Jeannie Niles Real Estate Investment
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Indian Wells, California Foreclosures and Inventory November 29, 2009
Indian Wells has the highest per capita income and net worth in the Coachella Valley. Some individuals equate Indian Wells to Beverly Hills or La Jolla, California.
There are very few rentals in this city except for individually owned homes and condominiums.
| Foreclosures | NOD’s * | Inventory ** Single Family |
Condos | |
|---|---|---|---|---|
| Zip Code 92210 |
22 | 30 | 202 | 68 |
Foreclosed properties more than doubled…….it went from 10 properties in March to 22 properties currently.
Notices of Foreclosures tripled!!! They went from 10 notices to 30. These small numbers of increase create huge percentage swings. This demonstrates why it is so critical to understand the numbers…..small bases create huge swings in statistical data.
Properties available for sale declined by 20% in this same period. Throughout the Coachella Valley, there are 30% less properties available for sale than nine months ago. I would anticipate this trend to continue.
The observations represented are my opinions only, based on experience and working in the desert area for many years.
Foreclosure stats have been obtained from www.foreclosure.com.
Inventory stats are from the Desert Area MLS.
* Notice of Default filed.
** Inventory is defined as properties currently listed for sale in the local multiple listing service. A large number of these properties are foreclosure properties, also known as Bank REO.
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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
