Buying, selling and operating apartments in Portland

August 2016 – Portland Apartment Sales

29 September 2016
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To download the individual sales report, right-click the link below and “Save As”:

<<<portland_aug16vsaug15_aptsales>>>

Highlights:

  • CapRates reported are still in the mid-high 5% compared to 2015 in the high 5% range. 
  • $/unit Aug 16 YTD is a 7.9% increase over Aug 15 YTD.
  • $/SqFt Aug 16 YTD  is a 5.6% increase over Aug 15 YTD.
  • Aug  2016 YTD sales = $1283M vs. Aug 2015 YTD sales of $1423M

We’re still behind 2015 YTD sales numbers.  However, Aug 16 was greater than Aug 15 for monthly sales.

There is a noticeable slow-down in SFR sales in Portland.  We anticipate that multi-units will reflect this with pricing and rent pressure moderating compared to 2015.

Interest rates may show a slight increase by EOY.  However, this is the Fed giving itself more wiggle-room than an over-heated economy.

If you’d like more information on:

– Details/background on individual sales in the report or a breakdown by neighborhood

– 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. 

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Portland Apartment Sales – July 2016

1 September 2016
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To download the individual sales report, right-click the link below and “Save As”:

<<<Portland_Jul16vsJul15_AptSales>>>

Highlights:

  • CapRates reported are still in the mid-high 5% compared to 2015 in the high 5% range. 
  • $/unit July 16 YTD is a 7.0% increase over July 15 YTD.
  • $/SqFt July 16 YTD  is a 6.8% increase over July 5 YTD.
  • July 2016 YTD sales = $1077M vs. July 2015 YTD sales of $1252M

Biggest change in YTD gross sales numbers is the drop-off in large (>100 units) sales in the market.  These usually comprise 70%-75% of total gross sales in the 4 county are, so any drop is noticeable.

If you’d like more information on:

– Details/background on individual sales in the report or a breakdown by neighborhood

– 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. 


Portland Apartment Sales – June 2016

29 July 2016
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To download the individual sales report, right-click the link below and “Save As”:

<<<Portland_Jun16vsJun15_AptSales>>>

Highlights:

  • CapRates reported are still in the mid-high 5% compared to 2015 in the high 5% range. 
  • $/unit June 16 YTD is a 8.7% increase over June  15 YTD.
  • $/SqFt June  16 YTD  is a 95.5% increase over June  15 YTD.
  • June 2016 YTD sales = $939M vs. June 2015 YTD sales of $1026M

 

If you’d like more information on:

– Details/background on individual sales in the report or a breakdown by neighborhood

– 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. 


Portland Apartment Sales – April 2016

26 May 2016
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To download the individual sales report, right-click the link below and “Save As”:

<<<Portland_Apr16vsApr15_AptSales>>>

Highlights:

  • CapRates reported are still in the mid-high 5% compared to 2015 in the low 6% range. 
  • $/unit April 16 YTD is a 15.2% increase over April 15 YTD.
  • $/SqFt April 16 YTD  is a 14.5% increase over April 15 YTD.
  • April 2016 YTD sales = $674M vs. April 2015 YTD sales of $576M

Rent/Tenant environment – Class A units in close-in locations (especially new construction) are starting to give concessions.   We continuously monitor, but be aware that rent growth may be flattening.

Apartment pricing –  This will be driven by income growth and interest rates.  Based on 2015YTD vs. 2016 YTD we are not seeing the same rate of increase as 2015 vs. 2014.

City of Portland Landlord Training – This is a regular training and very useful, especially with landlord law.   We are in process of getting PDFs of the May 16 presentation and will post these and send out a blog notice with a link.  If you’d like an earlier copy, eMail me.

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 breakdown by neighborhood

– 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. 


Nov 2015 – Portland Apartment Sales

4 January 2016
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For detail on individual sales, please download the PDF at:

<<<Nov15vsNov14Sales>>>

(Right-click link and Save As)

Nov 2015 had $59M in sales in the 4 (OR – Washington, Clackamas and Multnomah and WA – Clark) counties.  This is a 25% decrease from Nov 2014 ($79M).

In terms of total sales dollars, 2015 is highest year ever. Nov 15 YTD at $2.058B has easily surpassed 2014 FY sales of $1.6B

Highlights:

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

  • $/unit Nov 15 YTD is a 13% increase over Nov 14 YTD.

  • $/SqFt Nov 15 YTD  is a 17% increase over Nov 14 YTD.

  • Projected FY 2015 sales = $2.25B vs. 2014 sales of $1.6B (previous best ever year)

Interest rate environment – The Fed did make a 0.25% increase in overnight funds rates with a threat of future increases this year (2016).

Landlord/Tenant Changes – City of Portland enacted a 90-day notice rule for rent increases >5%.  Effective 1 January 2016, Oregon has enacted tenant law changes also.  If you’d like a copy of a presentation by Leah Sykes of Bittner-Hahs attorneys, please download it at:

https://portlandapartmentsales.com/2015/11/25/oregon-portland-new-rules-for-apt-owners/

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. 


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. 


