N Bay apartment markets start 2019 slowly

Word on the street is that apartment prices may have hit a ceiling after years of rapid increases. As of mid-February, very few deals had gone to escrow and not much was coming to market.

The only major apartment deal that sold in January in the North Bay in was Trailhead Apartments at Tam Junction in Mill Valley. The 41-unit property sold for $14.7MM. There were other sales, but they were almost entirely duplexes. I will post with more market news soon.

In other news, SF Bay politicians were pushing for the state legislature to pass laws to implement what is called the CASA Compact. It has some good provisions to pressure local governments into permitting more housing construction. However, it also calls for governments to regulate the eviction process and worse, for localities throughout the region to adopt a 5% per year cap on rent increases. Stand by for updates…

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