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Real Estate Analysis: Twin Cities Data for February Offers More Signs of a Recovering Market

Thursday, March 28th, 2013

Real-Estate-sales-Twin-Citi

  A Recovering Market

An analysis of Twin Cities real estate data for February shows that the housing market is continuing to recover along with the economy; home prices, new-home construction, and the percentage of traditional sales (not foreclosures) are all on the upswing.

Meanwhile, a historically low number of homes on the market is continuing to put upward pressure on sale prices.

In the Twin Cities, the median sale price of a traditional home (not a foreclosure or short sale) was $205,500 in February. That’s up 2.75 percent over the January median price of $199,000 and up 14.2 percent over the February 2012 median price of $180,000. (more…)

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The Making of a Walmart Shopper

Wednesday, December 19th, 2012

From Flickr user laurieofindy

This post, by Sue Warner is republished from the Leadership and Community blog.

I’m admitting something that may cause some of my friends to hate and shun me.  Others will try to change my mind, citing all the politically correct reasons why Walmart is evil incarnate.  I know I’ve crossed a line where some of you can’t and won’t follow.  But, in my little community – the southeastern-most section of Brooklyn Center – Walmart has become one of the places I frequent.

To be honest, the first time I wheeled into the new Walmart in Brooklyn Center this September, I wanted to hate it. Because it occupied the site of my former beloved Brookdale Mall. The working class version of Southdale, it of the famed animal-themed parking signs.

But, as I slowly explored the massive aisles and sections of the new Walmart superstore, it felt like I’d returned to my childhood. It brought to mind pleasant memories of the old Woolworth’s store at Brookdale and the Zayre Shopper’s City on Osseo Road (preceding Brooklyn Blvd.) and 63rd – places my sisters worked during high school. (more…)

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Learn about the Downtown Minneapolis Whole Foods Market – Tonight

Tuesday, December 11th, 2012

Mark SchoeningMark Shoening, senior vice president of retail at Ryan Companies US, will discuss current development projects, including the Whole Foods Market project in downtown Minneapolis, as well as the challenges and opportunities in the development of retail real estate. A pioneer in the design-build approach, Ryan Companies is a full service commercial real estate firm with expertise in development, architecture and engineering, capital markets, construction and real estate management.

The Real Estate Executive Insights Series is presented by the Opus College of Business MSRE program. This series invites speakers from the real estate industry to provide valuable information and discussion about hot topics and current trends. This is a free program and is open to the public. (more…)

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Real Estate Analysis: Median Home Prices Jump Nearly $6,000 Over the Summer. Is the Recovery for Real?

Wednesday, October 3rd, 2012

From the UST Newsroom.

This was a very good summer for the 13-county Twin Cities housing market. Researchers at the Shenehon Center for Real Estate at the University of St. Thomas’ Opus College of Business say that between June and August, the median price of a non-distressed home increased nearly $6,000.

A “non-distressed” sale is one that does not involve foreclosure or a short sale, where a home is sold for less than the outstanding mortgage balance.

The median price of a non-distressed home in the metro area was $214,000 in June, $217,000 in July, and $219,900 in August; moreover, the August 2012 price is up 8.3 percent over the August 2011 price. (more…)

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IKEA expands into new territory: International property development

Friday, September 7th, 2012

By Dan Jackson M.B.A. ’12 cross posted from Real Estate Matters

The Big Blue Box, furniture products that are easy to assemble, cheap and affordable, yet chic items, Swedish meatballs and cheap meals are all items that remind people of the retail giant IKEA.  But the retailer wants to get you to think outside of the box.

The popular Swedish home furniture products company IKEA has its sights set on expanding its well-known footprint.  The next endeavor for the company, which already has a large international presence, revolves around building entire communities where people will be able to live, work, stay and play.  According to the Globe and Mail IKEA is “launching a bold push into the business of designing, building and operating entire urban neighbourhoods.”  The Globe continues to state that while this is a new and bold endeavor for the furniture icon they still want these new neighborhoods to have an emphasis on the traditional affordability concept that IKEA is well-known for with its furniture products model.  One of IKEA’s current slogans is “Affordable solutions for living better,” and this is the type of slogan that the property development division anticipates as they move forward into the first phase of development of these new communities.  The property development team wants to create communities that are beautiful, well-maintained and allow for a maximum lifestyle benefit, but yet still affordable for families and individuals. (more…)

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London 2012 Olympics Redefine the Urban Experience

Monday, August 13th, 2012

Greenwich Park, London’s oldest Royal Park, Photo from the London 2012 galleries.

This by Dan Jackson, M.B.A. ’12, is adapted from our blog, Real Estate Matters.

The marathon is a popular Olympic sport.  The official distance of the marathon is 26.2 miles or 26 miles, 385 yards.  Have you ever wondered why this particular distance?  Olympic Fun Facts  explains, “It was decided at the 1908 Olympic Games in London that the royal family needed a better view of the finish line, so Olympic organizers added an extra 385 yards (0.2 miles) so the finish line would be right in front of the royal box.”

