Watching the Multi-Family Market

Good Monday morning to the Island. What a terrific weekend, the weather was so nice why would anyone think about Alameda Real Estate, but its Monday and here we are back at it talking about inventory.

There has been a small increase in inventory over the last two weeks, growing from 124 units to 128 units. The real interesting part of the inventory is both short sales and foreclosures have gone up for the second week in a row. Digging into the information showed that multi-family properties add to this inventory.

Link To Larger Chart

The Island had one more short sale and four foreclosures added to the market. For a total of 15 shortsales and 12 foreclosures. Just two weeks ago foreclosures had bottomed to seven on the market.

Three of the new foreclosures are between $485,000 to $675,000. These are in the heart of the median home price in Alameda, but in the case of two properties they appear to be failing investments. Two of the three are multi-family homes.

1. 1941 Sandcreek Way is a four bedroom, three bath listed for $675,000
2. 547 Pacific Ave this multi family is a major fixer it is two houses on one lot. First needs major repairs and the second home is stripped to rafters. It is listed for $485,100

1224 Chesnut is a triplex that looks to be in fair condition based on the online photos. It is listed for $615,000 multi family

There has been concern about investment property failing, where many people over exteded through credit lines to purchase investment property. This is an interesting segment to begin to watch.

Weekly Inventory Data -- October 26

. . 10/26/2009 . Total 132 . 94501 106 . 94502 26 . SFR 82 . Condo 26 . Multi-Family 22 . Short Sale 15 . Foreclosure 12 . Price Reductions 42 . High List $1,899,000 . Low List $175,000 . .