The University of St. Thomas

2014 Minnesota Affordable Housing Conference

Now in it’s 2nd year, the Shenehon Center for Real Estate at the University of St. Thomas Opus College of Business will host the 2014 Minnesota Affordable Housing Conference in partnership with the Minnesota Housing Finance Agency.Mary Tingerthal

Join us for a conference bringing together various professionals working in all facets of real estate to exchange ideas, network and learn from one another’s successes.  Hone your skills with our specially selected workshops offering beginners and advanced practitioners information and resources needed to adapt and thrive. Learn from the experts and make valuable connections through networking opportunities.

Each breakout session will feature a finance track and a development track to address the various needs and interests of the affordable housing community.

The conference will be held on Thursday, May 8 at the downtown Minneapolis campus of the University of St. Thomas.

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Published on: Thursday, April 10th, 2014

Medical Offices Now Work as Timeshares

 The following article was reposted from Globe Street.com

By Carrie Rossenfeld | Orange County
 

Dopp-Grech: “The next step is for independent operators to offer this format without a specific hospital affiliation.”

IRVINE, CA—Like executive suites in the office market, shared medical space to accommodate multiple practices is being explored by medical landlords, Sonya Dopp-Grech, SVP/director of healthcare services for NAI Capital, tells GlobeSt.com exclusively. The concept allows for physician mobility and maximized use of the space.

“The healthcare industry is showing movement toward time-share concepts, allowing physicians to serve different geographical areas without the need to open additional offices,” says Dopp-Grech. “The concept has already been widely used by hospital groups to allow various specialists to reach out into the communities they serve. The next step is for independent operators to offer this format without a specific hospital affiliation.”

Medical landlords are beginning to explore this option with vacant or underperforming space in their buildings. The caveat is finding a responsible and reputable source to manage this type of space, which would look like a regular medical office with a common waiting area, receptionist and exam and treatment rooms. They may also contain a shared lab, equipment and other amenities.

“It’s like Regus does in the general-office market,” says Dopp-Grech. “Doctors go in and out and don’t need private offices so much anymore. They have their laptops and they see patients, but this way they can see patients at all ends of the county and don’t need to find a long-term lease in each location. It makes great sense, since the way of the future is consolidations.”

The concept makes sense for smaller independent practices or those who want to combine with a larger group. From the landlord perspective, if one is faced with vacant space, this presents another way to fill it with medical tenants.

As GlobeSt.com reported in January, consolidation is the keyword for medical practices today as they search for operating efficiencies. Since healthcare is moving away from the hospital setting into more of a retail environment, this consolidation presents challenges for larger medical practices seeking space to accommodate their needs.

One solution has been for larger groups to lease retail space that formerly held sizable stores such as Barnes & Noble, Dopp-Grech told GlobeSt.com. As GlobeSt.com reported earlier, as healthcare moves toward retail settings, many retail landlords are finding themselves for the first time involved in build-outs and tenant improvements for medical practices. While this trend is welcome among most landlords, they may not be prepared for the high cost of some of these improvements, according to Dopp-Grech.

“Consolidation is occurring because health systems want to make everything efficient for the groups,” says Dopp-Grech. “Smaller groups won’t be able to survive with malpractice insurance [and other costs]. So they’re consolidating and going into larger retail buildings, such as a Barnes & Noble that got vacated.”

 Follow this link to Globe Street: http://www.globest.com/
 
 About Our Columnist
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the West Coast region of GlobeSt.com and Real Estate Forum. She was a trade-magazine and newsletter editor in New York City for 11 years before moving to Southern California in 1997 to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics ranging from intellectual-property licensing and giftware to commercial real estate. She recently edited a book about profiting from distressed real estate in a down market and has ghostwritten a book about starting a home-based business.Email

Published on: Tuesday, April 8th, 2014

Jones Lang Lassalle Releases 2014 Skyline Review

Jones Lang LaSalle recently released its 2014 Skyline Review, a report on CBD office markets in major cities across the country. The review offers an inside look at occupancy in urban office centers across the country. As the “Skyline” term indicates, the review focuses on Trophy and Class A buildings in office districts known for high-quality assets, market-leading rents and high demand from institutional investors.

The Minneapolis Skyline building set includes 22 buildings and currently has an overall vacancy of 11%, down from 12% in last year’s report. However, absorption has been slow despite increases in office-using employment. This is mainly attributable to tenants “right-sizing” their space to use less square feet per employee.

2014 Minneapolis Skyline Review (Source: Jones Lang Lasalle)

Six Minneapolis Skyline buildings sold in 2013, as the market saw increased interest from institutional investors. Total sales volume was approximately $600 million on transactions for 3.4 million square feet of space. Skyline buildings sold for an average of just above $150 per square foot, which was higher 2012 levels but still below historical peaks above $250 psf in 2007 and 2010. One of the buildings sold was the IDS Center, which was acquired by joint venture of Beacon Investment Properties LLC and two Israeli companies for $253 million.

