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Fairfield County Real Estate Market

Fairfield County Real Estate Market. Sponsored by the University of Connecticut November 13, 2008 Presented by Chris Kerin, MAI, CCIM Kerin & Fazio, LLC 363 Reef Road Fairfield, CT 06824 Phone: (203) 259-9500 ckerin@ctvaluation.com. Residential mortgage crisis

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Fairfield County Real Estate Market

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  1. Fairfield County Real Estate Market Sponsored by the University of Connecticut November 13, 2008 Presented by Chris Kerin, MAI, CCIM Kerin & Fazio, LLC 363 Reef Road Fairfield, CT 06824 Phone: (203) 259-9500 ckerin@ctvaluation.com Kerin & Fazio, LLC

  2. Kerin & Fazio, LLC

  3. Residential mortgage crisis Lack of liquidity in com’l markets Overseas investment dries up Demise of the CMBS market • Wall Street failures – Lehman Bros • Dow drops -35% since last year • Shrinking Wall Street bonuses • Job uncertainty Kerin & Fazio, LLC

  4. Darien, CT 27% $168,687 • Bloomington, IL 26% $ 54,971 • Hoboken, NJ 23% $ 81,356 • W. Des Moines, IO 22% $ 61,303 • Garden City, NJ 20% $121,831 Summit, NJ 20% $111,497 Westport, CT 19% $137,133 University Pk, TX 19% $110,976 Fruit Cove, FL 19% $100,479 Wethersfield, CT 19% $ 63,359 Kerin & Fazio, LLC Source: BusinessWeek

  5. Kerin & Fazio, LLC

  6. Kerin & Fazio, LLC

  7. Kerin & Fazio, LLC

  8. Fairfield County Retail Market • Historically high building sales prices • Vacancy rate < 5% • Cap rates 5.50% - 7.50% • Holiday sales will tell the story Kerin & Fazio, LLC

  9. Retail Market Activity Kerin & Fazio, LLC

  10. Fairfield County Office Market • Sales prices peaked in 2007 • Vacancy rate 5% - 10% • Cap rates 6.50% - 8.00% • Watch out for vacancy in NYC Kerin & Fazio, LLC

  11. Fairfield Metro Center • Proposed Development - 2010 • $500 Million project • Town, DOT and Blackrock Realty • 35 acres in eastern Fairfield • Metro-North train station • 1,500 commuter parking spaces • 980,000 SF office • 75,000 SF retail • Hilton Hotel Kerin & Fazio, LLC

  12. South Norwalk • 95/7 Ventures • Proposed Development • 12.5 acres I-95/Rte 7 • 550,000 SF office • 100,000 SF retail • 300 residential units • 140 room hotel • The Maritime • $60 Million development • 161 apartments • 40,000 SF office • 61 condos • $450,000 - $1,500,000 condos • Virgin Atlantic HQ Kerin & Fazio, LLC

  13. Fairfield County Apartment Market • Historically high sales prices • Vacancy rate < 5% • Cap rates 6.00% - 8.00% • Holds value in weak housing market Kerin & Fazio, LLC

  14. Harbor Point, Stamford 80 acre Waterfront Dev’t • 10 years to complete • 5,100,000 SF Apts (4,000) • 300,000 SF Office • 400,000 SF Retail • 210,000 SF Hotel Gateway Harbor Point 700,000 S.F. Office (2 Buildings) Land Assembled for $3,400,000/acre ± Recapitalization BLT takes out Antares in Fall 2008 for $200 Million Kerin & Fazio, LLC

  15. Stamford, Connecticut Trump Parc Tower Highgrove • Ground Breaking Spring 2007 • Completion Spring 2009 • 37 Stories, 170 Units • $700,000 for 3 Bedroom Condos • Over $1 Million Penthouse Condos • Under Construction • Completion Summer 2009 • 18 Stories, 83 Units • 2,500 sf - 3,500 sf • $1.3 M to over $3 Million Kerin & Fazio, LLC

  16. Fairfield County Industrial Market • Vacancy rate 5% - 10% • Cap rates 7.00% - 8.50% Kerin & Fazio, LLC

  17. Money waiting on the sidelines (15% - 20% floor) • Demand for trophy properties (safe haven) • Solid local owners (little or no debt) • Lack of competing investment vehicles • Insurance companies and local banks still lending • Experienced long-term investors Kerin & Fazio, LLC

  18. Thank You Chris Kerin, MAI, CCIM Kerin & Fazio, LLC 363 Reef Road Fairfield, CT 06824 Phone: (203) 259-9500 ckerin@ctvaluation.com Kerin & Fazio, LLC

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