Jeannie Niles Real Estate Investment
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Market Watch: October 2006
For my initial Market Watch post, I've collected the basic numbers of pending properties in each of my 4 selected areas. If you haven't already, you may want to read my previous post, which explains why I'm interested in these areas and how I'm approaching them.
| Market | # of Pendings |
|---|---|
| Single Family Homes (Palm Springs Area) |
223 |
| Condominiums (Palm Springs Area) |
103 |
| Residential Income (Palm Springs Area) |
4 |
| Downtown Condos (San Diego) |
49 |
As the numbers show, the Residential Income (Multi-Family Home) market in the Coachella Valley has come to a dramatic halt. There are currently 233 Residential Income properties for sale in the area, with only 4 pending sales.
Two of those four properties are in Desert Hot Springs, and the other two are in Indio. All four of these were very inexpensive, older, small units ranging from 2-4 units. I suspect they may have been purchased by owner occupiers — investors are staying on the sidelines and out of the market at present.
If you're unfamiliar with the Coachella Valley, a map of the area may help.
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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
