Why Multifamily Sales Prices Will Continue to Surge
The multifamily market is looking bullish as still-low interest rates and tight supply in urban areas will continue to drive prices north, experts say. “We can expect sale prices to keep rising for the foreseeable future," Charles Dunn Co senior managing director Janet Neman says. In addition to the growth, CBRE Capital Markets SVP J. Kevin Mulhern says multifamily will see more village-style developments in the future, with “more traditional suburban locations but with walkability to shopping and dining.” As the market surges, concerns rise over scarcity of land space, Marketing Directors' Adrienne Albert says, possibly creating a "real estate apartheid" with condos built for the luxury segment only. That aside, with Millennials coming to market, an influx of young people will drive big change in the cities over the next 15 years, Passco Cos' Gary Goodman predicts. "As urbanization continues, properties situated in close proximity to transit will become king.” [GS]
