"The sale of the Higby apartment complex reflects alarming trends in the multifamily residential market, with prices dropping sharply since its 2019 purchase."
"This week's $32 million purchase price represents a nosedive of 42% from the assessed value and 38% from the prior purchase amount, illustrating a worrying trend."
The Higby apartment complex in Berkeley was recently purchased at a staggering $32 million following a foreclosure, showcasing a troubling decline in the value of multifamily residential properties in the East Bay. Originally bought for $51.5 million in 2019, its valuation fell to $36.2 million at foreclosure in August 2024. The sale represents a drop of 42% from the assessed value, illustrating a broader downtrend in apartment market prices across the region. This pattern mirrors the developments seen in other East Bay areas like Oakland and Emeryville, indicating a weakening market.
Read at The Mercury News
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