Thursday, February 24, 2005
2-4 Unit listings are HOT items in our market right now!
The market is crazy for 2-4 units right now. I'm frustrated because my investor clients offer full price or more, and it's not high enough over the asking price. I keep getting overbid by others. It's almost like an eBay auction. Several times I make an offer at price or above and I'll get a counter-offer back fromt the listing agent that reads: "we have multiple offers, so make your best and final offer" This has happened several times over the last few months. It used to be we couldn't sell units very easily, but in todays market there are very few listings and it seems everyone and their brother wants to own investment properties.
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The capitalization rates are higher on units today. It used to be, just a couple years ago, you could put 10% down and break even or positive cash flow. Since prices have increased, you have to put more down payment to get a cash flow.
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