from this morning's San Diego Business Journal (9/2):
Lower Prices for Large Apartment Complexes Welcoming Buyers
By MICHELLE MOWAD - 9/1/2008
San Diego Business Journal Staff
"Sales prices per unit in multifamily investment properties are coming down and welcoming investors to San Diego.
“The volume of sales is off and has been now for a couple of years, but there is no question that we are seeing more interest now as prices have come down to more attractive levels,” said Peter Scepanovic, senior vice president of Colliers International in Carlsbad." ...
"In Colliers’ latest multifamily report, released in March, the average sales price per multifamily unit sold was $140,952 compared with $144,924 in September 2007, $165,820 in March 2007 and $198,226 in March 2006.
Rental rates, on the other hand, are up 4 percent year over year. In March, the average rental rate per square foot was $1.53 compared with $1.50 six months earlier and $1.47 in March 2007.
Vacancy rates in apartments were at 3.63 percent earlier this year. Vacancy has ranged between 5.7 percent and 1.3 percent since 1994, according to Colliers." ...
for the complete story
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