A prospective multifamily income buyer recently asked me, "Has the spring feeding frenzy in the income property market cooled, or will my offer still be one of many?" The truthful answer is it depends on the location and condition of the property. Premium properties in choice locations will still receive multiple offers. On the other hand, fixer properties in less desirable areas will likely present rehab opportunities so they, too, will likely draw multiple offers.
In today's market, it is hard to find a wallflower income property. Last week Norma Toering & Team submitted an offer on Hermosa Beach multifamily units just blocks from the Pacific Ocean. Yes, there were eight offers. Last week another client inquired about fixer units in Wilmington. They opted not to be offer number 11. These number reflect the current activity in the income property market.
We are not seeing the 20+ offers common during the first half of 2013, but the income market remains strong as the end of the year approaches. Check out the city by city snapshot of sales so far this year.
Closed South Bay income property sales by city for 2013 YTD:
- Palos Verdes: 2
- Manhattan Beach: 18
- Hermosa Beach: 18
- Redondo Beach: 28
- Torrance: 58
- Gardena: 50
- El Segundo: 7
- Lomita: 15
- Harbor City: 7
- Wilmington: 36
- San Pedro: 96
- Long Beach: 396
- Norma Toering and Team - REMAX Estate Properties (310) 493-8333
Income Property for Sale in the South Bay of Los Angeles (priced over $800K):
Income Property for Sale in the South Bay of Los Angeles (priced under $800K):