Individual Portland Apartment Sales >$450K – Nov 2014

<<<Nov14vsNov13Sales>>>

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Attached is a list of individual Portland-area sales of apartment complexes greater than $450,000 in November 2014.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to Nov 2013 averages.

Nov 2014 (vs. Nov 2013) shows a flat market.  The total dollar volume was $92M (Nov 14) vs. $106M (Nov 13).   Nov 13 had TWO large (>100 units) sales and Sept 14 had THREE large sales.

While things are slowing down from 2013, here are a few projections/trends for 2014 to consider:

• Total sales $ will be the best year ($1.32B thru 30 Nov 14) with projections of $1.4B total in the Portland METRO
• Individual transactions are at 179 thru 30 Nov14.
• $/unit and $/sqFt will reach a record.  CapRate is only reported and difficult to confirm.

One trend driving this is that some very large sales in prime locations are driving a lot of sales.  Smaller operators are quite happy with returns currently and listings are lower.  A lot of deals are being done “off-market”.

2015 returns will be driven by interest rates and operating dynamics (especially vacancy rates in higher end and new construction) due to an influx of new inventory.

If you’d like to know where you stand today, we can do a very thorough analysis on your property and where you stand compared to your neighbors with sales and rent comparables – Call us.

If you’d like more information on:

– Details/background on individual sales in the report or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris – Senior Advisor Multi-Units
Sperry Van Ness – Bluestone & Hockley
steve.morris@svn.com  / (503) 970-4593

OR Principal Broker License 2002002054 / WA Managing Broker License 24512

Individual Portland Apartment Sales >$450K – Oct 2014

<<<Portland_Oct14vsOct13_AptSales>>>

RIGHT-CLICK ABOVE LINK (and SAVE LINK AS) TO DOWNLOAD THE DETAILED REPORT

Attached is a list of individual Portland-area sales of apartment complexes greater than $450,000 in Octt 2014.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to Sept 2013 averages.

Oct 2014 (vs. Sept 2013) shows a big Year over Year decline.  The total dollar volume was $29.4M (Sept 14) vs. $172.0M (Sept 13).   In Oct 2013 there were TWO large (>100 units) sales (1 in Vancouver and 1 in Gresham).

While things are slowing down from 2013, here are a few projections/trends for 2015 to consider:

• Total sales $ will probably beat the 2012 record of $1.14B dollars with projections of $1.6B total in the Portland METRO
• Individual transactions will be about from the same as 2013 (=320 sales)
• Individual units sold will be down from 2013 record of 14,956 units
• $/unit and $/sqFt will reach a record

One trend driving this is that some very large sales in prime locations are driving a lot of sales.  Smaller operators are quite happy with returns currently and listings are lower.  A lot of deals are being done “off-market”.

2015 returns will be driven by interest rates and operating dynamics (especially vacancy rates in higher end and new construction) due to an influx of new inventory.

If you’d like to know where you stand today, we can do a very thorough financial analysis on your property and where you stand compared to your neighbors with sales and rent comparables – Call us.

If you’d like more information on:

– Details/background on individual sales in the report or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris – Senior Advisor Multi-Units
Sperry Van Ness – Bluestone & Hockley
steve.morris@svn.com  / (503) 970-4593

OR Principal Broker License 2002002054 / WA Managing Broker License 24512

Individual Portland Apartment Sales >$450K – Sept 2014

<<<Portland Apt Sales – Sept 2014>>>

RIGHT-CLICK ABOVE LINK (and SAVE LINK AS) TO DOWNLOAD THE DETAILED REPORT

Attached is a list of individual Portland-area sales of apartment complexes greater than $450,000 in Sept 2014.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to Sept 2013 averages.

Sept 2014 (vs. Sept 2013) shows a big Year over Year decline.  The total dollar volume was $29.4M (Sept 14) vs. $172.0M (Sept 13).   Sept 13 had FOUR large (>100 units) sales and Sept 14 had ONE large sale.  The large sales in Sept 2013 did skew averages up since we use weighed averages for $/unit and $/SqFt.

While things are slowing down from 2013, here are a few projections/trends for 2014 to consider:

• Total sales $ will probably beat the 2012 record of $1.195B dollars with projections of $1.4B total in the Portland METRO
• Individual transactions will be down from the 2013 record of 319
• Individual units sold will be down from 2013 record of 14,956 units
• $/unit and $/sqFt will reach a record

One trend driving this is that some very large sales in prime locations are driving a lot of sales.  Smaller operators are quite happy with returns currently and listings are lower.  A lot of deals are being done “off-market”.

2015 returns will be driven by interest rates and operating dynamics (especially vacancy rates in higher end and new construction) due to an influx of new inventory.

If you’d like to know where you stand today, we can do a very thorough analysis on your property and where you stand compared to your neighbors with sales and rent comparables – Call us.

