Plenty of duplex properties in Snohomish county!
May 31st, 2009 Jacquie Cliff - Real Estate Broker
Time for a market update on duplex properties in Snohomish county. This month 20 new duplexes came on the market and right now there are over 100 up for sale. Over 100 duplex properties for sale in Snohomish county alone? That is a bunch!
As of this morning the average duplex in Snohomish County is priced at $383,457 and has been on the market 177 days. That is a long time to be sitting! On the low end are the Everett fixer duplex properties, the cheapest is a meager $185,000. On the other end of the scare are the overpriced new or nearly new duplex properties topping out at around $730,000. I see no way those are going to cash flow with any reasonable sort of down payment.
In contrast, the sold listings tell the story of what duplex properties investors are actually buying. In the last 3 months a mere 12 Snohomish county duplex properties have sold. When it comes to what they are selling for, the average duplex sale price is $327,879, and none of those were over $480,000.
Looking at these numbers, I just wonder how many owners are bleeding, sitting on duplex properties that do not have positive cash flow. Personally if I were wanting to start investing in small multifamily properties, I would make sure that I had my financing in order, a solid down payment, and then start making offers on some of these properties that are close to being priced right, but have been on the market too long.
If you are ready to buy or sell a duplex in Snohomish or Northern King County give me a call at 425-773-3149. I would like to sit down and discuss the market conditions and how they relate your needs and situation!
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