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Canovo Group Newsletter - Oct 18, 2022

Canovo Group Newsletter - Oct 18, 2022

Utah Multifamily Snapshot 54% Drop [Chart]

October 18, 2022

Utah Small-Scale Multifamily Sees Dramatic Shift

Last year on October 18, 2021 there were a total of 277 multifamily properties identified as Active or Under Contract with 122 in the Active status and 150 in the Under Contract status.

Today (October 18, 2022) there are a total of 263 multifamily properties identified as Active or Under Contract with 194 in the Active status and only 69 in the Under Contract Status.

This is a dramatic shift representing a 54% increase in listings in Active status and a 59% drop in listings in Under Contract status.

With the significant rise in interest rates, investors are finding it difficult to make deals pencil at current pricing while sellers are trying to hold the line. This battle is resulting in less contracts and more active listings.

The chart above represents all multifamily property in the WFRMLS database including duplex, triplex, and fourplex property along with some smaller scale commercial multifamily property.

Recent Utah Multifamily Activity

12 plex in Ogden

Built in 1962 with 12 units, 16 beds and 16 baths, 8150 sqft. Sold for $1,650,000. Cash sale.

Fourplex in Salt Lake

Built in 1979, 8 beds, 4 baths, 3488 sqft sold for $800,000 with Conventional financing.

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

For the First Time, FannieMae Now Expects Housing Prices to Fall Next Year (fanniemae.com)

Annual rent increases dipped below 10 percent for the first time in more than a year. (Multihousingnews.com)

This Week on The Lead Sponsor Podcast…

The Key Principal Business Model - Bringing Net-worth, Liquidity, and Experience to Syndication Deals - with Mike Desrosiers | TLS227

Mike is the CEO of Growth Capital Group a multifamily investment firm that has acquired 12 assets, over 1000 units and over $100M in value. GCP acquires cash-flowing multifamily properties in growing US markets. We specialize in value add properties that provide an opportunity to renovate units, bring rents to market values, and sell at a substantial profit for investors and general partners. We offer passive investments to our investors who want to invest in real estate without the hassle of managing the properties.

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