If you’d like more information on:

– Details/background on individual sales in the report or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris – Senior Advisor Multi-Units
Sperry Van Ness – Bluestone & Hockley
steve.morris@svn.com  / (503) 970-4593

OR Principal Broker License 2002002054 / WA Managing Broker License 24512

Individual Portland Apartment Sales >$450K – August 2014

<<<Aug14vsAug13Sales>>>

RIGHT-CLICK ABOVE LINK (and SAVE LINK AS) TO DOWNLOAD THE DETAILED REPORT

Attached is a list of individual Portland-area sales of apartment complexes greater than $450,000 in August 2014.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to July 2013 averages.

August 2014 (vs. August 2013) shows a big Year over Year bounce.  The total dollar volume was $358M (Aug 14) vs. $23M (Aug 13).   August 13 had ZERO large (>100 units) sales and August 14 had FIVE large sales.  The large sales in August 2014 did skew averages up since we use weighed averages for $/unit and $/SqFt.

The issue continues to be a paucity of smaller listings and listings in general with buyers driving pricing with their demand across the range.  Again, look out for any long-term interest rate increases which will be a damper on pricing.

Clark county continues to show fewer sales than last year.  However, the projected total sales dollars should easily eclipse 2013 sales ($1.06B in 2013 vs. a projection of $1.4B in 2014) while sales in terms of complexes/individual units will drop.  Large sales are skewing total sales volume.

If you’d like more information on:

– Details/background on individual sales in the report or

– A no-0bligation in-depth financial analysis of your apartment with income/expense comps to your neighbors and comparable sales/rents or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris – Senior Advisor Multi-Units
Sperry Van Ness – Bluestone & Hockley
steve.morris@svn.com  / (503) 970-4593

OR Principal Broker License 2002002054 / WA Managing Broker License 24512

Individual Portland Apartment Sales >$450K – July 2014

<<<July14vsJuly13Sales>>>

RIGHT-CLICK ABOVE LINK (and SAVE LINK AS) TO DOWNLOAD THE DETAILED REPORT

Attached is a list of individual Portland-area sales of apartment complexes greater than $450,000 in July 2014.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to July 2013 averages.

July 2014 (vs. July 2013) show pretty much the same pattern and metrics.    July 13 had ONE large (173 units in Vancouver) sale and June 14 had ONE large sale (>100 units).  The large sales in July 2014 did skew averages up since we use weighed averages for $/unit and $/SqFt.

The issue continues to be a paucity of smaller listings and listings in general with buyers driving pricing thru their demand.  Again, look out for any long-term interest rate increases which will be a damper on pricing.

Clark county continues to show fewer sales than last year.  However, the projected total sales dollars should easily eclipse 2013 sales ($1.06B in 2013 vs. a projection of $1.4B in 2014) while sales in terms of complexes/individual units will drop.  Large sales are skewing total sales volume.

If you’d like more information on:

– Details/background on individual sales in the report or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris – Senior Advisor Multi-Units
Sperry Van Ness – Bluestone & Hockley
steve.morris@svn.com  / (503) 970-4593

OR Principal Broker License 2002002054 / WA Managing Broker License 24512

Oregon Landlords and Applicants using Section 8 Vouchers

<<<Tenants using Section 8 Vouchers>>>

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Effective 1 July 2014, Landlords who may have applicants that will be using Section 8 vouchers for partial or full payment of rent will need to be aware of changes in Oregon law.

A landlord may not advertise they will not accept tenants using Section 8 vouchers for part or full rent payments.  A landlord may not use for screening or approval that tenants will use Section 8 vouchers for part or full rent payments.  In sum, solely relying on whether a tenant uses Section 8 vouchers for rent payment to decide acceptance is not allowed.

We’ve attached an article from the 1 Jul 2014 Oregonian that goes over some background on the new law.

If you’d like more information on:

– Details/background on individual sales in the report or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris – Senior Advisor Multi-Units
Sperry Van Ness – Bluestone & Hockley
steve.morris@svn.com  / (503) 970-4593

Individual Portland Apartment Sales >$450K – June 2014

<<<June14vsJune13_PortlandArea_AptSales>>>

RIGHT-CLICK ABOVE LINK (and SAVE LINK AS) TO DOWNLOAD THE DETAILED REPORT

Attached is a list of individual Portland-area sales of apartment complexes greater than $450,000 in June 2014.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to June 2013 averages.

June 2014 (vs. June 2013) show pretty much the same pattern and metrics.    June 13 had NO large (>100 units) sale and June 14 had TWO large sales.  The large sales in June 2014 did skew averages up since we use weighed averages for $/unit and $/SqFt.

We’ve set a new record with ONE property selling for >$100M in the Central Portland area with 231 units.

We will be posting in the very near future:

– 2014 YTD numbers thru June 2014 and projections

– A XLS with new apartment construction from 2013 thru estimated 2016 with addresses

As always, if you’d like earlier copies, let me know.

If you’d like more information on:

– Details/background on individual sales in the report or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris – Senior Advisor Multi-Units
Sperry Van Ness – Bluestone & Hockley
steve.morris@svn.com  / (503) 970-4593

OR Principal Broker License 2002002054 / WA Managing Broker License 24512