Every four years, several hundred million people across the world tune in to the Summer Olympic Games to check out their favorite athletes and to show support and solidarity for their country.  A little over 100 years later, London has just completed its third time as the host city for this world event.

While many spectators enjoy the great athleticism and sportsmanship that takes place during the Olympic Games, it can be easy to overlook the economic and real estate development that the Olympic Games can provide for the host city.  A study by Locate in Kent, found there is much evidence that Olympic Games have an immediate short-term impact on the host city and region in terms of local investment and regeneration. Benefits arise from the level of economic activity around staging the Games, to upgrade sporting, entertainment and general urban infrastructure. This also can lead to additional permanent employment after the games and may lead to longer-term impacts.  I’d like to provide a brief snapshot of the real estate development that was part of the preparation for the 2012 London Olympics Games. (more…)

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UST Real Estate Analysis: 5 Upward Months in Metro

Monday, July 30th, 2012

Arrows on the Twin Cities real estate chart pointed upward for the fifth consecutive month, according to the Residential Real Estate Price Report Index, a monthly analysis of the 13-county Twin Cities area prepared by the Shenehon Center for Real Estate at the University of St. Thomas’ Opus College of Business.

“Twin Cities’ housing data for June continued to show encouraging signs for the fifth month in a row,” observed Herb Tousley, director of real estate programs at the university.

Will the trend will continue?  “In 2011 the market was in a similar condition after a spring and early summer run-up, only to be derailed by a lack of confidence created by the federal debt-level-ceiling controversy, the U.S. government credit downgrade, and the emergence of financial problems in Europe,” Tousley said. (more…)

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Downtown Mpls. Neiman Marcus closes its doors: What’s next?

Wednesday, July 25th, 2012

By Dan Jackson, M.B.A. ’12

An article in the Minneapolis-St. Paul Business Journal recently reported that Neiman Marcus, a high-end retailer in downtown Minneapolis would be closing its doors in July of 2013.  This is not the first time that a high-end retailer has decided to close its doors or had to alter its image in downtown Minneapolis.  The article stated that in 2004, Saks Fifth Avenue reconfigured its main store concept into Saks Off Fifth, a lower-priced version of the well-known retailer.

With the announcement of this closure, I got to thinking about the possibilities of a tenant that could fit into the space that has been held by Neiman Marcus for about 20 years.  I reflected on a moment from my studies at St. Thomas.  One particular UST real estate course (REAL 746), introduces students to the techniques used to determine the best and highest use of a site from a market analysis and feasibility perspective.  It is a course that I took this past spring.  While there were many techniques that we learned throughout the course of the semester, six factors immediately come to mind when trying to provide market analysis for a particular site.  I’d like to walk you through each of these six factors and highlight important elements about the site that relate to each of these factors, but ultimately will leave it up to you to decide what kind of tenant(s) would be a good fit for a replacement. (more…)

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A Day in the Life of UST Alumnus Grant Campbell of Welsh Property Trust

Tuesday, July 3rd, 2012

This post was written by Dan Jackson, MBA ’12 for our blog, Real Estate Matters. Dan completed many of his electives in real estate including participation in the spring 2012 REAL 714 International Real Estate Development course in the Cayman Islands.

Class of 2006 UST real estate alumnus, Grant Campbell, loves what he does, ”I enjoy the fact that every day is different. Every investment opportunity, every asset, every lease is different.  In this job, you need to be able to find ways to maximize value for both the company and our shareholders, and also for the tenants we work with.  This essentially involves figuring out what the key objectives are for those involved in a particular transaction  and finding the best way to meet those objectives for all parties involved, whether they be sellers, buyers, lenders or portfolio tenants,” states Campbell.

As Associate, Investments, for Welsh Property Trust, Grant Campbell works as part of a team to source, underwrite, execute, manage and dispose of real estate investments.  He has been in the role for a year and half, but has been with the company overall for close to 6 years.  Campbell started out as a Financial Analyst in 2006, just prior to his graduation from St. Thomas.  In this position he underwrote potential acquisitions for the company.  (more…)

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UST Real Estate Analysis Reveals Story Behind Improving Market Numbers

Monday, June 25th, 2012

Prices and sales volume continue to increase while the number of homes for sale is at a historically low level; these are signs that the market is taking steps in the right direction, according to the Residential Real Estate Price Report Index, a monthly analysis of the 13-county Twin Cities area prepared by the Shenehon Center for Real Estate at the University of St. Thomas Opus College of Business.

According to Herb Tousley, director of real estate programs at St. Thomas, today’s inventory levels are the lowest recorded for the month of May in the last seven years and about half of the housing supply that was available in May 2007 and May 2008.

In most years, traditional property new listings typically increase in the spring, so why is this not happening now? Tousley notes several reasons, (more…)

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