The IDS Center, Minnesota’s tallest building, was one of six Skyline buildlings in Minneapolis that was sold in 2013. Inland American Real Estate Trust sold it for $253 million after buying it for $277 million in 2006.

Capella Tower currently has vacancy of 15% on 1.4 million square feet, but that will change when the Star Tribune moves in next year.

 

 

 

 

Occupancy and rents continue to vary widely among the Skyline buildings. As in 2013, the lowest vacancy can be found at 33 South Sixth Street, with occupancy at 99.4% on 1.1 million s.f. of rentable area. On the other end of the spectrum is Fight Street Towers, which continues to struggle with vacancy of over 35% on about 1 million square feet. Minneapolis’ three tallest buildings continue to perform well, although vacancy has increased slightly at the IDS Center at 9%, up from 5% last year. Wells Fargo Center maintains 98% occupancy and the highest direct rents of the Skyline at $37.56 per square foot.  Capella Tower has had higher vacancy than its two tall peers, but that will be helped somewhat by the recent news that the Star Tribune will soon call the building home.

Published on: Friday, April 4th, 2014

House Prices and Lagged Data

mortgagesThe following is a posting from one of my favorite blogs, the Calculated Risk Blog.                -Herb Tousley

Posted: 27 Mar 2014 11:55 AM PDT

Two years ago I wrote a post titled House Prices and Lagged Data.  In early 2012, I had just called the bottom for house prices (see: The Housing Bottom is Here), and in the “lagged data” post I was pointing out that the Case-Shiller house price index has a serious data lag – and that we had to wait several months to see if prices had actually bottomed (the call was correct).

Now I’m looking for price increases to slow, and once again we have to remember that the Case-Shiller data has a serious lag.  (Note: the following is updated from the post two years ago). All data is lagged, but some data is lagged more than others. In times of economic stress, I tend to watch the high frequency data closely: initial weekly unemployment claims, monthly manufacturing surveys, and consumer sentiment. The “high frequency” data is lagged, but the lag is usually just a week or two.

Most of the time I focus on the monthly employment report, quarterly GDP, housing starts, new home sales and retail sales. The lag for most of this data is several weeks. As an example, the BLS reference period contains the 12th of the month, so the report is lagged a few weeks by the time it is released. The housing starts and new home sales data released recently were for February, so the lag is also a few weeks after the end of the month. The advance estimate of quarterly GDP is released several weeks after the end of the quarter.

But sometimes the lag can be much longer.  Two days ago, the January Case-Shiller house price index was released. This is actually a three month average for house sales closed in November, December and January. But remember that the purchase agreement for a house that closed in November was probably signed in September or early October. So some portion of the Case-Shiller index will be for contract prices 6 to 7 months ago!

Other house price indexes have less of a lag. CoreLogic uses a weighted 3 month average with the most recent month weighted the most, the Black Knight house price index is for just one month (not an average).

But, if price increases have slowed – as Jed Kolko argues using asking prices – then the key point is that the Case-Shiller index will not show the slowdown for some time.   Just something to remember …

Follow this link to the Calculated Risk Blog: http://www.calculatedriskblog.com/

 

Published on: Thursday, April 3rd, 2014

Developer Makes a Bet on Prairie-Home Boom

Related Paid $300 Million for Apartments in Texas, North Dakota

 This article was reposted from the Wall Street Journal on March 18, 2014. It was written by Craig Karmin and Eliot Brown

A two-bedroom recreational vehicle at North Dakota Housing’s RV Park in Watford City rents for $2,350 a month.  -North Dakota Housing

Related Cos., the developer best known for luxury condominiums and big commercial projects, is turning its sights to low-slung apartments on the North Dakota and Texas prairie, where a shortage of housing tied to the energy boom is allowing landlords to command some of the highest rents in the country.

The company, run by Miami Dolphins owner Stephen Ross, last week paid around $300 million for 20 apartment complexes with 3,000 units in Midland and Odessa, Texas, according to people familiar with the transaction. It also is in advanced talks for a deal on an existing project in North Dakota’s Bakken region, and plans to raise up to $300 million for a fund focused on shale-rich communities from desert areas near the Mexican border to the Appalachian basin in the East, the people said.

Mr. Ross is following a small band of investors, including private-equity giant KKR & Co. and real-estate firm Westport Capital Partners, into the residential and commercial markets of new and resurgent energy towns a world away from the cities and suburbs where they usually build or buy. They are drawn by rents that would seem more reasonable in Midtown Manhattan and Silicon Valley, the result of almost nonexistent unemployment and low supply.

A two-bedroom apartment in Williston, N.D., for example, can go for $3,000 a month, or more. In nearby Watford City, North Dakota Housing LLC rents a two-bedroom trailer for $2,350 a month. The same rent could fetch a spacious luxury apartment in cities like Las Vegas or Phoenix, or a studio in new towers in New York.

