As the first quarter of 2017 comes to an end I thought it was time to see how income property sales and listing are shaping up. Are prospective buyers on hold until the new tax laws come into effect, or are buyers shopping to lock in interest rates before the inevitable rate hikes?
Like most local real estate markets, residential income property continues to contend with low inventory. 2-4 Unit properties continue to be the most popular with buyers. Financing is most attractive for the 2-4 unit properties; when purchasing five or more units the purchase falls under less favorable financial guidelines.
Properties located in rent control areas continue to sell at a slightly slower pace than properties not under rent control. Properties priced under $2MM tend to attract the largest pool of prospective buyers.
The beach cities of Manhattan, Hermosa and Redondo have recorded 21 residential income property sales YTD. Twelve sales were properties priced under $2MM and nine sold for over $2MM.
San Pedro remains the city in the South Bay of Los Angeles with the most income properties for sale. San Pedro is under L.A. City rent control. San Pedro recorded 27 residential income properties sales 2017 YTD per MLS statistics. There are 31 properties for sale.
Torrance has 13 residential income properties for sale and has recorded 22 sales YTD.
For more information about residential income property in the South Bay of Los Angeles contact Norma@CharlemagneProperties.com or 310.493.8333.