Mindy, Home Owner in 94306

Multifamily inventory in Palo Alto : good, bad or average?

Asked by Mindy, 94306 Mon Jun 18, 2012

Hi -- I am viewing multifamily homes in Palo Alto from investment perspective and find that inventory is minimal. Is this how it usually is or is it below-average due to some special reasons?

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Mindy,
The inventory is always low this year inventory in all classes is at historic lows. There is just not a lot of turn over in Palo Alto multifamily homes since the rental market is always so good here and many investors buy and hold for decades.
However, this year the multi family home inventory is low everywhere, not just Palo Alto. It is almost as hard to find one for sale in surrounding cities like Menlo Park, Redwood City, and Mountain View.
Marcy Moyer
DRE 01191194
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Mon Jun 18, 2012
Most multi-family transactions in this part of the Valley don't make it to the MLS, LoopNet, or other public markets, so it's always hard to tell just what the inventory is. Most sales are arranged either between an owner and a pre-seleced buyer or by brokers as pocket listings. There are always many more buyers than sellers and every broker has a list of buyers who are ready to pay cash for a good property before it goes on the market.
That said, inventory is low right now because rents are strong and sellers want to enjoy healthy rents for awhile rather than selling.
Many multi-family buyers are just looking for properties they want and making an unsolicited offers.
0 votes Thank Flag Link Mon Jun 18, 2012
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