Copyright © 2016 by John Burns Real Estate Consulting, LLC
Building Industry Association
November 2nd, 2017
Sacramento Regional Housing Forecast
Presented by:
Dean Wehrli, Senior Vice President
916.947.3263
Trusted Analysis for Executive
Decisions
Copyright © 2016 by John Burns Real Estate Consulting, LLC
1. Demographic Profile
2. Housing Market Overview
3. Sacramento Buzz
Presentation Outline
Copyright © 2016 by John Burns Real Estate Consulting, LLC
2016 US POPULATION BY PLACE OF B IRTH,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
321 million Americans identify well with
people their own age2015 US POPULATION BY PLACE OF B IRTH
27 M
40 M43 M
41 M
44 M44 M
41 M
1930s SaversAge 77-86
1970s BalancersAge 37-46
1980s SharersAge 27-36
1990s ConnectorsAge 17-26
1940s AchieversAge 67-76
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau 2014 National Projections
1950s InnovatorsAge 57-66
14 M
1960s EqualersAge 47-56
US Born Alive TodayForeign Born
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Population – Sacramento MSA
Sacramento has an even population distribution by cohort.
2016 US POPULATION BY PLACE OF B IRTH,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau 2016 ACS via FactFinder
39K
55K
82K
117K
139K
152K 150K 149K143K
149K
157K
167K
157K152K 153K
147K
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
US born Foreign born
1980s
Sharers
1970s
Balancers
1960s
Equalers
1950s
Innovators
1940s
Achievers
1930s
Savers
2000s
Globals
1990s
Connectors
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Women receive 58% of college degreesPERCENT OF ALL BACHELOR’S AND MASTER’S DEGREES CONFERRED
Source: John Burns Real Estate Consulting, LLC calculations of National Center for Education Statistics data
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Education – Sacramento MSA
Nearly 35% of young women have a college degree – 5% higher than young men.SHARE OF POPULATION 25 -34 WITH A BACHELOR’S DEGREE OR HIGHER,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau 2005-2016 ACS via FactFinder
20%
22%
24%
26%
28%
30%
32%
34%
36%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Male Female
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Real female incomes grew much faster than men’s from 1970 through 2000FULL-TIME, YEAR-ROUND WORKERS BY MEDIAN INCOME AND SEX (2013 DOLLARS)
Source: US Census Bureau, Current Population Survey, Annual Social and Economic Supplements
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Income – Sacramento MSA
Real female incomes have grown over the last decade while real male incomes have fallen.
FULL-T IME, YEAR-ROUND WORKERS BY MEDIAN INCOME AND SEX ( 2016 $ ) ,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau American Community Survey via FactFinder
$60,429
$48,491
$56,709
$49,310
2006
2006
2016
2016
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Male Female
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau, Current Population Survey,
Annual Social and Economic Supplements via IPUMS-CPS
The percentage of women married with children in their late 20s has plungedPERCENT OF 25 –29 YEAR-OLDS MARRIED WITH CHILDREN
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Young Adult Households – Sacramento MSA
Young adults are much more likely to be single without children than 10 years ago (but let’s not forget cohabitation).
25–29 YEAR-OLDS BY MARITAL STATUS AND CHILDREN,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau 2005 & 2015 ACS via IPUMS
27.2%
16.2%12.9%
43.7%
15.8%
11.2% 10.8%
62.2%
0%
10%
20%
30%
40%
50%
60%
70%
Married with children Married without children Single with children Single without children
2005 2015
Copyright © 2016 by John Burns Real Estate Consulting, LLC
More immigrants legally moved to the US from 1990-2009 than the prior 60 yearsLEGAL IMMIGRATION BY DECADE
8.2 M
6.3 M
4.3 M
700K 857K
2.5 M
3.2 M
4.1 M
6.2 M
9.8 M
10.3 M
Source: Department of Homeland Security, legal green card recipients only, fiscal years ending September
Copyright © 2016 by John Burns Real Estate Consulting, LLC
The foreign-born population doubled in 20 years to 40 million peopleFOREIGN-BORN POPULATION IN THE UNITED STATES, 1900 –2010
10.3
13.5 13.9 14.2
11.610.3 9.7 9.6
14.1
19.8
31.1
39.9
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau Decennial Census
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Foreign-Born – Sacramento MSA
18.2% of Sacramento’s population is foreign-born, compared to 13.5% nationally. Heightened in younger cohorts.
