Jeannie Niles Real Estate Investment
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January 2009 Multi-Family Report
Coachella Valley, Palm Springs, Desert Hot Springs, Palm Desert, Rancho Mirage, La Quinta, and Indio, California
ALL multi-family properties that sold in December and January were Bank owned (REO) sales. 10 properties went into escrow out of a total inventory of over 150 available properties.
By Area:
Five properties were in Cathedral City. These properties were in the high 100’s/low 200’s.
Other sales were:
Indio - one
Palm Desert - one
Palm Springs - one
Desert Hot Springs - two
The average decline in price from three years ago is 50%.
The majority of the multi-family REO properties are twenty to thirty years old and in poor condition.
There is strength in the market because when an attractive property becomes available, and is priced aggressively, there are multiple offers.
To take advantage of these opportunities, it is imperative that you have an approval letter from your lender of choice and a copy of your bank statement reflecting “proof of funds” to close escrow. These documents are required in order to make an offer.
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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
