Multi Family Update by David Caron
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Sales of Multi Family properties are showing some signs of possibly rebounding a bit. As a matter of fact, MREIS statistics show in Cumberland County that there has been about a 10% increase in the number of sales through October 31 of this year compared to the same period last year.
This is in large part due to the fact that prices are down quite a bit from where they were at their peak a few years ago, interest rates are very favorable and banks have sold some of the properties they had taken back at bargain prices. These are encouraging signs that Multi Family properties are still moving. In Greater Portland, vacancy rates have crept up a bit to the 7% range. This should hopefully stabilize with no new projects coming on line to speak of. As a reminder to all Residential Landlords, as of 10/31/2009 all units must have a carbon monoxide detector installed. These can either be the hardwired type or plug in type. There are also some changes in the smoke detector regulations which are still out there for clarification. If you have any questions on the compliance of your units, contact the State Fire Marshall's office at 207-626-3873. |
Posted by MCB Admin at 10/23/2010 7:15 AM 
Categories: Broker Message
Tags: Multi-Family David Caron- Associate Broker
Categories: Broker Message
Tags: Multi-Family David Caron- Associate Broker
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