In Des Moines and Polk County, real estate values have experienced a consistent decline. Experts say that the declines are not major, but they are widespread throughout the area.
About 4 out of every 5 residences in Polk County had their assessed value drop since their last assessments in 2009. Approximately 50 percent of commercial properties also saw their assessed value drop. Properties in downtown Des Moines were devalued by up to 28 percent.
On the contrary, agricultural property and real estate in Polk County had an increased assessed value of 12.8 percent and industrial real estate saw no change.
If you or someone you know needs legal representation in handling matters of real estate business litigation, contact the Des Moines real estate litigation attorneys of LaMarca Law Group, P.C. at (877) 327-2600 and set up an appointment to meet with one of our lawyers today.
Last month, home sales in Des Moines were up by 26 percent from a year earlier. 451 homes were sold in December 2009 and 568 were sold in December 2010. Also, the average home sale price rose by 2 percent and pending sales decreased by 1 percent.
In December 2010, the average home sale price in Des Moines was $163,002 and the average home stayed on the market for 113 days. There were 5,125 homes listed for sale in Des Moines last month, up by 3 percent from December 2009.
Data shows that the average home buyer in Des Moines spent 1.4 times the amount of their annual income on homes in the third quarter of 2010, while the average home buyer nationwide spent 2.4 times the amount of their annual income.
If you or your business have questions about settling a real estate dispute, contact the Des Moines real estate litigation lawyers of LaMarca Law Group, P.C. at (877) 327-2600 to learn more about your rights as a property owner.
Steadfast Income REIT, Inc., based out of Irvine, California, recently purchased 147 units in the Park Place Apartments in downtown Des Moines, Iowa. Park Place was built in 1986 and is a 16-story high-rise building located at 615 Park Street in the middle of the city’s business district.
Steadfast Income REIT is a real estate investment company that purchases and manages properties in the U.S. and Mexico. Park Place Apartments has 158 units, 11 of which are privately owned and were not included in the real estate transaction with Steadfast. The transaction was financed with proceeds earned by Steadfast in their recent public offering.
CEO and President of Steadfast Income REIT Rodney F. Emery said of the purchase, “We feel that the favorable aquisition terms negotiated by the REIT coupled with the property’s many attributes position it to produce immediate income. Additionally, Steadfast Management Company will manage the property and will seek opportunities to strategically add value as part of the overall asset stratgey”.
If you have questions about negotiating a real estate transaction, contact the Des Moines real estate litigation attorneys of LaMarca Law Group, P.C. at (877) 327-2600 today to learn more about real estate law.