by Jodi Summers
We’re going to give it to you straight – Los Angeles multifamily properties are valuable. Conditions are tight. Prices are up. Now is a fine time to sell, or exchange an apartment into another, less hands-on property investment.
Looking at Los Angeles County, if we compare August 2012 to August 2013, according to Clarus Market Metrics, the median price of for sale properties is up 14% and the median price of sold properties is up 85%.
A major factor driving up volume is inventory – there’s not of it. Contrasting Aug. 2012 and Aug. 2013 we find that the choices of for sale properties is down -5% and the number of sold properties is up 10%. The statistics show, buyers are taking what they kind find and paying a premium for it. Savvy real estate players have been making off market deals.
County-wide, asking prices for Multifamily properties are 5.5% higher at $174,481 per unit compared to the current median price of $161,643 per unit for Multifamily properties in Los Angeles, CA.
For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – firstname.lastname@example.org or 310.392.1211, and let us move forward together.
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