2014 Recap: Spotlight on Multi-Families
Last one! This is a hard category for making comparisons because multi-families include everything from 2-unit houses to much larger buildings. In Cambridge and Somerville, most multi-units fall into the 2-3-family category — in fact, last year, 207 of the 226 multis sold were either 2- or 3-family homes. However, the biggest dollar sale at $7,950,000 was an 11-unit building — newly renovated, no less — hence the price tag 🙂
Prices have been steadily rising in the past few years, as investors and developers get into bidding wars over them. The tricky part is that some of these investors are looking for buy-and-hold properties or simply a “safe” place to park their money, and so are often willing to pay prices that don’t work for immediate cash flow or condo conversion. This knocks a lot of smaller investors and developers completely out of the picture, as they just can’t compete.
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