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      MONTPELIER AND BARRE INVESTMENT PROPERTY SUMMARY

      Well, here's my unofficial summary of 2009 multi family sales in Barre, VT and Montpelier, VT. To me, the most interesting number is the total inventory of available properties in Barre, compared to the number of sales in 2009.

      Closed Multi-Family Properties:

      Barre: 8

      Average Sale Price: $122,238

      Average Price/Unit: $34,187

      Montpelier: 9

      Average Sale Price: $185,322

      Average Price/Unit: $79,402

      Interestingly, only 2 of the sales in Barre were duplexes, but 6 of the Montpelier multi-families were duplexes. Some of them were really "in-law" situations. There was also a very wide range of "price per unit", including one ridiculously low 3-unit in Barre that went for $20,000. Honestly, I never saw the inside of it, and I'm pretty sure I don't want to. There was also an 11-unit on Granite Street in Barre that finally sold. That was a real fixer upper too, but hey, 11 units for $179,000 might not be a bad investment.

      Side note on the 11-unit on Granite Street: That was for sale for a number of years, and ended up going for less than half of the original listing price. To me, that suggests that if it had been priced more accurately two or three years ago, the sellers might have another hundred thousand or so in the bank.

      AVAILABLE MULTI-FAMILY PROPERTIES

      Barre: 34

      Average Asking Price: $176,574

      Average Asking Price/Unit: $$59,328

      Montpelier: 7

      Average Asking Price: $226,843

      Average Asking Price/Unit: $74,151

      See what I mean about the number of available rental properties in Barre? At 2009's sales rate, there's a 4 year supply of investment properties! Some of these are getting stale, and investors are going to have to be convinced that there aren't rotting corpses in the basements. Owners are going to want to have tight leases, solid rental histories, and well-documented income and expenses. 

      There are some solid buys in both Montpelier and Barre, but cap rates in Barre continue to outpace those in Montpelier.

      For those property owners thinking of selling, the key point is to price your property correctly from the beginning. There's a lot of competition out there, and if you want to sell, you're going to have to be smart about it.

      Same goes for buyers too. Check the numbers. Check the properties. Be smart--remember, the money's made in the purchase!

      As always, call or email with any questions you may have related to Montpelier real estate or Barre real estate.