionally slow market here because of the summer heat had seven total sales.

Four were REO’s. Two were Short Pays. One was a traditional sale.

By Area:

Four properties were duplexes in Cathedral City. These duplexes sold for well over $400,000 in 2005/2006. They are now going as low as 199,000….a reduction of 55% from the peak of the market.

One property was a new triplex condo project in Palm Springs.

One property was a high end totally renovated four plex in the Tennis Area of Palm Springs.

One property was a duplex in Desert Hot Springs.

The REO properties are sold vacant and require renovation from minor cosmetics to general contractor type of repairs.

I believe the multi-family market will continue to decline until rents begin increasing.


Michael Woodward

Michael is the founder and CEO of jumbleThink.  He is also the CEO of Woodward Design Group.  He and his team have built over 400 website for small businesses to large customer portals for Fortune  100 corporations.  He has also consulted with hundreds of businesses through the Small Business Development Council in Butte County,  Ca ( along with teaching courses on web design / development and marketing strategies.  His passion is to help individuals and businesses make their dreams attainable through creative thinking / idea formation and strategy.