There are 265 active properties for sale on December 2nd 2011. Important to note is that many of these have been on the market a long time. 140 of them have been on the market 90 days or more, which means that these don’t match up with the demands of buyers either by condition, price, or location and are really not part of the market.

Multifamily sales in November 2011 (only ARMLS)

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2 sold fourplexes in Arcadia Lite area in Phoenix

Two more premium fourplexes have been sold by inPhoenix Realty Group. The small to medium multifamily market in Phoenix is increasingly lacking in inventory and obtaining good properties is very difficult.

It takes a lot of persistence to get a property under contract as there are many investors pursuing investments.

These two properties sold for $195,000 and $210,000 which is consistent with the market for these types of properties in the premium segment, of which, few hit the market.

They tend to have a high demand location, which Arcadia is, a low vacancy factor and stability.

We’re glad our clients were able to obtain such nice properties to add to their portfolio.

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Inventory of 2-4 unit apartments is about half that of last year and investor activity is up.

As of this post there are 142 active 2-4 unit apartment for sale in Maricopa County ranging from a triplex for $24,600 to an overpriced fourplex at $375,000 which has been on the market forever.

In the last 30 days.

51 properties sold.

Top 5 Multifamily Sales

• 4352 N. 36th St. 4 units at $215,000
• 2109 W. Colter Ave. 4 Units at $189,000
• 4356 N. 36th St. 4 Units at $184,000
• 401 W. 5th St in Tempe. 4 Units at $177,000
• 1146 E. 2nd in Mesa. 4 Units at $165,000

30 properties are AWC – mostly short sales.

62 properties are Pending – indicating that the next 30-45 days will have high sold numbers.

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While the average price per unit gone up much, it does look as if the price is fairly steady and maybe trending up, up ever so slowly and that’s good for now.

The average price is now around $24,000 per unit and it’s been hovering from $22,000 to $27,000 over the past 6 months.

What’s really changed are the total number of units being sold.  The small multifamily market also follows the seasonal trends of single family homes, that’s why you see the summer high.  Look at the number of units sold for the same period in 2010 to 2009 an notice the very huge difference.

An now with 96 pending properties and 87 in AWC mode the forecast for sales looks very strong in deed and we may even get an up tick in the average price per unit with such a low inventory of active properties compared to the demand.  As of May 12th there were 272 3-4 unit properties active with 62 of those short sales and 31 lender owned.

All the good stuff is going fairly fast and much of what’s for sale is the same stuff that was on the market half a year ago and even a year ago, so not really part of the game.

With the current sales pace there is only a 4.5 month supply of properties and if you remove the over-priced stuff it’s more like 3-3.5 months of supply pegging it squarely in the sellers market.  A seller’s market indeed, but as you know investors are fairly savvy and in this market every one is looking for a deal so sellers can’t really push up the price.

In order to get the better properties, investors are advised to have cash if possible and act quickly.  Don’t expect much more inventory, distressed inventory that is, to show up on the market anytime soon.  We’ll have a steady trickle but no major floods.

If you would like to discuss this in more detail please call me, Artur at 602.628.4349

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(Graph by: PhoenixMarketTrends)

We’re currently revamping Arizona Apartment Investor into a new design, actually it’s been in the works for a while: until it’s completed shortly some updates will be located at PhoenixMarketTrends.com, like the most current look at the triplex and fourplex market in Greater Phoenix.  I chose only triplexes and fourplexes because I happen to like this size, it’s easy to buy and sell: it can be done so via a residential loan like FHA, VA or conventional, these are purchased by investors and owner occupant/investors and they are a good gauge of the small multifamily market.

Please continue reading here.

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• Case Study: A Central Phoenix Condo From Lender Owned To Long Term Investment:

This is a case study of a condo purchased by an out of town investor.  It was a lender owned property taken from a plain dirty place to a wonderful inviting home.

• How To Search For Income Multifamily Properties, Duplex, Triplex, Fourplex, In Greater Phoenix.

There are several ways to search for multifamily properties, here and at Phoenix Market Trends and we review them here.

• Being An Active Investor Is The Way To Passive Income

I like this post because I believe you have to be responsible for you own assets and that includes real estate, though your involvement may be limited, but it needs to be there.

• Real Estate Investment Strategies: Opportunities For High Long Term Returns With Multifamily

Multifamily is now in a many year low.  You can find properties priced at the same levels at the 1980′s.  That’s just extraordinary and there is a clear reason for it.  Just the same, there are very good reasons why well purchased multifamily properties will do well in the future, maybe even the near future.

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“The strongest net effective rent gains in history may occur between 2011 and 2015 as 75 million echo boomers finally can afford to strike out on their own, says RREEF Research.  This pent-up demand along with a below-average supply, limited by financing constraints and fewer construction starts in 2010 and 2011, will boost rents quickly.”

The Phoenix market has depressed pricing for multifamily, especially the smaller properties that saw a huge speculative run up during the recent boom.

With the depressed pricing, high cap rates and the coming “pent up demand” maybe now and the next year or two will be a rare opportunity with a quick payoff.  It’s sure starting to look this way.

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The supply of multifamily fourplexes is quickly dwindling sway.  Most of the good stuff is selling quickly as investors realize how good they have it now.

Except that properties will not wait for them.  There is plenty demand now that supply is removed within 2 months on average and good ones sell in a matter of a week or two.

There are 235 active fourplexes.

89 are Pending

83 Sold in the last 30 day.

Another 21 are Pending with instructions to leave Active.

This puts the supply of fourplexes in Greater Phoenix at 2.9 Months.

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Housing experts predict that multi-family rental properties and apartments will recover fastest from the current downturn, followed by housing in cities that didn’t overbuild.

The market is likely to hit bottom in the next few months, says Bernard Markstein, senior economist and director of forecasting for the National Association of Home Builders.

“Next year will see slow but steady improvement, as home builders are controlling their inventory,” Markstein says.

Apartments and other multi-family residences will snap back quickly once businesses start hiring again, predicts Victor Calanog, director of research at Reis.

Baby boomers looking for retirement homes and first-time home buyers also will lead the way out of the decline, predicts Bill Singer, a securities attorney and trader who is a member of Forbes.com’s panel of financial gurus.

In Greater Phoenix we did overbuild but in certain sub-markets we did not. While there is plenty of hosing, land and lots with pipes sticking out of the ground ready to be built once the demand picks up, not everyone will be as eager to live on the outskirts: it will take a while if ever for people to get comfortable, en mass, with the idea again.

The central location, Scottsdale, Phoenix, Tempe don’t have much room to grow except infill plus the population is increasing naturally plus the draw of a reviving urban city. These will help sustain and grow the demand for multi-family housing in Phoenix.

While rents in many areas have decreased they are holding steady in the urban areas. Once the market picks up, higher prices will keep people from being able to buy a home or condo. Plus as the economy becomes more mobile and agile there is no need for a growing population to even own real estate. Owning is not fore everyone and this maybe a realization that finally takes hold: for many it’s better to rent and there is nothing wrong with that.

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