The Multi-Family market is very strong, with multiple offers occurring in a matter of days for a property that is priced reasonably in the current marketplace. Very few properties are available and inventory is at an all time low.
The Cathedral City area has many small multi-family units, mostly duplexes, triplexes and four plexes. There have been twenty (20) closed escrows for this area since January 1, 2012.
The rental market has enjoyed an increased demand for units. Many people are relocating to the Palm Springs areaas well as folks that have lost their homes to foreclosure are now in the housing market for rental property. One day alone our management company held an open house and had nineteen different families come by to view the unit.
Prices have appreciated nicely in the last eighteen months, however almost all buildings are still selling for under replacement cost. Most sales are for cash to investors from all over the United States.