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May 15, 2020 REAL ESTATE ROUNDUP

How will CT benefit from NYC exodus? Just do the math

By Michael C. Bingham

With countless New York City residents plotting to get out of Dodge once the coronavirus crisis abates, one Connecticut real estate team has devised a simple calculation to validate moving. The backyard barometer of “People per Acre” (PPA) seems to provide the final justification needed by those transitioning from city to “country” (or at least Fairfield County) living.

"Ninety percent of our showings this month have been to clients planning a move out of the city," said Carissa McMahon, partner at Carissa & Douglas Properties in Ridgefield and a Coldwell Banker “Global Luxury Specialist” for nearly 20 years. "Being only a stone's throw from Manhattan gives lower Fairfield County unparalleled positioning for the spring and summer markets."

With 2020 hindsight, neighborhood population density has become increasingly relevant, especially for potential buyers with sufficient incomes to be choosy. If there are times in life when the best place to be is where nobody is, this may be one of them.

McMahon’s partner, Douglas Jones, suggests integrating this renewed appreciation for distancing into property valuations. A Fairfield County resident for some 40 years, Jones has always considered towns such as Wilton, Ridgefield, Redding, New Canaan and Greenwich to be rural (relative to Manhattan) respites, affording families the comfort of country living with the convenience of city life.

"The concept of 'People per Acre' helps potential buyers quantify their quality of life in the suburbs," said Jones. "As this example reveals, PPA certainly makes a strong case for a place with some space."

McMahon and Johnson use the example of a single-family home in Redding that houses a four-person family on a 2.69-acre lot — for a person-per-acre figure of 1.49.

Contrast that with a one-bedroom apartment in Manhattan at the same price point: $669,000. That neighborhood is home to 2,500 humans per block, and an average block size of 5.45 acres. The resulting PPA? 458.72.

A no-brainer — at least for McMahon and Jones and their well-heeled clients. So, for those seeking a little more breathing space, with the need to rationalize buying their own city block in the country, consider using PPA. For the time being, at least, it's simple math.

TRANSACTIONS

FreeThink Technologies Inc. has inked a two-year lease for 3,200 square feet of combined office and laboratory space at 21 Business Park Drive, Branford. Headed by President Kenneth Waterman, the company develops software for measuring stability (shelf life) under accelerated conditions. The building is owned by 21-23 Business Park LLC, whose principal is Richard A. Michaud, 431 Orange St., New Haven. Kristin Geenty of the Geenty Group, Realtors in Branford was sole broker in the transaction.

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