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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
June 2008 EZine |
Dear
Real Estate Investors,
The apartment market continues to
improve, with more escrows opened and more transactions
closing. However, the inventory for 5 or more units is at an
all time low with only 17 properties in this category on the
multiple listing service! Properties that are priced between
$1 million and $2 million are moving as owners with equity in
smaller properties are starting to trade up to larger
properties with better income streams.
If you have owned a property for from 7-10 years or more
you should consider a 1031 tax deferred exchange to increase
your income stream from the smaller properties.
Smaller properties, in the 2-4 unit range are
continuing to lose value from the peak market of 2005. For
example, of all the duplexes now in escrow, they are priced
from $549,000-$699,000 which is down at least 20% from peak
prices. If you are considering either selling and cashing out
or completing a 1031 tax deferred exchange you should do it
this year rather than waiting. Industry experts are predicting
a continuing softening of prices for smaller, entry level
properties.
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
Financing apartment transactions continues to be
challenging and I am finding that local lenders have stepped
to the plate to make these deals happen. With two of my most
recent closings we found that the large national lenders have
made underwriting these loans nearly impossible. Local lenders
have stepped in, such as First Federal Savings and Loan in San
Rafael, and Circle Bank in Novato and are offering competitive
rates that match the big national lenders. I am now relying on
the local lenders to get my deals done.
They also have great rates for refinancing apartments in
the low 6% range. Call me at the office at 415-302-7730 and I
will guide you to the right lender for your property.
Below are included my current available listings and
sales. |
 194 Tunstead
Sold for $1,245,000
6/23/08
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531 D Street
San Rafael
3 Units
Sold for $900,000
6/30/08
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917 San Anselmo Avenue
San Anselmo
10 Units
10 pride of ownership units!
Price:
$2,750,000 |
289 Woodland
Avenue
Remodeled 4 Plex and Duplex on one corner lot.
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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 currently listed
properties that are well located and in good condition.
Call me at the office at (415) 302-7730 if you have an
interest in more information or viewing the
property.
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.
20 Warner Court, San Rafael - 4 Units
- $825,000 2 studios, 2 one
bedrooms
1 Hammondale Court, San
Rafael - 4 Units
- $895,000 REDUCED
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 - $799,000
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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