As of late, we have been working with several multi-unit buyers and sellers active in and around Lakeview. We have seen a few interesting stats we'd like to point out. Multi-unit sales are classified in our MLS as 2-4 unit buildings. It's a mixed bag of frame, brick, grey stone, lot size, legal units, illegal units, school district etc... However, we can see some trends by looking at individual community areas from year to year.
Overall Lakeview Multi-Unit Sales:
For the first 6 months of 2011 (1/1/11-6/30/11) We see 37 closed multi-units in the Lakeview Community Area, up 27% over 2010 same period. The median price was about $500,000. The median price is down about 17% same period 2010.
Most interestingly, distressed property sales are up significantly. In the first 6 months of the year, 11 of the sales (about 30%) were distressed properties (a short sale or foreclosed property REO). Only 4 of 29 closings were distressed property same period 2010.
Unit sales are up in 2011 with the median price down. It looks like banks are getting foreclosed properties to market a little quicker and allowing negotiated short sale deals to fly. We'd imagine just as many folks were under water last year as this year... but the red tape for selling distressed property may have loosened up a little for now and deals are getting done.
With interest rates very low and prices down, mult-units are back in the game as a cheaper way to live in a top neighborhood and make more sense once again for single family home conversions. Many folks are finding affordable deals on buildings they can buy, hold and rent for awhile and the renovate to a house while living in their current home until the project is done.