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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 [email protected] Residential mortgage crisis

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Fairfield County Real Estate Market

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Fairfield county real estate market l.jpg

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

[email protected]

Kerin & Fazio, LLC


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Kerin & Fazio, LLC


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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


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  • 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


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Kerin & Fazio, LLC


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Kerin & Fazio, LLC


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Kerin & Fazio, LLC


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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


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Retail Market Activity

Kerin & Fazio, LLC


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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


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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


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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


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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


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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


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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


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Fairfield County Industrial Market

  • Vacancy rate 5% - 10%

  • Cap rates 7.00% - 8.50%

Kerin & Fazio, LLC


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  • 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


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Thank You

Chris Kerin, MAI, CCIM

Kerin & Fazio, LLC

363 Reef Road

Fairfield, CT 06824

Phone: (203) 259-9500

[email protected]

Kerin & Fazio, LLC


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