SoCal Multifamily Sales Pulse -August 22, 2021 - August 28, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
Why The Overturned Eviction Moratorium May Be
Too Little, Too Late For Both Renters, Landlords
The Supreme Court’s decision last week to strike down the pandemic-era eviction moratorium may arrive too late for many struggling independent landlords, even as it appears to heighten the risk of eviction for tenants behind on their rent.
Thursday’s decision by the U.S. high court found that the Centers for Disease Control and Prevention (CDC) lacks authority under federal law to impose an eviction ban, which was set to expire on October 3. The court stressed that Congress, rather than the CDC, must specifically authorize an eviction policy.
At least half a dozen states, including New Jersey, California, New York and Washington, have policies in place to protect renters to help keep families in their homes.
“You just can't flip a switch and evict people,” said Paul Getty, CEO of First Guardian Group, a real estate investment and broker firm. The eviction process could take up months because of the backlog and the court systems, he explained.
However, the ruling doesn’t mean renters in states without protections will be immediately removed from their homes — an outcome that appears all but certain to prolong the pain for “mom and pop” landlords struggling with mounting costs, some of whom haven’t been paid by tenants in over a year.
While eviction filings are expected to ramp up, it is unclear how quickly already backlogged courts can process new filings, or how effective the remaining patchwork of state and local protections will be in keeping renters in place until they secure rent relief.
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Orange County
Orange County multifamily had 18 Closed Sales Last Week. This is a little more than average for the number of closed sales for Orange County but this was probably caused by an overflow from the prior weeks' closed sales totaling a low of only 7 closed sales. Out of the 18 closed sales 11 of the closed sales were located in a coastal city. The number of closed sales were pretty evenly divided up between duplexes, triplex’s, fourplexes, and 5+ units.
One sale of note was the sale of a Covington style 4 plex located on Louise Circle in Garden Grove. The property was initially listed at $1,749,500 and sold immediately after hitting the market at $1,740,000 all cash.
One other sale of note was the sale of a 4 plex on French St. in Santa Ana. The property was listed at $949,000 and ended up selling in 5 days at $1,025,000. The property was built in 1910 and is located in what’s known as the French Park area of Santa Ana. The unit mix is one 3 bedroom 2 bath and three 1 bedroom 1 bath units.
Orange County’s listing inventory remained pretty steady with 11 New Listings Last Week. Months of Inventory remained at 4 months but the Total Number of Active Listings dropped to the lowest level we’ve seen in over a month at just 147 active listings.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Long Beach
Long Beach multifamily had 7 Closed Sales Last Week. This is somewhat average for Long Beach as closed sales can sometimes fluctuate between 6-14 closed sales per week. Closed Sales - Average Days on Market remained about normal at 47 days.
One sale of note was the sale of a duplex located on Quincy Ave. in Belmont Shores. The property was initially listed at $1,575,000 and sold for $1,675,000 in 17 days. Both units were 2 bedroom 1 bath. The seller lived in one of the units and the other unit was used as a short-term rental that produced approx. $50,000 yearly.
The Long Beach multifamily listing inventory had 11 New Listings Last Week. This brought the Total Number of Active Listings to 99 listings and kept the Total Number of Active Listings below 100 for the third consecutive week.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Los Angeles County
Los Angeles County multifamily had 78 Closed Sales Last Week. That’s down from 80 in the prior week which was already a little on the low side for Los Angeles County. A slowdown in the number of weekly closed sales is something to keep an eye on. The Closed Sales - Average Days on Market remained steady at 40 days and over half of the closed sales were Transactions Sold At or Above Asking Price.
One sale of note was a 16 unit building located on Meridian Avenue in South Pasadena. The sale was a trust sale. This was a trophy property that was listed at $6,250,000 and sold for $7,225,000 in 15 days. The units were comprised of 1 three bedroom, two bath single-family residence; a 13 unit apartment complex consisting of 12 two bedroom, one bath units and 1 three bedroom, two bath custom penthouse apartment; and finally one duplex with 2 two bedroom one bath units. Most of the units had been upgraded.
Los Angeles County multifamily inventory had 128 New Listings Last Week. This moved the Total Number of Active Listings up over 1,800 for the first time in over a month. Months of Inventory remained at 10 months.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Diego County
San Diego County multifamily had 18 Closed Sales Last Week. Which is normal for San Diego County. Closed Sales - Average Days on Market remained low at 24 days and 8 of the 18 closed sales were Transactions Sold At or Above Asking Price. Of the 18 closed sales, 12 were duplexes. There were 3 closed sales that were financed using VA financing.
One sale of note was a 4 plex on Felspar located in the San Diego/Pacific Beach area. The 4 plex was listed at $1,580,000 and sold for $1,500,000. The property sold in 4 days. The units were all 1 bedroom 1 bath units. The property allowed for the buyer the opportunity for the addition on an ADU or converting the single garages to ADU's to add value.
Listing inventory in San Diego County remained strong with 22 New Listings Last Week and the Total Number of Active Listings moved back up to 200 listings after falling below 200 listings in the prior week.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Riverside County
Riverside County multifamily had 6 Closed Sales Last Week. That’s up from the prior week where there were only 3 closed sales. The Closed Sales - Average Days on Market was 26 days. The same as the prior week and about quick for Riverside County. Typical Average Days on Market has been running around 45-60 days over the last 5-6 months as indicated on the 3-year trend chart.
One sale of note was the sale of a triplex on Circle City Dr. in Corona. The property was listed at $650,000 and sold in 1 day for $660,000. All the units were 2 bedroom 1 bath units. Based on the exterior of the property it looked to be somewhat of a fixer. But the surrounding properties were either large well-maintained apartment buildings or single-family homes, so it’s located in a good area.
The Riverside County listing inventory had 7 New Listings Last Week. This is just about normal for new listings per week for Riverside County. This brings the Total Number of Active Listings to 99 listings and moves the total active listing count below 100 after it was above 100 in the two previous weeks.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Bernardino County
San Bernardino multifamily saw 14 Closed Sales Last Week. This is on the high end for the number of weekly sales for San Bernardino County. Closed Sales - Average Days on Market was 27 days
There were a couple of sales of note of two side-by-side 4 plexes on Vineyard Ave. in Ontario. Each property was listed at $1,050,000 and sold in 21 days at $1,150,000. Each property had one 3 bedroom 2 bath and three 2 bedroom 1 bath units. The properties are located in close proximity to Walmart Supercenter, Ontario International Airport, Ontario City Hall, the Ontario Convention Center, and more.
San Bernardino County had 13 New Listings Last Week. This is about average for the number of new listings for San Bernardino County. The Months of Inventory remained at 9 months and the Total Number of Active Listings remained consistent at 141 listings.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
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