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Katherine J.
Higgins
The Market Leader in
North Bay Apartments
Investment
Broker
Bradley Real
Estate - Luxury Division
(415) 721-2595
office
(415) 302-7730
cell
(415) 721-2596
fax
851 Irwin Street,
Suite 104
San Rafael,
CA 94901
www.khiggins.com |
Apartment Investor's Advisor
July 2008 EZine |
Dear
Real Estate Investors,
Marin County Market
Report
REO's and Short Sales:
I am sure you have been reading about the rising rate
of bank owned property (foreclosures) and short sales
(properties selling for below what is owed to the bank).
Here in Marin County, we have our share, and investors are
in the marketplace looking for deals.
The vast majority of troubled properties are located
in San Rafael and Novato and most of them are condos that were
sold in the past four years. Entry level buyers obtained 100%
financing, which was available at the time, and then could not
make their payments when the rates reset a few years later.
Two bedroom, one bath condos that sold for $450,000 are now
being sold for $160,000-$199,000 in the Canal area of San
Rafael.
These units make great rentals and many of them were
remodeled when they were purchased only a few years ago.
With 25% down on a $160,000 condo, cash flow after
taxes, insurance and debt service would be $9,912 annually on
rental income of $1,700 per month. Loans are now at 6.75%
interest only for investors, making it very easy to get
substantial cash flow.
Distressed houses in San Rafael and Novato are
selling in the mid $600,000's. With 25% down these properties
will only break even with the rental income and expenses, but
they will appreciate again over time.
I am here to
help with your real estate investment decisions. Please don't
hesitate to call me at 415-302-7730 or email me at katherine@khiggins.com.
Regards,
Katherine J. Higgins
Investment
Broker
Mobile: (415) 302-7730
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Marin Apartment Market
Update
Rents in Marin County continue to climb, with
two bedrooms in Sausalito as high as $2,500 per month and up.
One bedrooms in Southern Marin start now at $1,700 per month.
Inventory for 2-4 units is plentiful in Southern Marin, but
prices have not come down with the remainder of the market.
Most duplex prices in Southern Marin start at around
$1,200,000 and go up from there.
In central Marin, duplexes are now listed at $725,000-the
high $800's. I expect 2-4 unit pricing to soften over the next
18-24 months, as owner occupant buyers are no longer in the
market. This segment of the market pushed prices up when the
entry level housing market reached it's peak in the second
quarter of 2006.
In the 5 or more unit category there are very few
sales to report over $2,000,000. The majority of sales in the
past six months have been under that number. Prices are
slowing softening in that portion of the market, as lenders
become tougher on underwriting. Expect gross rent multipliers
in Marin County to slowly decline over the next 24 months,
particularly in central and northern Marin where rent levels
are more moderate.
Below find my latest listings. Please give me a call
at 415-302-7730 if any of them look like something you may be
interested in.
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28
Ross Street
San Rafael
7 Units
Just listed! 7 units in Gerstle Park, San
Rafael. Well maintained and lots of
upgrades.
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917 San
Anselmo Avenue
San Anselmo
10 Units
Just reduced! 10 units near downtown San
Anselmo. Wonderful location for tenants - quality built 10
unit building, grossing over $160,000 per year.
Price:
$2,550,000 |
289 Woodland Avenue
Remodeled 4 Plex and Duplex on one lot! Improving area
of San Rafael. Good income at $109,000 per year.
Price: $1,590,000
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Please call the office for more information on
apartment inventory that is not on MLS but available for
sale.
Below are listed available
properties in the county that are not my listings. If you have
an interest in viewing them or receiving more specific
information, feel free to call me at my office in San Rafael.
31 Reed Blvd. #6, Mill Valley - 4
Units - $1,125,000
Managed property in group of 14
similar buildings.
17-23 Clay
Court, Novato - 4 Units
- $1,150,000 Managed property in group of 16 similar
buildings.
57-63 Clay Court, Novato - 4 Units -
$1,175,000
Managed property in group of 16 similar
buildings.
PENDING
20 Warner Court, San Rafael - 4 Units
- $825,000 2 studios, 2 one
bedrooms
2101 Bridgeway,
Sausalito - 4 Units
- $1,785,000 House with owner's unit, cottage and 2
units. Bay Views!
1 Andrew
Drive, Tiburon - 4 Condos
- $1,600,000 Four 2 bedroom condos sold as
a package. Big Bay Views!
REDUCED
304-308 C Street, San
Rafael - Duplex - $759,000
Redone and well located Gerstle Park, 2 Units.
Below find 5 or more units from $1 - $3 Million
available in Marin County.
Second
Street, Novato - 5 Units -
$1,060,000 15.6 GRM
PENDING
49 Ignacio Lane,
Novato - 10 Units
- $1,389,000 10 Studios 12.8 GRM
Fireplaces!
81 Woodland, San Rafael
- 12 Units - $1,775,,000
11.7 GRM
555 Bridgeway, Sausalito
- 5 Units
- $1,700,000 Fixer or teardown with huge Bay Views.
PENDING
1308-1310 Leafwood, Novato
- 12 Units on 2 parcels
- $2,025,000 12.3
GRM
1130-1134 Mission, San
Rafael - 12 Units
- $2,325,000 16 GRM Old Vicotrian with
large units downtown.
107-109 Ross, San Rafael
- 13 Units
- $2,499,000 14 GRM Old Victorian with
5 units, duplex, and six units on one
lot.
102-110 Merrydale, San
Rafael - 15 Units - $2,900,000
11
times projected rents, good
mix.
2-6 West Court,
Sausalito - 6 Units
- $2,795,000 20 GRM Huge views, spacious
units. PENDING
1606 Third Street, San Rafael - 25
Units - $4,295,000 12.2 times
market rents. Just Listed and a pride of ownership
property built in 1987 in walk to downtown
location!
If any of these properties look
interesting to you, don't hesitate to call our office for
information and a showing.
Call me with your special needs - we
handle anything from 2-50 units and are always happy to help
with your sale or purchase. Contact me at 415-302-7730
or e-mail me at katherine@khiggins.com for more details and an appointment to
show!
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