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Canovo Group Newsletter - Oct 12, 2022

Canovo Group Newsletter - Oct 12, 2022

Shocking Drop in Utah Fourplex Sales

October 13, 2022

Shocking Drop in Utah Fourplex Sales

As we closed out the 3rd quarter of 2022 we have seen a decline in real estate sales across the board with fourplex sales seeing a dramatic drop. In the chart below you’ll note a drop in sales of 60% compared to Q2 2022 and a 55% drop compared to Q3 2021. You’ll also note a 21% drop in $ per SqFt. This is the largest quarterly drop in over 14 quarters. This decline is more significant than the decline we saw in Q2 2020 during the height of the pandemic.

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Recent Utah Multifamily Activity

Off-Market Duplex

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

Off-Market 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

The Housing Market is Backfiring on Home Flippers (deseret.com)

Biden Housing Plan Update includes More Affordable Multifamily Financing (Whitehouse.gov)

This Week on The Lead Sponsor Podcast…

$300 Million in Self Storage Development and Value-Add, The Coming Asset Value Adjustment, and Disposition Regrets - with Jacob Vanderslice | TLS 226

Jacob Vanderslice is Principal at VanWest Partners, a Denver-based real estate investment firm focusing on the acquisition and management of self-storage centers and other opportunistic real estate throughout the United States. By focusing on this conservative and growing real estate sector, VanWest has established a track record with over $195mm in real estate assets. Jacob and his partners’ success is driven by a commitment to delivering an expertly-executed, adaptable strategy with an institutional investment approach.

LISTEN TO THE EPISODE NOW