WK COMMERCIAL GROUP

We have a SHORT SALE in Savannah. 4 bedrooms, 3 baths, office, and game room. The primary bedroom and two other bedrooms are located on the first floor, along with the office. Bloomfield Cypress II plan. $410,000, 2,460 sq ft. It is priced lower per square foot than the comps. (Can not be used as a rental for 12 months.) This house needs only minimal work. It can be moved right into. Needs to close by 7/27.
**We would buy this, but we just bought two houses to renovate.*** To build this home new, it would cost:
Union Park = $550k
Painted Tree = $670K
Melissa = $540k
This is truly a great opportunity!!

Multifamily property prices dropped double digits in April, a trend unseen since the Great Recession.

According to the CoStar Group report, price declines in the multifamily sector experienced a 1.4% decline in April, reflecting the ninth consecutive month of declines since reaching a peak in July 2022. The index also erased 12.2% of value during the 12 months ending in April, its most significant year-over-year pullback since February 2010.

Chad Littell, national director of U.S. capital markets analytics for CoStar, tells us, "Falling net absorption, coupled with a surge in supply deliveries, is weighing on occupancy levels and restricting pricing power to move rents at the same pace as in 2021 and 2022."

If you want to gain a deeper insight into how this affects the multifamily industry in Texas or receive an evaluation of the current value of your multifamily properties, don't hesitate to get in touch with us.