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IREM IREM Forecast BreakfastForecast Breakfast
January 15, 2009January 15, 2009
Housing Market ForecastHousing Market Forecast
Marjean Pountain, CPMMarjean Pountain, CPM®®
Pountain Partners LLCPountain Partners LLCwww.pountainpartners.comwww.pountainpartners.com
•CondominiumCondominium
•Mixed UseMixed Use
•ApartmentsApartments
•Market RateMarket Rate
•StudentStudent
•Affordable and SeniorAffordable and Senior
Condominiums Opening Condominiums Opening in 2009in 2009
Park Lafayette – Park Lafayette – Corner of Prospect Ave and Lafayette Ave Corner of Prospect Ave and Lafayette Ave Renaissance Development Group LLC Renaissance Development Group LLC
The Breakwater - The Breakwater - Knapp and Prospect –Knapp and Prospect –Peter Renner and Renner Architects, LLCPeter Renner and Renner Architects, LLC
Condominiums Opening Condominiums Opening in 2009in 2009
Goll House Condos – Goll House Condos – 1550 N. Prospect Avenue1550 N. Prospect Avenue New Land Enterprises New Land Enterprises
The Moderne – The Moderne – Corner of Juneau Ave. & Corner of Juneau Ave. & Old World 3rdOld World 3rd Street Street The Moderne LLCThe Moderne LLC
Condominiums Opening Condominiums Opening in 2009in 2009
Residences on Water – Residences on Water –
1150 North Water Street 1150 North Water Street
DOC CorporationDOC Corporation
The Edge – The Edge – 1890 Commerce Street1890 Commerce Street
Tandem Development LLC and Tandem Development LLC and Brewery Works, Inc.Brewery Works, Inc.
Creativity in Condominium Creativity in Condominium Marketing is KeyMarketing is Key
Mixed Use Mixed Use Condos/ApartmentsCondos/Apartments
Landmark on the Lake – Landmark on the Lake – 1660 N Prospect Avenue 1660 N Prospect Avenue Fiduciary Real Estate Development Fiduciary Real Estate Development and Rick Ruvinand Rick Ruvin
Lake Bluff at East Towne –Lake Bluff at East Towne –
1300 N Prospect Avenue 1300 N Prospect Avenue
Garrison Partner’sGarrison Partner’s
Mixed Use Mixed Use Condos/ApartmentsCondos/Apartments
River Renaissance – River Renaissance – 105 N Water Street 105 N Water Street Rivren Group LLCRivren Group LLC
Landing at Park Shore – Landing at Park Shore – 4100 South Lake Drive, St. Francis4100 South Lake Drive, St. Francis Thompson CorporationThompson Corporation
Market Rate Apartments Market Rate Apartments Opening in 2009Opening in 2009
Kenilworth Apartment Development - Kenilworth Apartment Development - SW corner Kenilworth & Farwell Avenues SW corner Kenilworth & Farwell Avenues New Land Enterprises New Land Enterprises
Bridgeport in South Water Works - Bridgeport in South Water Works - 235 E Pittsburgh 235 E Pittsburgh Ave Lighthouse Development Ave Lighthouse Development CompanyCompany
North End – North End – Corner of Pleasant and Water Streets Corner of Pleasant and Water Streets Mandel Group, Inc. Mandel Group, Inc.
Market Rate Apartments Market Rate Apartments Opening in 2009Opening in 2009
Pritzlaff Building – Pritzlaff Building – 305-333 N. Plankinton Avenue 305-333 N. Plankinton Avenue Sunset InvestorsSunset Investors
Jackson Square – Jackson Square – Jackson Street between Jackson Street between Menomonee & Chicago Streets Menomonee & Chicago Streets Joseph Property DevelopmentJoseph Property Development
Corcoran Lofts – Corcoran Corcoran Lofts – Corcoran Street between Milwaukee Street between Milwaukee and Jefferson Streets and Jefferson Streets Mandel Group, Inc.Mandel Group, Inc.
