“At the time of writing this there are only 138 active 3-4 unit properties. 40 are in AWC status – these are mostly short sales awaiting bank approval. There are a whopping 70 pending properties or those under contract awaiting a close. Many of these are vacant REO properties which once they enter the market will add to the inventory pool of available apartments.”  Artur from Phoenix Market Trends

View the recent sales at PhoenixMarketTrends

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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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For sale is this very well cared for income property in North Central Phoenix.  It has a total of 4 units, each with 2 huge bedrooms, 2 full bathrooms and laundry facilities in each unit.  It’s a turn key operation with little in deferred maintenance and ready to go: fully rented.

Location

The Phoenix fourplex is located in North Central Phoenix and specifically the eastern end of Sunnyslope near the Phoenix Mountains.  Close to major travel routs, a bus line and near the I-51 freeway.   Residents have quick access to lots of shopping, a hospital, some of the better schools in the valley, hiking and plenty of employers.

Features

Each unit has 2 large bedrooms and 2 full bathrooms (by full I mean with with a tub)

There are 3 walk in closest.

Mostly hard surface flooring, that means durability and cleanliness and foremost low turn over cost.

Newer roof installed in late 2009.

Plenty of parking: both off street (6-7 spaces) and on street (3-4 cars).

Numbers

Price: $170,000

Income:

Rent: $2,200 per month.  Market is $2,400

Expenses:

Water:  $220.00 per month

Trash: $80.00 per month

Taxes: $2,411.00 annual

Maintenance: $1,200 annual

Insurance: $740 annual

Get in touch.

Call Artur at 602.628.4349

artur@inphoenix.com

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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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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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Certain parts of the valley tend to be better for investment then others.  No matter how inexpensive some property may be if there is no rental market it’s not a good investment period.  You can hope to leave that property vacant and maybe it will go up in price but that is not a sound investment strategy, though, many people did that.

So where are the renters?  They are where most people want to live: near jobs, good transportation, schools, shopping and some entertainment: these are popular places where homes don’t sit vacant, where they don’t deteriorate nor are decimated by un-use (home that just sit around, not used tend to deteriorate).

Where to invest?  This is a more difficult question.  Rental rates don’t increase proportionately to prices.  A 1,500sf home in Avaondale can lease for $1,000 and cost $125,000 but a $350,000 Central Phoenix will only lease for $1,800 on average.

There is more to consider, of course.  What are you going for, appreciation, cash flow or a combination.  What ever I say now is subject to change based on market conditions.

Homes in Avondale, parts of Goodyear, Litchefield Park, Surprise are well priced, still and the rental markets are fairly good.  These are areas where you can purchase income homes and rent then out for near a 1% per month return in gross rents: $100,000 leased for $1,000 per month is 1%.  That’s a good goal to have.

You won’t get this in Central Phoenix but it does not mean it’s not a good investment.  We’ll selected properties will provide a good return for many other reason then simple rent cash flow: these could be the reuse of land for better purposes, an increasing population or even a changing population.

If you buy a home for $50,000 in rural Phoenix, it can be large, newer and fairly nice.  There are places like Buckeye or Queen Creek or Arizona City where inexpensive homes are abound.  There is a reason they are this low in price.  They could be good purchases if you live there, but tread carefully if you’re investing for rentals in those areas

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In other words normal seller should simply stay out of the market because it will be a pure fluke if they get a buyer even if the property makes sense and there are some very good properties out there by normal sellers.  Many are in very good to excellent condition, well managed and with little deferred maintenance but they are not bank owned so they get very little attention.

If we look at the Pending properties, there are 133 right now, only 4 are normal sellers.  The rest are lender owned or short sales.  Prices range from $24,000 to $250.000 and hover in the area of $37,000 per unit.

$37,000 per unit sound very attractive but often these need a lot of work.  Not only cosmetic work but deferred maintenance plus they are vacant non income producing units.  These need to be factored into the analysis.

Since January 2009, 122 units.  Based on this there is, roughly -since we don’t have March sold number yet, a 14 month supply of residential multifamily properties.

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