The supply of inventory for 2-4 unit multifamily apartment buildings in Lakeview remains low and is barely inching up as we move into the slower months of the year. These properties are commanding high rents now and pricing is still off market highs from the bubble years so it’s no surprise building owners are reluctant to sell.
Decreased inventory has worked to push up pricing significantly over the past 12 months and this pattern will likely hold in 2013. Multi-unit buildings that are priced fairly are moving quickly. Buyers are scouring the market for opportunities which means only the most overpriced properties are still available for sale. That’s not good news for anyone looking to get into the market at this point. New product hits weekly, you just need to move faster than the next guy if you want to own it.
With luck, the spring market will bring some relief and supply will pick up significantly as more sellers look to capitalize on the hot multifamily market in Chicago.
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