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Multi-Family Multi Family

Glenn Sather

Topics • Statistics • Observations • Forecast & Recommendations

2008 Statistics
• Sales Volume and Values
40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 35 MM

16 MM 11 MM

Multi‐Family  Sales Volume

2006

2007

2008

2008 Statistics
150%+ - Supply of “For Sale” Stock

2008 Statistics
New Construction Permits
100,000,000 80,000,000 80 000 000 60,000,000 40,000,000 20,000,000 0 2006 2007 2008 12 MM 51 MM 91 MM

New Construction  N C t ti Permits

2008 Statistics • Capital Markets & Apartments • 2 4 Units 2-4 • 5 Units + • Vacancy Data • R t Rents

Observations • The Condo Card • Shadow Stock • Apartments & the “Financial Storm” p

Forecast & Recommendations • Opportunities in 2009 • Supply Problem • Rents • Tenant Retention