FOREIGN BORN POPULATION,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau 2005-2016 ACS via FactFinder
354K
360K 361K 362K 362K
367K
390K 392K
404K 404K
414K
419K
320,000
340,000
360,000
380,000
400,000
420,000
440,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Immigration has completely shiftedNET INCREASE IN US RESIDENTS BORN IN INDIA
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau Decennial Census,
2013 American Community Survey
38,704
155,087
244,319
572,146
757,770
609,317
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
1960s 1970s 1980s 1990s 2000s 2010-2015
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Immigration has completely shiftedNET INCREASE IN US RESIDENTS BORN IN CHINA
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau Decennial Census,
2013 American Community Survey
72,397
113,988
243,717
459,020
619,238
510,171
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
1960s 1970s 1980s 1990s 2000s 2010-2015
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Immigration has completely shiftedNET INCREASE IN US RESIDENTS BORN IN MEXICO
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau Decennial Census,
2013 American Community Survey
183,809
1,439,510
2,098,793
4,879,473
2,533,616
-67,805
-1,000,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
1960s 1970s 1980s 1990s 2000s 2010-2015
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Mexico27.0%
Other Central America3.0%
Philippines9.4%
Vietnam5.9%
Other South Eastern Asia5.3%
China, excluding Hong Kong and Taiwan
6.6%
Other Eastern Asia4.8%
India5.3%
Other South Central Asia6.2%
Europe14.8%
Oceania3.3%
Africa2.8%
Western Asia2.1% South America
1.8%
North America1.1%
Caribbean…
Ethnicity – Sacramento MSA
30% of Sacramento’s foreign-born population is from Latin/Central America and 44% from Asia.
FOREIGN BORN POPULATION BY PLACE OF B IRTH,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau 2005-2016 ACS via FactFinder
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Source: John Burns Real Estate Consulting, LLC calculation of US Census Bureau Population Estimates and 2014
National Projections; includes Census Bureau assumptions of average annual net immigration ~860,000 20-64 year-
olds and Census Bureau assumptions for mortality; colors based on the decade of entry (turning 20)
The traditional US labor force will grow 75% slower, slowing the economy and putting upward pressure on wagesGROWTH RATE OF US RESIDENT POPULATION AGED 20 –64
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Working Age Population – Sacramento MSA
The “working age” population (ages 20-64) is growing by just 1% per year, as the Boomers age into retirement. This will constrain job growth.
GROWTH RATE OF POPULATION AGED 20 –64 ,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
Source: John Burns Real Estate Consulting LLC calculations of US Census Bureau data
0%
1%
2%
3%
4%
5%
6%
Copyright © 2016 by John Burns Real Estate Consulting, LLC
The 1950s Innovators will drive an explosion of 18 million more people aged 65+ over6 5 + P O P U L AT I ON B Y D E C A D E O F B I RT H
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau Population Estimates
and 2014 National Projections
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Retirees – Sacramento MSA
Sacramento’s retiree population (aged 65+) grew 46% from 2006 to 2016, growing by nearly 14,000 people each year.
65+ POPULATION, SACRAMENTO --ROSEVILLE- -ARDEN-ARCADE, CA MSA
X
60,504
339,988
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
196
9
197
1
197
3
197
5
197
7
197
9
198
1
198
3
198
5
198
7
198
9
199
1
199
3
199
5
199
7
199
9
200
1
200
3
200
5
200
7
200
9
201
1
201
3
201
5
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Innovators are 7% more likely than the Achievers to be working in their early 60sLABOR FORCE PARTICIPATION AT AGE 60 –64
55.5%
48.9%
44.7%
Source: Bureau of Labor Statistics; John Burns Real Estate Consulting, LLC
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Retirees – Sacramento MSA
Workaholic 1950s Innovators are working more than their predecessors.
