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Canovo Group Newsletter - November 1, 2022

Canovo Group Newsletter - November 1, 2022

Eye-Popping Drop of Utah Duplex Sales - Pricing Holding Firm

November 01, 2022

Eye Popping Drop of Utah Duplex Sales - Pricing Holding Firm

The 3rd quarter of 2022 saw a decline in real estate sales across the board. Duplex sales experienced a dramatic drop to 87 sales compared to 180 sales at the peak in Q3 2021. What was surprising to note is that while there was a significant drop in sales, the price per square foot for a duplex didn’t drop (as it did with fourplexes) but saw almost a 6% increase. It seems that duplexes are holding their value better than fourplexes - at least in the short term. We’ll continue to monitor the trends and keep you up to date. Click the image below to view the chart.

View the chart here

Recent Utah Multifamily Activity

Duplex in Salt Lake City

Built in 1970 with 2 units, 4 beds and 2 baths, 1430 sqft. Asking $385,000

Fourplex in Orem

Built in 1976, 8 beds, 4 baths, 3818 sqft sold for $849,045 with Conventional financing.

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 YoY Rent Growth Among the Highest in the Nation (rent.com)

Has Rent Growth Peaked? Could We Start to See a Decline? (biggerpockets)

How’s the Federal Reserve’s Real Estate ‘Reset’ Going? Not So Great, Latest Statistics Say (realtor.com)

This Week on The Lead Sponsor Podcast…

1100 Units Without Raising Equity, New Development versus Value-Add Deals, and The Biggest Opportunity in the Down Market - with Ryan Lawless | TLS228

Ryan Lawless, Founder and Managing Principal of Renegade Capital, has over 12 years experience as a Principal in entrepreneurial real estate. His career started in 2011 with just $10,000 in capital saved from his college bartending job. That first investment, totaling just $35,000, became the framework of his thesis that still remains today - identify value-add and distressed real estate in emerging urban neighborhoods that when repositioned offers long-term stable cash flow and asset appreciation. Since then, Ryan has directly transacted on over $300m across the United States, actively owns a diversified portfolio across four states, and is currently in development on over $120m in Colorado, where his company focuses on forward-thinking, thoughtfully designed real estate that serves as best-in-class spaces to live, work, and play.

SHOW HIGHLIGHTS:

How Ryan got started.
How he acquired 1100 units with just one partner
The #1 move he made that exploded his portfolio
How his business is structured today and
What type of deals he is focusing on.
We discuss a 71-unit deal he found off-market.
His outlook on the market and economy moving forward and what he sees as the biggest opportunity.

LISTEN TO THE EPISODE NOW