M&M data shows only 12 sales in the first half compared to 46 at this time in 2002 and an average 44 sales in each of the last three years. "Owners are listing fewer properties," says Steven M. Ekovich, vice president and regional manager in M&M's local office. "Buyers, on the other hand, are attracted by the relative stability of the multifamily market and readily available, low-cost financing."
As a result, Ekovich says "prices are likely to climb higher (in the rest of 2003), with cap rates falling for the few properties that will be listed and sold."
The solution for buyers is that "they may have to offer top dollar to get owners to part with their apartment properties," says the M&M executive. "But affordable financing will permit investors to earn steady returns on their assets."
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