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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
May 2008 EZine |
Dear
Real Estate Investors,
The
Marin county apartment market is continuing to have life, with
smaller properties in the 5 or more unit range showing good
demand by investors. Properties that are listed between $1
million and $1,500,000 are particularly attractive to
investors in good locations. The gross rent multipliers are
still in the 14-15 times range with little or no movement in
pricing for excellent locations.
The best locations that are selling now
include the downtown areas of Mill Valley, Sausalito,
Larkspur, San Anselmo and certain neighborhoods in San Rafael.
The most popular San Rafael areas include Gerstle Park, Sun
Valley and the Forbes area and east of the Highway 101 in the
upper and lower Dominican.
Properties in the 2-4 unit range are
selling again, now, only if sellers are willing to lower their
prices. For instance, one 4 unit property in Gerstle Park went
in to escrow very quickly after listing at $1,299,000 but
closed some months later at $1,185,000. Expect to see more
softening of prices in this category as rents stabilize and
housing prices continue to drop throughout the county.
Regards,
Katherine J.
Higgins
Investment Broker
Mobile: (415) 302-7730
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Marin Apartment Market
Update
Apartment inventory is increasing in both the
2-4 and 5 or more units categories as sellers test the market
and try to attract buyers. A number of properties have been on
the market over 120 days which indicates that the price is too
high for this market.
Lenders are continuing to tighten
their credit requirements and LTV's for 5 or more units have
now dropped to 65%. This really makes it difficult for an
investor who does not have exchange money to work with to buy
in Marin county.
Creative brokers are putting
together deals now with new or assumable first loans, and
seller secondary financing. Lender underwriting is tight right
now due to the fall out from the sub prime crisis.
I expect that the rigid lender
requirements will loosen up in the fall when most of the bad
sub prime loans have worked their way through the banking
system.
Listed below are the latest offerings
from my office. Below that is a list of available 4 units in
Marin county followed by offerings in the $1-3million
range.
Please call me at 415-302-7730 if
you have an interest in any of these
properties.
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 Just Listed!
917 San Anselmo
Avenue
10 spacious units near
downtown San Anselmo!
Price:
$2,750,000 |
289 Woodland, San
Rafael
Redone 4 Plex & Duplex on 13,000 sq.
ft. lot, nice residential area across from Davidson
Middle School.
Price:
$1,590,000
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 Remodeled Victorian
Triplex
Price:
$1,150,000 |
 5 Big Units
Downtown San
Anselmo
PENDING
Price:
$1,295,000
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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 4 plexes
available in Marin. They are not my listings but I have
access to all information about the property and can show them
with an
appointment.
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
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
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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