…one major factor driving this sales activity is the proliferation of 1031 exchange transactions. As we predicted, the combination of limited supply and hungry buyers started the year with a bang.
The first quarter of 2014 was undoubtedly the strongest first quarter we have seen in three years. The 23 commercial sales recorded easily trumps Q1 2012’s 11 deals and Q1 2013’s 14 transactions.
If this pace continues—with inventory remaining low and investors poised to pounce—2014 could produce the greatest number of commercial sales in the South Coast in more than 17 years.
As we alluded in our 2013 year-end report, one major factor driving this sales activity is the proliferation of 1031 exchange transactions. We expect this practice to continue.
New buyers are absorbing the limited supply, driving prices ever higher and breaking off-market properties loose, forcing sellers to then exchange into new properties and continuing the cycle.
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