Jeannie Niles Real Estate Investment
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Indian Creek Villas Palm Desert, CA UPDATE
Update 2-25-2009
Indian Creek Villas is a 300+ condominium project in South Palm Desert…one mile from the shopping area of El Paseo…”the Desert’s Rodeo Drive”…
Indian Creek is a basic, no frills, bottom line project that is very well maintained by the Homeowner Association and enjoys home owners, second homes and investors that rent their properties to quality tenants.
There are four units to a building. Unit 1 is all on one floor at ground level. Units 2 and 3 are two story and Unit 4 is a one story upstairs. Square footage ranges from 840 to 924. All units are two bedroom, one bath.
In 2005, a unit could be purchased for $210,000.
In October 2007, a unit sold for $155,000.
In early February 2008, we started seeing properties selling in the 115,000 range very quickly with multiple offers.
February 2009:
Unit #4 for sale $99,000. (Bank Owned)
Unit #4 for sale $103,000 Has a tenant for 8 more months at $825.
Five other units for sale….$129,800 to $208,000.
Two condos are in escrow.
Unit #3 sold 80,325. (major fixer…sold at auction) 11/08
Unit #3 sold 95,000. 12/08
Unit #3 sold 104,000 11/08
Unit #3 sold 120,000 12/08
Unit #2 sold 120,000 11/08
Rents have decreased due to rising unemployment. Rental income will be $775 to $875 depending on the level of renovation in the interior. These units were built in 1971 and most have been partially or completely redone.
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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
