SmartZip Palmdale Top 10 Real Estate Investment Market Report July 2009
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TM Local Expert Insights • Supply of homes has dropped significantly, 25% of level just 8-9 months ago • For older homes that are priced lower, try zip codes 93550, 93534 • For more desirable, newer properties on the west side, try 93551 and 93536 • With the decrease in supply, some lower-priced properties may receive over 20 offers • Average days on market is now less than 30 (non short sales) • Rental market is strong as victims of foreclosure are entering the market Overview Incorporated in 1962, Palmdale is a city of nearly 130,000 people located in northeast Los Angeles County, in Southern California. Palmdale is a little over an hour north of the City of Los Angeles, over the San Gabriel Mountains. The Antelope Valley Enterprise Zone and the Foreign-Trade Zone both offer businesses friendly state and federal tax breaks through their respective programs. The City is known as a family-oriented community with a high quality of life. A new state of the art medical center opens in 2009, including the region’s largest emergency department, a helipad, medical office towers, and a senior housing complex. On the Map July 2009 | www.SmartZip.com PALMDALE, CA Key Investment Metrics Average SmartZip Score™ 72 Growth 62 Income Average Market Value: $198,522 $107 per Sq. Ft. 10-Year Proj. Appreciation: 43% Average Monthly Rent: $1,666 Average Cap Rate: 4.3% 10-Year Proj. Population Growth: 21%
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SmartZip's Analysis and insights into Palmdale, CA as a fundamentally strong real estate market for investors and homebuyers, based on SmartZip's investment ratings and local insights
Transcript of SmartZip Palmdale Top 10 Real Estate Investment Market Report July 2009
TM
Local Expert Insights
• Supply of homes has dropped significantly, 25% of level just 8-9 months ago
• For older homes that are priced lower, try zip codes 93550, 93534
• For more desirable, newer properties on the west side, try 93551 and 93536
• With the decrease in supply, some lower-priced properties may receive over 20 offers
• Average days on market is now less than 30 (non short sales)
• Rental market is strong as victims of foreclosure are entering the market
Overview
Incorporated in 1962, Palmdale is a city of nearly 130,000 people located in northeast Los Angeles County, in Southern California. Palmdale is a little over an hour north of the City of Los Angeles, over the San Gabriel Mountains.
The Antelope Valley Enterprise Zone and the Foreign-Trade Zone both offer businesses friendly state and federal tax breaks through their respective programs.
The City is known as a family-oriented community with a high quality of life. A new state of the art medical center opens in 2009, including the region’s largest emergency department, a helipad, medical office towers, and a senior housing complex.
On the Map
July 2009 | www.SmartZip.com
PALMDALE, CA
Key Investment Metrics
Average SmartZip Score™ 72 Growth
62 Income
Average Market Value: $198,522
$107 per Sq. Ft.
10-Year Proj. Appreciation: 43%
Average Monthly Rent: $1,666
Average Cap Rate: 4.3%
10-Year Proj. Population Growth: 21%
About the Top 10 Markets The SmartZip Top 10 Markets™ is a featured list of the top rated markets hand-picked by our panel of investment analysts. Candidates for the list are identified using our proprietary SmartZip Score™ ratings averaged across the Growth and Income investment strategies. Learn more at www.SmartZip.com
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