Jeannie Niles Real Estate Investment
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January 2010 Multi-Family Report
MULTI-FAMILY REPORT
PALM SPRINGS, PALM DESERT,CATHEDRAL CITY, DESERT HOT SPRINGS, RANCHO MIRAGE, LA QUINTA, INDIO, COACHELLA VALLEY
January 2010
| Available | Pending | New Listings | Sales As % of Inventory | |
|---|---|---|---|---|
| January 2008 | 201 | 9 | 42 | 4.5% |
| January 2010 | 119 | 16* | 16 | 13.4% |
Available property declined by 41% in two years!
*includes sold contingents and pendings. Sold contingents are usually short sale properties. Pendings are usually after contingencies have been removed.
Short sales are becoming more prevalent as lenders are changing their attitudes about short sales. My initial opinion was that lenders were realizing they had to work with underwater borrowers, however check out this site for a different reason!
Think Big Work Small - http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1374510
In the Palm Springs, Palm Desert, Coachella Valley area, prices are becoming more realistic either as a short sale, an REO (these sell QUICKLY) or a seller that understands the market.
Income property has once again become “Income property”. Cap rates range from 6 to 8.5%. Operating Expenses should be in the range of 35 to 50% of Gross Scheduled Income. Use this formula and you know the fair market value of a property.
Contact me…..for some great opportunities……but you have to act quickly when something comes on the market……
I’m also here to discuss any questions or help you any way I can.
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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
