Jeannie Niles Real Estate Investment
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Palm Desert, California Foreclosures and Inventory November 29, 2009
Palm Desert is one of the premier cities in the Coachella Valley. During the Holiday Season walk the beautiful street of El Paseo and enjoy the Christmas Decorations. There are also many beautiful parks and restaurants within the city.
Palm Desert enjoys the highest sales tax revenue in the valley primarily because of retail with the Westfield Mall at Town Center Way and Hwy 111.
| Foreclosures | NOD’s * | Inventory ** Single Family |
Condos | |
|---|---|---|---|---|
| Zip Code 92260 |
114 | 187 | 409 | 486 |
| Zip Code 92211 |
90 | 154 |
In the last nine months the number of foreclosed properties rose slightly while filings of Notices of Default more than doubled. Many of these distressed properties will be resolved as a short sale, since banks are very willing to work with homeowners for resolution to preclude a foreclosure.
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
