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Canovo Group Newsletter - December 8th

Canovo Group Newsletter - December 8th

12% Drop in Utah Single Family Home Values [CHART], Seller Finance Deals List,

December 08, 2022

Utah Single Family Home Values Drop 12% From It’s Peak

There has been a historical shift in the housing market over the last 8 months. In the chart below you’ll see that the median sales price for single family homes in Utah has dropped by 12% from is peak in May of $599,000 to $525,000 in November.

With mortgage rates hovering around 7% and economic uncertainty continuing into the foreseeable future, the question remains as to how far the Utah housing market will fall.

Utah Single Family - Monthly Median Sales Price

Recent Utah Multifamily Activity

Duplex in Salt Lake City

Built in 1970 with 2 units, 4 beds and 2 baths, 1430 sqft. Sold for $375,000. sold by: Canovo Group

11 Unit in Provo

Built in 1975, 24 beds, 12 baths, 12041 sqft, sold for $1,950,000 with conventional financing. sold by: Vision Real estate

West Valley Duplex

Built in 1972, 7 Beds, ~3300 SqFt in West Valley City. Asking $579,000. Access Details Here. Listed by: Canovo Group

Turn-Key Fourplex

Built in 2019, 12 Beds, 12 baths, ~6700 SqFt in Eagle Mountain. Asking $1,350,000. Access Details Here. Listed by: Canovo Group

Considering selling your multifamily property? Request a free brokers opinion of value.

Headlines, Reports, and Articles

Utah housing market sees nation’s biggest decline in October home sales, RE/MAX reports (deseret.com)

Build-to-rent communities popping up across Wasatch Front (kjzz.com)

2 more Utah tech companies — each valued at over $1B — lay off staff (sltrib.com)

Year to End Strong for Multifamily - Yardi Matrix Report

Download Your Free List of Seller Finance Deals

This Week on The Lead Sponsor Podcast…

Selling a 5000 Unit Portfolio; 1000 Units from Mom & Pop Owners; Successful Partnership Structures - with Stewart Beal | TLS234

Show Highlights:

How his business is structured and current portfolio
Selling a lawn care business at the age of 19 for $250k
His first real estate investment
Building his property management company
Acquiring 300M in his first syndication company
Selling the 5000 unit portfolio, dissolving the business, and going off on his own.
6 Ways he finds off-market, mom-and-pop deals.
What he’s looking for in a good deal

GUEST BIO:

Stewart Beal is a serial entrepreneur who brings extensive management, marketing, and leadership abilities to all Beal Capital projects. Stewart has been actively involved in real estate, construction, acquisition, development, and management since 1997. When he was nineteen years old, Stewart founded Beal Properties, LLC, and has since founded more than twenty other companies in the real estate and construction industries.

Beal Properties has purchased more than 100 properties over the past 17 years - in Ypsilanti, Ann Arbor, Toledo, Detroit, Monroe, and Dundee. His company currently manages over 3,000 apartment units, office spaces, and single-family homes. Beal Properties employs more than 60 team members in Michigan and Ohio.

Stewart is a founding member of Watermark Partners, which manages a set of real estate funds that have raised and deployed more than $100 million in equity, closed more than 150 real estate transactions, and acquired more than 6,000 apartments over the past 5 years.

LISTEN TO THE EPISODE NOW