hartford county commercial real estate market november 2008 l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
HARTFORD COUNTY COMMERCIAL REAL ESTATE MARKET NOVEMBER 2008 PowerPoint Presentation
Download Presentation
HARTFORD COUNTY COMMERCIAL REAL ESTATE MARKET NOVEMBER 2008

Loading in 2 Seconds...

play fullscreen
1 / 25

HARTFORD COUNTY COMMERCIAL REAL ESTATE MARKET NOVEMBER 2008 - PowerPoint PPT Presentation


  • 197 Views
  • Uploaded on

HARTFORD COUNTY COMMERCIAL REAL ESTATE MARKET NOVEMBER 2008. Presented by: Andrews & Galvin Appraisal Services, LLC 16 Spring Lane, Farmington, CT john@agvalues.com 860-677-5522. REAL ESTATE MARKET PRESENTATION OVEVIEW. What is Current Perception in Hartford County

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'HARTFORD COUNTY COMMERCIAL REAL ESTATE MARKET NOVEMBER 2008' - ronli


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
hartford county commercial real estate market november 2008

HARTFORD COUNTY COMMERCIAL REAL ESTATE MARKETNOVEMBER 2008

Presented by:

Andrews & Galvin Appraisal Services, LLC

16 Spring Lane, Farmington, CT

john@agvalues.com

860-677-5522

real estate market presentation oveview
REAL ESTATE MARKET PRESENTATION OVEVIEW
  • What is Current Perception in Hartford County
  • Property Type Snap Shot & General Trends
  • Where are We Going From Here
hartford market area
HARTFORD MARKET AREA

City of Hartford

Downtown

North Market – North Suburbs

South Market – South Suburbs

East Market – East Suburbs

West Market – West Suburbs

growth core growth how much are we talking
Growth – Core Growth How Much Are We Talking?
  • Housing Units
  • 348,252 units in 1997 to 367,078 Units 2006
  • 18,827 Net Gain in Housing Units
  • Population
  • 825,141 in 1997 to 878,298 in 2006
  • 53,000 + more people
  • Industrial Growth – Added 5 +/- Million SF (past 5 yrs)
  • Office Growth – Added 2.2 +/- Million SF (past 5 yrs)
  • Retail Growth – Expansions in All Four Quadrants
780 james p casey rd bristol ct
780 James P. Casey RdBristol, CT
  • Sold January 2008 for: $60,500,000 - $50.42/SF
  • Sold November 2006 for: $28,300,000 - $23.58/SF
  • Sold June 2003 for: $23,500,000 - $19.58/SF
  • Sold Sept 1997 for: $ 4,280,000 - $ 3.57/SF
industrial survey results
Industrial Survey Results
  • CBRE – Market Overview 2nd Qtr 2008
  • Overall Vacancy Rate 10.8% 2nd Qtr – Jumped 11.34% 3rd Qtr
  • -- (7% in the West / 14.6% in the East 2nd Qtr)
  • Industrial Rental Rates $4.50 to $5.70 with Avg @ $5.00/SF NNN
  • -- (Landlord negotiating to keep tenants)
  • Absorption – Negative 650,000 SF YTD
  • -- (However - 300,000 SF New Constriction & 300,000 SF Raymore & Flanagan Leased at 61 Chapel Road, Manchester)
  • Reason – lower demand for space
industrial survey results16
Industrial Survey Results
  • Cushman & Wakefield – Market Beat 2nd Qtr 2008
  • Overall Vacancy Rate 9.5%, down from 10.2% in 2007
  • Absorption – positive 180,000 +/- SF
  • Rental Rates - $4.25/SF NNN +/- Slight increase over 1st Qtr - below 2007
apartment trends18
Apartment Trends
  • No of Sales Has Tapered Off ……
  • Average Sale Price Stabilized Off ….
  • Vacancy Rates Remain Stable ….
  • Rents Slight Increases with Expenses ….
  • Municipalities Concerned with Absentee Landlords ..
  • Out of State Investors – No more Bi-model Data …
  • Job Losses – Foreclosures – Housing Age …
  • Sellers Still Want Higher Prices – Buyers waiting for fall .
  • Leveraged Properties – Economic Life vs. Physical Life
  • Mortgage Financing Nearly Gone …. Or Is It?
what are lenders doing hartford county market
What Are Lenders Doing?Hartford County Market
  • Increasing Credit Terms – Lowering loan to value ratios and increasing debt service coverage ratios
  • Points – ½ to a 1.5 points
  • Rates – Spreads nearly all increased and now tied to FHLBB 5 yr mostly
  • Recourse is Back
  • Why – less competition
thank you
Thank you …

Andrews & Galvin Appraisal Services, LLC

16 Spring Lane, Farmington, CT

john@agvalues.com

860-677-5522