Recently I compiled some housing statistics on multi units for a client and thought I would share some of the information as I was quite surprised with some of it.
It is no surprise that prices are way down, but just by how much in some of the southern Maine real estate investment markets? In Portland Maine, the average sold price in 2009 to date is 277K compared with 302K in 2007, not so bad. Contrast this with Westbrook where the average multi unit sold for 164K in 2009 compared with 244K in 2007 or even worse... the coastal real estate market of Bath Maine saw an average price of 194K in 2007 compared with 124K in 2009! I won't even mention Biddeford!
Absorbtion rates are all over the ballpark, ranging from less than a year in Portland to just about 2 years in Bath and Brunswick!
For more info and the complete report, please reach out for a Maine Investors Packet or contact me directly at john@greentreemaine.com or phone 207-650-5383.
All the best and thanks for reading,
John
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