Jeannie Niles Real Estate Investment
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August 2009 Multi-Family Report
MULTI-FAMILY REPORT
PALM SPRINGS, PALM DESERT,CATHEDRAL CITY, DESERT HOT SPRINGS, RANCHO MIRAGE, LA QUINTA, INDIO, COACHELLA VALLEY
August 2009
Many investment properties are now being sold as “short sales”. Finally lenders are showing a willingness to work with non-owner occupied properties in order to facilitate a transaction.
Eighteen properties went into escrow this month. Eight were short sales. Nine were REO’s and one was a regular seller.
Inventory has declined from 181 properties in January to 127 available properties in September.
My favorite area for small investment property is Cathedral City. Very attractive duplexes, triplexes and four plexes can be purchased in the high 100’s. Good properties sell fast so it’s imperative that you have your qualification letter and proof of funds so an offer can be tendered quickly.
Example of a duplex in Cathedral City area
Most units have tile roofs, are 3 bed/2 ba, on sewer with garages.
Attractive financing is available with 25% downpayment. Rates are at 6.25% interest, 30 year fixed, one point. This applies only to one to four unit non-owner loans.
Closed Escrows in August
| City | Type | # of Properties | Total Sales |
|---|---|---|---|
| Cathedral City | REO | 2 | 2 |
| Desert Hot Springs | REO | 6 | 7 |
| Regular Sale | 1 | ||
| Indio | REO | 1 | 1 |
| Palm Desert | REO | 1 | 2 |
| Regular Sale | 1 |
If you are looking for a Pride of Ownership building with no deferred maintenance in the downtown Palm Springs area, call me! There’s an 18 unit building available that anyone would be proud to own!
Interest rates are still low and the market is starting to improve!
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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
