Tuesday, May 24, 2011

2011 Northcenter multi-unit sales, price stable in year to year comparison

In 2010 we wrote about two to four flat multi-unit buildings sales were pretty HOT in Northcenter and Lakeview. We discussed some of the benefits of purchasing a multi-unit rather than a single family home or even a condo for the same money (the multi-unit may not get you the same neighborhood as a condo at the same pricing, but may get you a different good neighborhood and better investment).

Let's take a look at 2011 Northcenter multi-unit sales so far and see if they kept pace with last year.

23 multi-unit buildings (two flat to four flat) closed already in the first 6 months of the year with a median price of about $475,000. We have 7 pending closing and 6 more contingent contracts at the moment. So, we should see a total of about 26-28 closed two- four flats by May 31st...the half way point of 2011.

In 2010, the first 6 months of the year saw 28 closed multi-unit sales with a median price of about $447,000.

It looks like multi-unit sales in Northcenter will be very close in unit sales and median price for year to year comparisons of the first half. This year's median price should come down a bit, near the $455,000 mark when the pending and contingent contracts close. This is good news of sorts for multi-unit owners.

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