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau 2006 & 2016 ACS via FactFinder
47.4%
51.1%
0%
10%
20%
30%
40%
50%
1940s Achievers 1950s Innovators
LABOR FORCE PARTICIPATION AT AGE 60 –64 ,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Retirees Had Double the Economic Growth
that their Children Have Had
Source: John Burns Real Estate Consulting, LLC calculations of Bureau of Economic Analysis data
*Prime working years not yet complete
AVERAGE GDP GROWTH PER PERSON— PRIME WORKING YEARS (25-54)
2.4%
2.1%
1.9%
1.5%
1.1%1.0%
1980s
Sharers*
1970s
Balancers*
1960s
Equalers*
1950s
Innovators
1940s
Achievers
1930s
Savers
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Homeownership – Sacramento MSA
Nearly every age group has lower homeownership than 10 years ago.
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau 2006 & 2016 ACS via FactFinder
HOMEOWNERSHIP RATE BY AGE,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
11%
41%
65%
74%78%
80%78%
65%
9%
32%
54%
62%
71%
76%
80%
69%
2006
2006
2006
2006
20062006
2006
2006
2016
2016
2016
2016
2016
2016
2016
2016
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
15-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Household Growth – Sacramento MSA
Source: John Burns Real Estate Consulting, LLC calculations of Decennial US Census
SHARE OF HOUSEHOLD GROWTH BY DECADE,
SACRAMENTO--ROSEVILLE- -ARDEN-ARCADE, CA MSA
23%
9%16%
29%
45%
45% 33%
43%
10%
11%
9%
-2%
15%
27%32%
22%
7% 8% 9%7%
-20%
0%
20%
40%
60%
80%
100%
1980-1990 1990-2000 2000-2010 2010-2016
Sacramento city Sacramento County Balance El Dorado County Placer County Yolo County
Strong growth in Sacramento County, particularly in city of Sacramento.
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Urban Growth is Slowing as Demand is
Shifting to Family and Retirement Years
FUTURE CHANGE IN ADULT POPULATION BY AGE 2015–2025
Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau Population Estimates and 2014 National Projections
NE
T N
UM
BE
R O
F P
EO
PL
E
YEAR
-3,000,000
-2,000,000
-1,000,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85+
-33,000
(-0.1%)
+655,000
(+1.6%)
55–64
Empty Nester Years
20–29
Young Adult Urban Years
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Demographics to Watch
Source: John Burns Real Estate Consulting, LLC
Living with strangers
Extra rooms
Pad income / affordable rent
Autonomous Driving
Licensed drivers aged 20-24 has
fallen from 93% to 78%
Assisted living?
Increased propensity to rent
Mobility, down payment
Home ownership 61% by 2025
More build to rent new homes
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Demographics to Watch
Source: John Burns Real Estate Consulting, LLC
Immigration a real hot button
Any new policies are sure to
impact housing, as well as
experience backlash
Experiences are the new brag
Proximity to cool things more
important than the home itself
Divorce rate for those over 50 is
climbing. Related?
Copyright © 2016 by John Burns Real Estate Consulting, LLC
1. Demographic Profile
2. Housing Market Overview
3. Sacto Buzz
Presentation Outline
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Current Value: Assuming Today’s 3.8% Mortgage Rate,
Home Prices in Most Top Metros Are Not Overvalued
Source: John Burns Real Estate Consulting, Regional Analysis and Forecast September 2017
Based on today’s mortgage rate of 3.8%, 6 of the top 30 markets are undervalued, and 23 are
fairly valued.
Note: % equals the
home price above/
below the intrinsic
value based on current
mortgage rates (3.8%
for October).
Please see our
detailed methodology
for explanation on our
Intrinsic Home Value
Index.
Overvalued
Undervalued
Fairly valued
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Intrinsic Value: At a 6% Mortgage Rate, Homes in 25 of the
Top 30 Markets Are Overvalued Today; Rates Matter!
Source: John Burns Real Estate Consulting, Regional Analysis and Forecast September 2017
Assuming a 6% mortgage rate, which we believe is the right long-term mortgage rate
assumption, 8 of the top markets are fairly valued.
% equals the home
price above / below the
intrinsic value based on
a 6% mortgage rate.