Sept 2015 – Apartment Sales in Portland Metro >$450K

29 October 2015
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For detail on individual sales, please download the PDF at:

<<<Sept15vsSept14_PortlandAptSales>>>

(Right-click link and Save As)

Sept 2015 had $261M in sales in the 4 (OR – Washington, Clackamas and Multnomah and WA – Clark) counties.  This is a 344% increase from Sept 2014.

It is official, in terms of total sales dollars, 2015 is highest year ever.  Sept 15 YTD at $1.68B easily surpassed 2014 FY sales of $1.6B

Comments on some key indicators:

  • Sept 2015 had $261M in total sales.  Largest month ever.
  • CapRates reported are still in the high 5% range overall similar to 2014.  However, CapRates suffer from reporting bias and are not as objective as other measures.
  • $/sqft and $/unit.  Sept 15 YTD $/unit shows a 8.5% increase over Sept 14 YTD. Sept 15 YTD $/SqFt show a 12.2% increase over Sept 14 YTD.
  • Projected FY 2015 sales = $2.3B vs. 2014 sales of $1.6B (previous best ever year)

Interest rate environment – The threatened Sept rate increase failed to materialize due to perceived weakness globally.  However, 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%.  Bluestone & Hockley will have a presentation on this (19 Nov) for the public with an invite in their office in SW Portland.  If you’re interested in attending, contact me.

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. 


Portland Apartment Market (4 county area) Sales History 2007-2012

21 February 2014
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<<<Portland Apartment Market History_1March14>>>

RIGHT-CLICK ABOVE LINK (and save target) TO DOWNLOAD COMPLETE REPORT

Attached is a history of Portland apartment sales sorted by neighborhood from 2008 – 2013 of transactions > $450K.

The report covers the Portland Metro area – Clark (WA), Clackamas (OR), Multnomah (OR) and Washington (OR) counties

Contents Include

2008 – 2013 Portland Apartment Market History w/ Comments

2013 Portland Operating Dynamics Trends

2008 – 2013 Sales by County

2008 – 2013 Sales by Neighborhood

2008 – 2013 Sales by Complex Size

2008 – 2013 Sales by Decade Built

2008-2013 Summary by County and Totals


Individual Portland Apartment Sales >$450K – August 2013 + 1H2013 Summary

26 September 2013
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<<<Aug13vsAug12_PortlandAptSales>>>

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 2013.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to August 2012 averages.

2013 First Half Summary and Projections:

1H2013SUmmary

2013 should be about the same volume as 2012 with the exception of fewer large complex sales.

Future directions will be determined by two things:

1) Interest rates – Are gradually increasing which means Cap Rates usually track.

2) Rents – For the next year, we will be hitting a ceiling in rent increases, however demand should stay steady.  This means owners need to focus on two things:

a. Getting/keeping good tenants – Even if this means waiting longer on vacancies.  If you’ve spent money making your apartments better do advertise this.

b. Managing expenses – The rise in utility rates is inexorable for now, especially water since most water is from the City of Portland which does not need regulatory approval for rate increases.  While bill-backs are popular, sub-metering is an option you may want to consider since it encourages tenants to use less water as opposed to a flat fee.

Side note for apartment owners – The Oregon legislature has passed a bill which will not allow a landlord to base tenant acceptance on whether they use an individual Section 8 voucher for rent payment.  Details are at:

http://gov.oregonlive.com/bill/2013/HB2639/

This will become effective 1 Jul 2014.

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 – July 2013

29 August 2013
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<<<Portland Apartment Sales_July2013>>>

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 2013.  We’ve included $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to July 2012 averages.

COMMENTS – The number of transactions tailed off comparing July 2012 vs. July 2013.  There is a paucity of reported Cap Rates, the few reported are in lower demand areas.  There were no large (>100 unit) sales in  July  2013.  However, July 2012 had several close-in sales which skewed the $/unit number.

We’ll send out a 1H2013 summary and annual project within two weeks, but 2013 looks lower volume than 2012.  If you’d like an earlier copy under separate cover, eMail me.

Future directions will be determined by two things:

1) Interest rates – Are gradually increasing which means Cap Rates usually track.

2) Rents – For the next year, we will be hitting a ceiling in rent increases, however demand should stay steady.  This means owners need to focus on two things:

a. Getting/keeping good tenants – Even if this means waiting longer on vacancies.  If you’ve spent money making your apartments better do advertise this.

b. Managing expenses – The rise in utility rates is inexorable for now, especially water since most water is from the City of Portland which does not need regulatory approval for rate increases.  While bill-backs are popular, sub-metering is an option you may want to consider since it encourages tenants to use less water as opposed to a flat fee.

CapRate will vary by location/condition of property.  If you’d like a more detailed 5-year summary of 2007-2012 apartment sales sorted by neighborhood, size and age, contact me and I can eMail it or you can find it at:

https://portlandapartmentsales.com/2013/02/27/portland-apartment-market-sales-by-neighborhood-2007-2012/

Side note for apartment owners – The Oregon legislature has passed a bill which will not allow a landlord to base tenant acceptance on whether they use an individual Section 8 voucher for rent payment.  Details are at:

http://gov.oregonlive.com/bill/2013/HB2639/

This will become effective 1 Jul 2014.

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


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