Any insight on Palm Springs market? Looking into a flip deal.

2 Replies

Hi BP’s community! The deal pencils out, numbers work, checked out property and estimated rehab costs. My question is, how active is the market in PS? How long should I expect to hold before it sells?

I want to be conservative on holding costs. Would 60 days be reasonable? 

I know it depends on so many factors. Quick overview. Paying $300k for condo in a nice medium size condo complex. Comps at $420-$450k. Spending $20-25k on rehab and going to market at $415k

HOA highest holding cost at $650

This is my first flip ever. Did some buy and hold apt complexes back in 2009 and want to get back investing in RE.

Thanks!

@Carlos Cristiani

Palm Springs has a unique fluctuation in population each year. The snowbirds leave by April / May and don’t return until Oct / Nov. Trying to fix & flip in the summer months could be challenging with the heat as there is less economic activity. Check comps for # of days on the market even as far back as this time last year. Plan on extra hold time or you may experience a reduced sale price.

I would presume the condo complex has a pool? This is almost an expectation in the desert.