Market Rate Apartments Market Rate Apartments - Suburban- Suburban
Georgetown Square - Georgetown Square -
16505 West Wisconsin Avenue Brookfield 16505 West Wisconsin Avenue Brookfield
Wimmer BrothersWimmer Brothers
The Lodge at Rolling RidgeThe Lodge at Rolling RidgeHwy TT, WaukeshaHwy TT, WaukeshaBryce Styza PropertiesBryce Styza Properties
Student ApartmentsStudent ApartmentsKenilworth Square Kenilworth Square Apartments - Apartments - Corners of Kenilworth and Corners of Kenilworth and Prospect AvenuesProspect Avenues
Milwaukee River & East North Milwaukee River & East North Avenue – Mandel Group, Inc.Avenue – Mandel Group, Inc.
RiverView Residence Hall - RiverView Residence Hall - 2340 North Commerce Street2340 North Commerce Street
Affordable HousingAffordable Housing
Blue Ribbon Lofts - Blue Ribbon Lofts - in the Pabst Brewery complex in the Pabst Brewery complex Gorman CompanyGorman Company
Bishop’s Creek Apartments – Bishop’s Creek Apartments – SW corner of N. 32nd and Hampton SW corner of N. 32nd and Hampton Avenue Avenue Bishop’s Creek Bishop’s Creek Community Development Corp. & Community Development Corp. & CommonBond CommonBond CommunitiesCommunities
Senior Housing – Senior Housing – Independent Living Independent Living
(poised to commence)(poised to commence)
Saint John’s Saint John’s on the Lake on the Lake
Lutheran Homes of Lutheran Homes of Oconomowoc along Oconomowoc along Lac La BelleLac La Belle
Tudor Oaks in MuskegoTudor Oaks in Muskego
Top Concerns of Real Top Concerns of Real Estate InvestorsEstate Investors
(from National Real Estate (from National Real Estate Investor® Survey for 2009)Investor® Survey for 2009)
1. Availability of Financing1. Availability of Financing
2. Creditworthiness of Tenants2. Creditworthiness of Tenants
3. Unforeseen Shocks to the Economy3. Unforeseen Shocks to the Economy
4. Rising Vacancy Rates4. Rising Vacancy Rates
5. Rise in Operating Expenses5. Rise in Operating Expenses
Forecast Trends Forecast Trends Advantageous to Local Advantageous to Local
Apartment Rental MarketApartment Rental Market 1. Available product will stabilize, moderate, and the playing field will level1. Available product will stabilize, moderate, and the playing field will level
2. Construction starts will fall2. Construction starts will fall
3. First time homebuyer and low down payment programs have already curtailed3. First time homebuyer and low down payment programs have already curtailed
4. Emerging Echo Boom generation are just entering prime renting years4. Emerging Echo Boom generation are just entering prime renting years
5. Shadow Rentals will not impact as significantly as in southern U.S. states5. Shadow Rentals will not impact as significantly as in southern U.S. states
Suggestions for Savvy Suggestions for Savvy Apartment Managers in Apartment Managers in
20092009Be Creative, Flexible, Proactive, and Be Creative, Flexible, Proactive, and
Think Ahead!Think Ahead!
1. Focus on resident retention1. Focus on resident retention
2. Adjust credit standards2. Adjust credit standards
3. Closely monitor and act on delinquencies3. Closely monitor and act on delinquencies
4. Adjust rents based on demand and turnover4. Adjust rents based on demand and turnover
5. Conserve; weatherproof; keep utilities in check5. Conserve; weatherproof; keep utilities in check
6. Utilize technology and the internet to advantage6. Utilize technology and the internet to advantage
In Summary:In Summary:
Surveys Prove that Renters Want: Surveys Prove that Renters Want:
Competitive PricingCompetitive Pricing Quality ProductQuality Product ConvenienceConvenience Immaculate EnvironmentImmaculate Environment Prompt, Friendly and Efficient ServicePrompt, Friendly and Efficient Service Good NeighborsGood Neighbors Fair and Equal TreatmentFair and Equal Treatment
CAUTIOUS OPTIMISMCAUTIOUS OPTIMISM