Jeannie Niles Real Estate Investment
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November 2009 Multi-Family Report
MULTI-FAMILY REPORT
PALM SPRINGS, PALM DESERT,CATHEDRAL CITY, DESERT HOT SPRINGS, RANCHO MIRAGE, LA QUINTA, INDIO, COACHELLA VALLEY
November 2009
Two 18 unit buildings sold for all cash this month.
225 E. Avenida Palmera is a deluxe 18 unit building in a premium location in South Palm Springs…..sold for a 5.2 cap rate * (per my calculations)
9 multi-family properties went into “pending” and 6 multi-family properties in “contingent other” during the month.
A fabulous duplex in North Cathedral City came on the market with five or six offers the first 7 days. This property was the nicest REO duplex that has been available in the current market downturn.
I have been very successful in the last 90 days with short sales on income property. Finally, lenders are realizing they must work with investors on these loans that far exceed the fair market value.
10 Closed Escrows in November
| City | Type | # of Properties | Total Sales |
|---|---|---|---|
| Cathedral City | REO | 1 | 1 |
| Desert Hot Springs | REO | 6 | 6 |
| Palm Desert | Regular Sale | 1 | 1 |
| Palm Springs | REO | 2 | 2 |
It’s possible to obtain some great apartment financing……25% down payment and interest rates at 6% or slightly below. I have an awesome lender that knows the area well if you need a loan, both for 1 to 4 units as well as 5 units or more.
All buildings that are five units or more are considered commercial loans and have a substantially different criteria than the 1 to 4 buildings.
* Cap rate is the net operating income divided by the value. Net income is all gross scheduled income minus all operating expenses but does not include your mortgage payment. Any questions….let me know.
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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
