{"id":60,"date":"2008-12-18T17:48:13","date_gmt":"2008-12-18T21:48:13","guid":{"rendered":"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=60"},"modified":"2019-04-12T15:36:45","modified_gmt":"2019-04-12T12:36:45","slug":"q3-multifamily-property-report","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2008\/12\/18\/q3-multifamily-property-report\/","title":{"rendered":"Q3 Multifamily Property Report"},"content":{"rendered":"

In our Q3 Investment Property Report<\/a>, we see that in New York City, the number of closed transactions and the median sale price hit two year lows, yet some boroughs did better than others. Manhattan experienced a substantial quarterly increase in the dollar volume, passing $1.1 billion, even with the number of closed deals dropping. The Bronx had its largest multifamily sale ($67.7 million) in at least 5 years, despite two-year lows in both the number of sales and in the price indicators, while Staten Island had more sales
\nthan in the previous two quarters despite a major drop in median prices. Queens and Brooklyn both had a significant decrease in the number of sales, while median prices in Brooklyn declined by 2% and median prices in Queens fell 12% compared to Q3 2007.<\/p>\n

\"Multi-Unit<\/a>

Multi-Unit Property Sales in Queens and Brooklyn<\/p><\/div>\n

Transactions surge in Los Angeles as distressed properties flood the market: <\/strong><\/em>Los Angeles was the only city among the three in the report that had an increase in the number of sales compared to both Q3 2007 and Q2 2008. However, the increase in transactions was driven by the large number of distressed properties (trustee sales, notices of default or REO\u2019s) in the market, predominantly in the 2-4 family building classes. Fifty four percent of all properties that sold in the third quarter of 2008 were in distress this year.<\/p>\n

\"Los<\/a>

Los Angeles Multifamily Property Transactions<\/p><\/div>\n

However, the median price per unit for Multifamily properties has been in free fall since Q4 2006.<\/p>\n

\"Los<\/a>

Los Angeled Multifamily Property Price Per Unit<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Q3 2008 Investment Property Report<\/p>\n","protected":false},"author":30,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[328,388],"tags":[24,8,22,9,25],"class_list":["post-60","post","type-post","status-publish","format-standard","hentry","category-new-york-real-estate","category-real-estate-broad","tag-commercial-property","tag-investment-property","tag-los-angeles","tag-multifamily","tag-new-york-city"],"yoast_head":"\nQ3 Multifamily Property Report - PropertyShark Real Estate Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2008\/12\/18\/q3-multifamily-property-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 Multifamily Property Report\" \/>\n<meta property=\"og:description\" content=\"Q3 2008 Investment Property Report\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2008\/12\/18\/q3-multifamily-property-report\/\" \/>\n<meta property=\"og:site_name\" content=\"PropertyShark Real Estate Blog\" \/>\n<meta property=\"article:published_time\" content=\"2008-12-18T21:48:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-12T12:36:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2008\/12\/multifamily-property-q3-08-brooklyn-queens.jpg\" \/>\n<meta name=\"author\" content=\"Roxana Baiceanu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Roxana Baiceanu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Q3 Multifamily Property Report - 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