Overvalued
Undervalued
Fairly valued
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Mortgage Rates (National)
Have trended down in 2017. Will rise, but gradually.
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Permit Activity – Sacramento MSA
Permit activity has increased – yet still remains below long-term norm.
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Resale Inventory and Months of
Supply – Sacramento MSAInventory remains limited by historical norms.
Copyright © 2016 by John Burns Real Estate Consulting, LLC
New Home Sales Volume2016 BIA Forecast
for Sacramento MSA
2017P: 4,600 Sales
Copyright © 2016 by John Burns Real Estate Consulting, LLC
0
10,000
20,000
30,000
40,000
50,000
60,000
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
Cu
rren
t
2017P
2018P
2019P
2020P
"Annual Existing Home Sales and Projections by MSA"
Sacramento MSA Stockton MSA
Vallejo MSA East Bay MSA
San Jose MSA
Source: John Burns Real Estate Consulting, LLC, CoreLogic
Resale Home Sales Volume2016 BIA Forecast for
Sacramento MSA
2017P: 37,400 Sales
Copyright © 2016 by John Burns Real Estate Consulting, LLC
New Home Median Price
New Home Median Price 2014 2015 2016 Current 2017P 2018P 2019P 2020P
Sacramento MSA $403,500 $437,700 $452,600 $463,200 4.9% 3.5% 2.2% -0.3%
Stockton MSA $405,500 $422,800 $454,200 $547,000 6.0% 4.1% 2.5% -0.2%
Vallejo MSA $395,300 $430,500 $475,800 $506,000 4.8% 3.6% 1.5% -0.4%
East Bay MSA $642,000 $674,000 $744,500 $803,900 4.4% 3.1% 0.5% -0.8%
San Jose MSA $728,400 $773,100 $808,000 $878,400 4.5% 2.5% -0.2% -1.4%
2016 BIA Forecast
for Sacramento MSA
2017P: +3.8%
Copyright © 2016 by John Burns Real Estate Consulting, LLC
$150,000
$250,000
$350,000
$450,000
$550,000
$650,000
$750,000
$850,000
$950,000
$1,050,0002000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Cu
rren
t
"Existing Home Median Price by MSA"
Sacramento MSA Stockton MSA
Vallejo MSA East Bay MSA
San Jose MSA
Source: John Burns Real Estate Consulting, LLC, CoreLogic
Resale Home Median Price
Existing Home Median Price 2014 2015 2016 Current 2017P 2018P 2019P 2020P
Sacramento MSA $295,000 $313,600 $341,000 $382,200 9.2% 6.1% 3.3% 1.1%
Stockton MSA $238,500 $262,700 $293,800 $340,500 11.6% 6.2% 3.2% 1.2%
Vallejo MSA $295,700 $322,400 $356,700 $395,000 7.5% 6.0% 3.2% 0.6%
East Bay MSA $529,200 $569,700 $606,500 $676,600 6.8% 4.3% 1.3% -0.8%
San Jose MSA $775,100 $865,500 $912,300 $1,024,300 7.7% 3.7% 3.0% -2.0%
2016 BIA Forecast
for Sacramento MSA
2017P: +5.1%
Copyright © 2016 by John Burns Real Estate Consulting, LLC
20%
25%
30%
35%
40%
45%
50%
55%
20
15
-01
20
15
-02
20
15
-03
20
15
-04
20
15
-05
20
15
-06
20
15
-07
20
15
-08
20
15
-09
20
15
-10
20
15
-11
20
15
-12
20
16
-01
20
16
-02
20
16
-03
20
16
-04
20
16
-05
20
16
-06
20
16
-07
20
16
-08
20
16
-09
20
16
-10
20
16
-11
20
16
-12
20
17
-01
20
17
-02
20
17
-03
20
17
-04
20
17
-05
20
17
-06
20
17
-07
20
17
-08
New Home Median Price Over Resale Median Price
New over Resale $ Linear (New over Resale $)
New vs Existing Median Price Gap
Sacramento MSA
Copyright © 2016 by John Burns Real Estate Consulting, LLC
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Sacramento MSA Vallejo MSA East Bay MSA San Jose MSA
"Apartment Rental Rate Growth Projections"
2017P 2018P 2019P 2020PSource: Reis, John Burns Real Estate Consulting
$1,167 $1,478
$2,073
$2,435
Current Rents
Apartment Rental Rate Growth
Copyright © 2016 by John Burns Real Estate Consulting, LLC
1. Demographic Profile
2. Housing Market Overview
3. Sacto Buzz
Presentation Outline
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Sacramento Submarkets Ratings
Copyright © 2016 by John Burns Real Estate Consulting, LLC
A Thriving Core
• 26 new retail business created in 2016, and 23 more set to open soon (e.g., The Bank, DOCO)
• Downtown employment has grown 38% since Golden 1 Center broke ground (May 2014)
• $1 billion in urban investment infused into Downtown since 2015
• $885 million in Downtown property sales since arena broke ground
Source: Downtown Sacramento Partnership
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Employment Remains Solid
• 32,000 new jobs in 2016 (3.5% employment growth)
• Strongest growth in Education / Health Services and Hospitality sectors
• Current unemployment at 5.2%, lowest level since 2007
• Major employers have expanded into Sacramento (Amazon, Apple, etc.)
