Jeannie Niles Real Estate Investment
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October 2008 Multi-Family Report
Coachella Valley, Palm Springs, Desert Hot Springs, Palm Desert, Rancho Mirage, La Quinta, and Indio, California
Seven properties went into escrow in October.
Breakdown was:
4 units Palm Desert Short Sale *
5 units Palm Desert Regular Sale
2 units Palm Springs REO
2 units Cathedral City REO
2 units Cathedral City REO
4 units Desert Hot Springs REO (major fixer)
2 units Desert Hot Springs REO
The REO market now dominates multi-family sales. There are fewer in number since most purchases of multi-family were made with at least 20% down payment. The only exceptions are the ones that were purchased as owner occupied.
Six of the properties were built in built prior to 1989. One was a duplex built in 2005.
Market times for all properties were sixty (60) days or greater.
*Short sale is where the lender agrees to accept less than what they are owed.
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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
