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V O L . X X V I I I N O. I X M AY 2 , 2 0 2 2 20 R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G Multifamily housing market remains heated B y L a u r i e S c h r e i b e r e multifamily market, which can range from two-family homes to apart- ment buildings, is considered a key piece of the housing market. Worker housing and affordable housing are often part of that market. e multifamily market is hot, and while the buyers differ from other markets, the competition is keen. "It's still heated and low inventory is still the defining characteristic of the market," says Brit Vitalius, owner of Vitalius Real Estate in Portland. Two- to four-units are the hottest pricewise and the most in demand, primarily by owner-occu- pants, he says. Larger buildings are also in high demand by investors, but Portland's year-old rent control ordinance has dampened the demand there, he says. "We're seeing investors looking to be anywhere but Portland. But there just aren't as many big buildings in other towns," he says. "Buyers are try- ing to dig stuff up off-market." A different buyer On the more extreme end of the market was the buyer demand shown for a three-unit at 40 Brackett St. on Portland's West End. Listed at $599,000, it generated 70 showings and 20 offers, and sold for $700,000. More typical was 19 Salem St., a three-unit building in Portland that listed for $829,000. It attracted 20 showings. Although there were no offers in the first two weeks, it eventu- ally went under contract. Do your employees take pride in what you do? Find out. F O R I N F O R M AT I O N A N D TO A P P LY G O TO B E S T P L AC E S TO W O R K M E. C O M A N E M P L O Y E E E N G A G E M E N T P R O G R A M D E A D L I N E: M AY 27 Brought to you by: » C O N T I N U E D F RO M PA G E 1 8 Inventory is an issue. It's tight. I spend half my time trying to find off-market deals. — Thomas Gadbois F.O. Bailey Real Estate P H O T O / T I M G R E E N WAY P H O T O / C O U R T E S Y O F F. O. B A I L E Y R E A L E S TAT E F O C U S Thomas Gadbois of F.O. Bailey Real Estate, outside of a property on Morning Street in Portland that he listed and sold several times. He says tight multifamily inventory is resulting in a buyer frenzy in some cases. Oct. '14 Jun. '18 Jul. '19 Feb. '21 S O U R C E : Vitalius Real Estate Group $740K $1.1M $1.43M $1.55M +109% 27 MORNING ST., PORTLAND The sale price of the 6-unit more than doubled through four sales over a seven-year period.

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