This is a short post about some stats concerning multi-family homes for sale in Johnson County, Kansas. In the last 181 days there have been 10 multi family homes that have sold and closed. There are currently 47 multi-family housing units for sale in Johnson County.
Just sayin’.
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Chris Lengquist
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Chris Lengquist
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Ad Astra Realty, Inc
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Olathe, Kansas 66062
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Chris (at) AdAstraKC.com
BBQ Capital | Kansas City Real Estate Investing
Are 37-47 mulit-family properties overpriced, the numbers don’t work, or mom won’t live in the family meca of Johnson County?
Your number show a 2 1/2 year backlog based on last six months of sales. Are prices coming down?
Or did those 10 properties get top dollar and other owners want to get their properties on the market and catch those west coast buyers?
Pat, I believe many/most of them aren’t priced too far from reality. But the problem is multi-layered.
1. A minimum of 25% down now to purchase multi-family homes and then the interest rates get better at 30% down. That’s a lot of cake for a lot of people with JoCo being the most expensive county in KC.
2. The word is just filtering out that Fannie/Freddie lifted the 4 limit to 10.
3. People, named investors, are still a little hesitant about their jobs. I have several REI types that have 6 figure jobs but every time they turn around their company is laying off. So they are a bit skittish.
4. Many/most of the investment property owners looking to sell bought their properties on proper fundamentals. It’s why they’ve hung on so long and why they don’t “have” to sell.
Rents in JoCo are solid as solid can be. No worries there. And many of the places I have seen are priced with a nod towards the new reality.
No worries about west coast buyers being duped. Appraisals are yet another battle to keep an eye on though most are realistic so long as the numbers really do work.