• Need higher income opportunities
Source: BLS
Source: BLS
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Sacramento Migration
• Sacramento ranks top 10 “hottest housing markets of 2017” (per Zillow) for home values, unemployment, & income growth
• 12% of San Francisco Zillow users are researching Sacramento homes
• 12% of Placer Co. and 17% of Sacramento Co. in-flow is from the Bay Area (per IRS)
• Sacramento affordability in line with historical norm, while Bay continues to see prices rise beyond reach for many
Source: Zillow
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Sacramento-Bay Price Gap Analysis
• “Price gap” of Sacramento new homes to Bay Area are near peak levels
Source: CoreLogic
40%
60%
80%
100%
120%
140%
160%
180%
200%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
YT
D 2
017
Sacramento-East Bay and Sacramento-San Jose Price Gap Analysis
Sacramento-East Bay New Home Sacramento-San Jose New HomeSource: CoreLogic; JBREC
% shown reflects “premium”
of median new home price
in Bay Area market relative
to Sacramento MSA.
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Natomas Rebirth
• 21 active new home projects
• Selling briskly at 4 – 5 homes per month
• Affordability key - low $300Ks to low $400Ks
• +/- 10% new home appreciation YOY –outperforming other submarkets
• Hotel boom on horizon? Currently seven hotels proposed for Natomas (820 rooms)
Source: Ryness; Sacramento Business Journal
Source: New Home Source
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Notable Housing Projects in Pipeline
• Urban core – Site 21, Railyards, T9, 19J, Ice Blocks, etc.
• New apartments to the suburbs next?
• Folsom Ranch and Russell Ranch to the south
• Greenbriar and others in Natomas
• Sierra Vista, Creekview, Village 7, Bickford, etc. in Placer County
• Laguna Ridge, Sterling Meadows and a casino in Elk Grove
Copyright © 2016 by John Burns Real Estate Consulting, LLC
Access to Our Nationwide Team of Experts
Florida
Lesley Deutch
(561) 998-5814
Northeast
Dan Fulton
(703) 447-7171
Jody Kahn
(603) 235-5760
Our consulting team has a broad range of housing expertise that spans the country. From
consumer research to feasibility studies to portfolio valuation, feel free to reach out to our
experts.
Dean Wehrli
(916) 647-3263
Northern California
Steve Dutra
(949) 870-1227
Don Walker(858) 281-7212
Pete Reeb(858) [email protected]
Ken Perlman(858) [email protected]
Southern California -
San Diego
Southwest
Steve Burch
(248) 797-4469
Texas
Lisa Marquis Jackson
(214) 389-9003
David Jarvis(713) 906-3829
Danielle Leach Todd Tomalak
Midwest
(847) 812-3925
(920) 373-6727
Southern California
- Orange County
Chris Porter(949) 870-1218
Rick Palacios, Jr.(949) 870-1244
John Burns(949) [email protected]
Adam Artunian(949) 870-1213