The sales of multi family units is down year to date 2007. In 2006 718 units sold for an average price of $155,642. Year to date in 2007, only 607 units have sold for an average price of $132,906. Sales in Clintonville and the Ohio State University areas are still solid.
Many multi unit sales are non- MLS, however the drop in MLS sales is a concern. We hear about the high foreclosure rates in single family homes, however the same is true in multi unit housing. Many new investors jumped into-the market 2000-2006 with zero down, no document mortgages. Many of these mortgages are now in default and the sellers are upside down. Look for a continued flow of bank owned multi units to come to the market in Central Ohio
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