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Updated over 2 years ago on . Most recent reply

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Henry Lazerow
  • Real Estate Agent
  • Chicago, IL
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Prices have fallen! Now is time to buy ;)

Henry Lazerow
  • Real Estate Agent
  • Chicago, IL
Posted

As a realtor who specializes in 2-4 units I have first hand noticed the actual NEGOTIATED NET PRICES have fallen now on the 2-4 units. We are getting deals contingent 15-20% below comps from 6-12 months ago. You will still see many listings with old pricing but they are selling to suckers. If you know how to negotiate now is a good time to get good deals. Surprisingly areas with biggest drop are the pricier class A/B 3 and 4 units. The 2 units in less desirable areas have barely fallen.

I just got another 4 unit under contract for myself and feel now is a great time to buy the right deals. I also am about to have a 4 unit contingent for a client at roughly 15% below 6 month old comps and it has higher rents then those comps. 

The 2-4 units in Chicago are VERY supply limited. You cannot easily build them and definitely cannot build them for anywhere near the prices they sell at after factoring in land costs. They could fall more but I would not bet on it. Anytime you can buy one of these buildings that cashflows jump on it! 

Most Popular Reply

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John Warren
  • Real Estate Broker
  • 3412 S. Harlem Avenue Riverside, IL 60546
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John Warren
  • Real Estate Broker
  • 3412 S. Harlem Avenue Riverside, IL 60546
Replied

@Henry Lazerow love seeing this post. Buy when everyone is selling and sell when everyone is buying should always be the moto. Right now there is so much fear out there, and so many people are afraid to buy. It is highly likely that pricing will stabilize once the Fed chills out with the rates, and we all know there is another election cycle coming up so.... that is likely to happen. 

  • John Warren
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