Buying, selling and operating apartments in Portland

Oct 2015 Apt Sales Portland-Metro

3 December 2015
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For detail on individual sales, please download the PDF at:

<<<Oct15vsOct14Sales>>>

(Right-click link and Save As)

Oct 2015 had $210M in sales in the 4 (OR – Washington, Clackamas and Multnomah and WA – Clark) counties.  This is a 8.4% decrease from Oct 2014 ($230M).

It is official, in terms of total sales dollars, 2015 is highest year ever.  Oct 15 YTD at $2B has easily surpassed 2014 FY sales of $1.6B

Oct 2015 had $210M in total sales.  Highlights:

  • CapRates reported are still in the mid 5% compared to 2014 in the low 6% range. 

  • $/sqft and $/unit. $/unit Oct 15 YTD is a 13% increase over Oct 14 YTD. $/SqFt Oct 15 YTD  is a 17% increase over Oct 14 YTD.

  • Projected FY 2015 sales = $2.35B vs. 2014 sales of $1.6B (previous best ever year)

Interest rate environment – Probabilities favor an increase by the Fed by EOY.  Then again, stop me if you’ve heard this one before.

Portland backlash – City of Portland enacted a 90-day notice rule for rent increases >5%.

YOUR PROPERTY – If you’d like a further breakdown on how in-demand your neighborhood is call.  Be aware of the current value of your apartment with unsolicited offers.  We offer valuations that include expense analysis with rent and sales comparables to back up any pricing.

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
Sperry Van Ness | Bluestone & Hockley
9320 SW Barbur Blvd, Suite 300
Portland, OR 97219
Phone: 503.970-4593 | Fax: 503.222.6459
steve.morris@svn.com | www.svnbluestone.com
OR License # 200202054 | WA License # 24512

All Sperry Van Ness®Offices Independently Owned and Operated

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 


2009-2014 Portland Apartment Market Sales History

12 March 2015
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<<<Portland Apartments Market History_13March15>>>

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

We’ve generated our annual 5 year history of the Portland apartment market covering sales >$450K in Clark (WA), Clackamas (OR), Multnomah (OR) and Washington (OR) counties

Topics include:

  • Current Market overview
  • 2009-2014 Portland market notes
  • 2015 Futures/Trends
  • 2014 Sales by County (Averages / Largest)
  • 2009-2014 Sales by Neighborhood, Complex Size and Decade Built

Any suggestions to make the report more readable are always appreciated.

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


Apartment Sales > $450K for January 2015 in Portland Metro

27 February 2015
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<<<Jan15vsJan14Sales>>>

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 January 2015.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to Dec 2013 averages.

January 2015 and January 2014 showed a new year’s burst of activity.

The total dollar volume was $164M (Jan 15) vs. $108M (Jan 14).   Jan 15 had TWO large (>100 units) sales and Jan 14 had TWO large sales.

Here are a few projections/trends for 2015 to consider:

  • 2014 Total sales $ is the best year ($1.49B thru 31 Dec 14) ever in the Portland METRO
  • The rent market continues to be strong, but new inventory is coming on line fast in the high-end
  • CapRate is only reported and may or may not be actual.

There are few listings that are well-priced and a lot of deals are being done “off-market”.  If you are thinking of selling in the next two years, ask us for a valuation with comp sales and financial analysis – A seller’s market is the best time to sell.

2015 returns will be driven by interest rates and operating dynamics (including vacancy rates in higher end, new construction and expenses growing faster than rents.)

If you’d like an early notice of our 5 year (2009-2014) review of the Portland apartment market, let me know and I’ll send an early copy – It should be done first part of March 2015.  If you’d like last years report (2008-2013), I can send a copy now.

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 – First Half 2014 and Projections

7 August 2014
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<<<2014-FirstHalf_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 for January-June 2014.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to 2009-2014 averages and a 2014 projection.

  • There is a lack of inventory which means buyers are driving prices. However, most likely any market change will be related to an interest rate rise.
  • Clark county has had a large drop in sales from 2013 so far. However, 2013 had several large sales.
  • Clackamas county should have a large jump in sales due to several large sales near Clackamas Town Center.
  • Multnomah county took a large jump in $/unit average pricing so far in 2014, this is driven by one large sale at $450K/unit.
  • $/sqft and CapRates have remained constant. However, CapRates are REPORTED and not available in all cases.  Prime properties in prime locations are <5% CapRates
  • While total transaction dollars are probably going to equal 2013 (as of now), total transaction count and total individual units project down from 2013.

 

We will be posting in the near future:

– 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 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