January 2009 Multifamily Sales   309 Hickory Napa 2 Units $315,000 1241 Division Napa 9 Units $769,000   January Unit Price Average $98,545   The last time unit prices were recorded below $100,000 per unit was 1999.  Unit price only tells half the story though. The real measure is rent to price ratio. Keep in mind unit prices are at 1999 levels although average rents are at 2009 levels, rents have never been higher is Napa then they are today.     I am strongly urging all my clients to only... Read Full Story

I am going to jump right into reporting on the sale of multifamily real estate investment properties in Napa Valley for the time period September through December of 2008:   September 2008 1715 F Street Napa 2 Units $450,000 1701 F Street Napa 2 Units $480,000   September Unit Price Average $232,500   October 2008 2241 Louisa Street Napa 3 Units $473,900 1474 Sherwood Circle Napa 2 Units $582,500   October Unit Price Average $211,280   November 2008 933 Brown Street St. Helena 4 Units $772,00... Read Full Story

Broad based declines in the prices of existing single-family homes across the United States continued into the second half of 2008, cementing a trend that prevailed throughout the first half of 2008, according to the recently released S&P/Case-Shiller Home Price Indices report. “The downturn in residential real estate prices continued, with very few bright spots in the data,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “For the ... Read Full Story

RE/MAX Napa Valley   The city of Napa is now experiencing an apartment vacancy rate of 1.6 percent, which is fueling increased rents.   Just three years ago in 2005 the vacancy rate peaked at 5.6 percent. Last year in 2007, the vacancy rate was 2.6 percent. Population growth, credit tightening, surging foreclosures and lack of new construction of multifamily product in Napa Valley all contribute to the ultra low vacancy rate in 2008.    Now is the time for multifamily builders to enter the Na... Read Full Story

Here is a quick market snapshot of available multifamily investments in Napa Valley and Sonoma county. There is excellent value in apartment buildings throughout Napa Valley & Sonoma from the “Pits to the Ritz”. In addition RE/MAX Napa Valley offers pre-foreclosure lists for multifamily investments in Napa, San Francisco, Marin, Sonoma, and Solano counties.   ·     68 Units (Napa) $9,695,000 ·     38 Units (Napa) $5,472,000 ·     10 Units (Napa) $1,100,000 ·     9 Units (Napa... Read Full Story

Essex Property Buys Santa Cruz Complex The Silicon Valley / San Jose Business Journal Essex Property Trust Inc. has bought the Chestnut Street Apartments in Santa Cruz for $22.1 million. The 96-unit garden-style complex was built in 2002 and is located near the ocean and the University of California Santa Cruz. The property also has 9,000 square feet of retail and commercial space. Palo Alto-based Essex (NYSE:ESS) acquires, develops, redevelops and manages apartments in California and the Se... Read Full Story

In July of 2008 we witnessed the sale of 23 Napa county multifamily units. For August we see nearly a 50% reduction in sales to 12 units all with “special” attributes which skewed prices upwards and none were true multifamily investor deals. Here is a breakdown: August 2008 Napa County multifamily sales: August 2008 average unit sale price- $263,750 6778 Yount Street - $223,750 per unit (8 units) 5200 Wragg Canyon - $325,000 per unit (2 Units) 618 Seminary - $362,500 per unit (2 Units)   In J... Read Full Story

Here at the RE/MAX Napa Valley office, RE/MAX Cornerstone I am often asked by my multifamily clients what are the current lending rates for multifamily. My preferred lender is offering the following deals. Here at RE/MAX Napa Valley we have referred many multifamily buyers to our preferred lender. If you would like information contact me at the number below: Property Type Program Loan Amount Rates Starting at MF & COMM Gold LIBOR SWAP $1mil- $10mil 5.80%   - 3-10 ... Read Full Story

For multifamily investors nationwide, concerns about falling rents and rising vacancy has resulted in a decline in prices for apartment buildings. The “capitalization rate,” which measures the relationship between the price and cash flow of properties, increased yet again this time one-quarter of one percent from the second quarter of 2007 to second quarter of this year, according to Real Capital Analytics Inc., a real-estate research firm. The cap rates are now at levels last see... Read Full Story

Foreclosure filings were reported on 72,285 California properties in July for the highest total among the states, according to a report released Thursday. Foreclosure notices on small and medium size multifamily surged to record highs too. RE/MAX research said California’s foreclosure activity increased 5 percent from the previous month and was up 85 percent from July 2007. On a year-over-year basis, bank repossessions in California were up 427 percent, while auction notices were up 67 ... Read Full Story