I was looking through the Kansas City MLS for Kansas City Apartments for sale. What I found throughout the entire Kansas City MLS was a total of 93 apartment buildings currently for sale. Now, that’s through the whole MLS. Little towns like Polo, MO to KC are included.
You can click here for the Kansas City Apartments for sale results we are discussing. They are current as of this posting on September 8, 2010. For more current results you can contact me or give me a call at 913.322.7515.
Now the apartments in question range anywhere from $12,000 rehab dumps to large apartment complexes full of tenants priced in the millions. But I thought you might like to see the link anyway since a lot of you are real estate junkies like me.
Digging a little deeper we find some interesting results for the past 6 months. Sure, there are 93 apartments for sale, but only 2 are pending, 3 are on back up and a mere 6 have sold in the last 181 days. Bending the numbers favorably towards reducing inventory and you still have a 4+ year supply of apartments for sale in the Kansas City area. And that doesn’t even throw in the expired apartment listings.
Apartments always sell slower than residential real estate. That’s a given. The financing is more complex and more capital is required. Fewer real estate investors choose to own apartments. And generally, your tenants tend to be of a different sort than tenants that want to rent single family homes. That’s not better or worse, just different. And your property management approach is going to be much different.
Do you need counsel for buying or selling a Kansas City area apartment building? Give me a call.
Chris Lengquist & Associates
Keller Williams Realty
Diamond Partners, Inc