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
Phone: (203)
Kerin & Fazio, LLC

2. Kerin & Fazio, LLC

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

4. Darien, CT 27% $168,687 Westport, CT 19% $137,133
Bloomington, IL % $ 54,971
Hoboken, NJ % $ 81,356
W. Des Moines, IO 22% $ 61,303
Garden City, NJ % $121,831
Summit, NJ % $111,497
Westport, CT 19% $137,133
University Pk, TX 19% $110,976
Fruit Cove, FL % $100,479
Wethersfield, CT % $ 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% %
Holiday sales will tell the story
Kerin & Fazio, LLC

9. Retail Market Activity
21 Main Street, Westport
$2,370/sf
382 Greenwich Avenue, Greenwich
$1,052/sf
586 CT Avenue, Norwalk
$1,344/sf
356 Greenwich Avenue, Greenwich
$895/sf
45 East Avenue, New Canaan
$581/sf
343 Greenwich Avenue, Greenwich
$861/sf
Lululemon, Main St, Westport
$165/sf
Cole Haan, Greenwich Avenue
$145/sf
Kerin & Fazio, LLC

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

11. Fairfield Metro Center
Proposed Development
$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 The Maritime
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% %
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% %
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
Phone: (203)
Kerin & Fazio, LLC