Notes for Posterity, March 2008

Posted on March 17, 2008
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As quoted from the Wilton Bulletin, Thursday, March 13, 2008.

Wilton has always been known for the quality of its teachers, and recently recognized by Time Magazine in an article by a Wilton High School graduate who noted the impact two Wilton High School teachers had on her life.

The two teachers, Dr. E. Dan Cappel and Ms. Vernon Hastings, taught science and English, respectively at the high school.  Claudia Wallis, an editor with Time and a member of the class 1972, wrote about them in “How to make Great Teachers in the Feb. 25 issue.

Spring is in the Air!

Posted on March 17, 2008
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monthly-listings-report-feb-2008.doc

Lifestyle and Recreation

Posted on January 30, 2008
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Wilton is proud of its recreational facilities which feature a wide variety of programs both public and private. The Wilton Family Y offers indoor/outdoor Olympic sized pool, home to the Champion Wilton Wahoos Swim Team, pavilion, picnic facilities and fitness trail. Also offered are a gym, racquetball, handball, squash and paddle tennis courts, an exercise room and Nautilus fitness center. Merwin Meadows Park, a fresh water swimming pond with picnic facilities and playground hosts summer jazz festivals and Memorial Day parade gatherings. Golf courses, Tennis Courts, Country Clubs, neighboring Long Island Sound beaches and marinas, Wilton Pony Club’s 60 acre equestrian cross country course, hiking and bike trails, The Weir Farm National Site, The Wilton Playhouse and The Woodcock Nature Center all offer opportunities for leisure activities and historic enrichment. The Wilton Department of Recreation sponsors numerous programs for children from pre-school to teens, as well as adult programs and those for senior citizens. Excellent nursery schools, Assisted Living Facilities and notable organizations such as Rotary Club, Kiwanis Club, American Legion, Family and Children’s Aid and Meals on Wheels are Wilton based providing service to our surrounding communities.

Wilton Connecticut Town Profile

Westport CT Median Home Price

Posted on January 30, 2008
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The median home in Westport Connecticut costs $1,710,000 with an appreciation of 8.8% from 2006 to 2007. Westport has an eclectic blend of both corporate and artistic professionals. It boasts a per capita income of more than $70,000 and is considered to be one of the most affluent communities in the United States.

Westport CT Town Profile

Hastings Report January 2008

Posted on January 30, 2008
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The office market may have peaked in this business cycle during the third quarter of this past year. The overall availability rate for the entire Lower Fairfield County office market stood at 9.1%. The five preceding quarters beginning in the third quarter of 2006 were 11.2%, 10.9%, 10.0%, 9.6% and 9.1% in the third quarter of 2007. Since the third quarter, the vacancy increased to 9.4%, a .3% jump. However, this may very well be a short term breather after coming down from 12.5% to 9.1% in the past three years. This depends on where the economy goes in 2008.

Rising oil prices and the downturn in the residential real estate market could continue to be a drag on the economy, although, with the Federal Reserve responding to these problems by lowering interest rates will hopefully balance off these negative forces and keep us out of recession.

The Hastings Report January 2008

The Peter J. Hastings Story

Posted on January 29, 2008
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In today’s real estate business — bigger is not always better. In the scramble to be the largest agency with a vast army of brokers who cover the most territory, we forget the one thing that made us successful in the first place — customer service with the personal touch.

In the 50+ years Peter Hastings has been a real estate leader in Fairfield County,
he has run his own agencies, and managed the local offices of large corporations.
But he’s never forgotten the importance of service…which is why he has returned to the small, hands-on agency where the personal touch is the only way.

A native of Fairfield County, Connecticut, Peter has been a Realtor since l960. His roles as trusted residential and commercial broker, certified appraiser and his long
time community service in Westport/Wilton area, has earned him the statewide respect of his peers. He served as president of the Westport/Weston Board of Realtors, the Wilton Board of Realtors and president of the Society of Real Estate Appraisers of Fairfield County. He was Realtor of the Year twice–Westport/Weston Board, l979, and the Wilton Board, l980.

Peter owned Hastings Real Estate and John D. Hastings, Inc. for many years
was the manager of Merrill Lynch Realty/Wilton, and most recently, manager of
Prudential Connecticut Realty/Wilton. He was a founder and presently serves on the Board of Directors of The Wilton Bank. As a licensed certified appraiser, his corporate clients include, among others, IBM and General Motors. He has also conducted appraisals for the Board of Tax Review and Probate Court, and has been an expert witness for the Superior Court of Connecticut. Many local attorneys regularly seek his advice and counsel regarding the value of estates.

Included in Peter’s community service is former membership on the Wilton
Zoning Board of Appeals for 12 years, serving as chairman. He has been a past
president of Kiwanis, past chairman of Project ‘88, a Pop Warner coach, and involved in the Boy Scouts, Chamber of Commerce, and the Wilton Historical Society, just to mention a few.

Peter lives in town with his wife, Carol, also a real estate broker. Together,
they are bringing back to the Wilton real estate market customer service with a personal touch. Now, with the addition of a team of seasoned professionals to the firm, you truly can “TRUST THE HASTINGS ADVANTAGE.”

The Hastings Commercial Report

Posted on January 28, 2008
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Lower Fairfield County commercial real estate continues to be immune to the vagaries of the national markets’ economics. All categories of the market (retail, office and industrial) have never been healthier. Vacancy rates continue to inch downward, while sales and lease prices per square foot continue to climb. Demand for large office spaces is growing, to the point where several large proposed developments that were on hold for years, pending large tenant preleasing, are now moving forward, some on “spec.” This is true particularly in Stamford, Norwalk, Wilton and Fairfield. The large amount of new construction, when completed will, if history is any guide, result in a temporary glut in office space. However, Connecticut’s business atmosphere competes nicely with New York and New Jersey, due to lower tax rates and an incomparable life-style as a place to live and work.

Existing office space is becoming scarce, especially the smaller ones. It has become a landlord’s market. The days of several months’ free rent and extra fit-out percs have become a thing of the past. Small medical, retail and R & D tenants are being virtually shut out of the market in many towns. All this inevitably puts pressure on prices, which are currently at an all-time high.

Retail space is also extremely scarce. Large retailers and hotel chains with outlets all around the country are having difficulty finding locations in Fairfield County because of the scarcity of suitable sites. This saturation of commercial zones is yet another factor supporting ever-growing prices.

Investment properties have been selling briskly. Buyers are now even settling for 5% CAP rates, counting on future rises in returns. Many clean, fully-tenanted properties are sold “behind the scenes” without ever coming on the open market. This makes it difficult for investors outside the area to enter this market.

While no one can foresee the future, and other markets may soften, Fairfield County commercial real estate will most likely continue to enjoy health and prosperity.

We at Hastings look forward to the opportunity to be of service to you and your company. John D. Hastings, Inc., established in 1948, is a commercial real estate firm specializing in commercial leasing, investment sales and appraisals serving lower Fairfield County.

Arlene Donahue, Vice President, John D. Hastings Commercial Real Estate