Also lots of facilities are going to have a hard time refinancing with tougher guidelines from banks and lower values. Could be interesting how tough banks get if owners cannot come up with more equity.

Are you looking to buy a facility? John Gilliland is a great resource and very helpful. You can reach him through his website. In general, cap rates are down 100 to 150 basis points and NOI is off 10 to 15% at the average facility bring the prices in around 30%. Not much trading as sellers don't like the new reality but take a look at the public REITs for an idea on where prices are (UHAL, SSS, YSI or PSA).

Good luck!

Buy? Sell? Lease?

Chris Kavanagh
Coldwell Banker
Bethany Beach, DE 19930
302-829-9068
chris@5starbeachhomes.com