“We think it’s a unique opportunity,” says Justin Metz, managing principal of Related’s fund-management group.

The boomtowns in Texas have been around since oil-drilling rushes of previous decades, but those in North Dakota began sprouting about five years ago as energy companies started to pull oil and natural gas from shale-rock formations through a process known as fracking. Their populations have skyrocketed, overwhelming the existing housing stock. Many workers continue to be housed in barrack-like “man-camps.” While riding a boom is risky, investors point out that they are getting compensated with high yields. For example, Related is expecting the initial annual income from the apartment portfolio it purchased last week will be more than 10% of the purchase price, according to people familiar with the matter.

By comparison, investors on average are getting a yield of about 6% on rental-apartment acquisitions and that figure can dip below 4% in major cities like New York, according to data firm Real Capital Analytics. “Typically, pricing gets ahead of real-estate fundamentals,” says Mr. Metz of Related, referring to high employment and rapid economic growth in the oil and gas-rich regions. “Here you have strong real estate fundamentals and pricing hasn’t caught up with it yet.”

Still, some analysts are warning that job growth eventually will level off and begin to fall after the initial labor-intensive effort of drilling wells is complete. Employment in the rapidly growing petroleum sector of the North Dakota Williston Basin, for instance, is projected to rise from 14,153 in 2009 to more than 53,000 in 2020, before falling to 40,000 by 2030, according to North Dakota State University’s Department of Agribusiness and Applied Economics.

Meanwhile, developers already are adding to supply, causing Moody’s Investors Service last month to issue a report warning that rents in North Dakota boomtowns are “well above sustainable” levels. “It really intrinsically doesn’t make sense for a town with no physical barriers to entry to command the same rents as New York or San Francisco,” says Tad Philipp, director of commercial real-estate research at Moody’s Investors Service.

Not all bets have been winners. For example, Flathead Glacier Group LLC, a Bozeman, Mont., real-estate company, defaulted on a $24 million loan backed by 134 rental apartments in Williston and Watford City just four months after it was sold into a mortgage bond, according to Trepp LLC. Last week, Trepp reported the loan went to 90 days delinquent from 60 days. Inquiries to Flathead were directed to a firm run by loan sponsor John Dunlap, who didn’t respond. But a spokeswoman for Halliburton Co. confirmed that it terminated its lease for 40 units owned by Flathead in August when Halliburton completed construction of housing for its workers in Williston.

Still, many investors and planners believe it could be years more before supply catches up with demand, pushing rents down. For some of the early real-estate investors in the latest boom, cash is pouring in as rents rise. Average rents in Williston have risen from about $1,000 a month in 2009 to nearly $2,500 at the end of 2012, the latest available data, according to the Williston Regional Economic Development Corp.

KKR was one of the first big-name investors to show up, announcing a 164-acre master-planned community in Williston in 2012. The private-equity firm expects to complete this summer eight rental apartment buildings on the site. The apartments have been coming to market gradually and KKR officials say they are leasing 20 to 25 a week. KKR and its partners are spending about $150 million to build the apartments, and to prepare vacant lots that they are selling separately to home builders.

Follow this link to the article: http://online.wsj.com/news/articles/SB10001424052702303287804579447463140236306?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303287804579447463140236306.html&fpid=2,7,121,122,201,401,641,1009

Write to Craig Karmin at craig.karmin@wsj.com and Eliot Brown at eliot.brown@wsj.com

 

Published on: Saturday, March 29th, 2014

Would rising interest rates and home prices put the Twin Cities housing recovery in jeopardy?

 Researchers at the Shenehon Center for Real Estate think not, but they are keeping an eye on theMarket Report historically low inventory of homes for sale and what that could mean for asking prices.

Would a predicted increase in mortgage interest rates, coupled with a low-inventory-fueled jump in home prices, be enough to kill the housing recovery that has been under way in the Twin Cities for the last two years? That question is examined in the February Residential Real Estate Index, a monthly analysis of the 13-county metro area prepared by the Shenehon Center for Real Estate at the University of St. Thomas’ Opus College of Business. Even with a potential increase in both interest rates and the asking price of homes, “the housing market may slow down but the recovery will not be derailed since home ownership will remain affordable for most households,” according to Herb Tousley, director of real estate programs at the university.

What might happen to mortgage rates?

According to many sources, interest rates and mortgage rates are expected to increase moderately during the course of 2014. “Mortgage rates have been extremely low for the last several years and at some point they are going to have to return to more historically normal levels,” Tousley said.  A chart showing the change in mortgage rates since 1980 can be found on the Shenehon Center’s website at http://www.stthomas.edu/business/centers/shenehon/research/default.html.

What might happen to home prices?

The number of homes for sale continues to remain at a historic low level with just 12,131 properties for sale in the 13-county metro area. “We will be keeping a close eye on the inventory because the number of homes for sale will have a direct impact on the percentage of increase in median sales prices during 2014,” Tousley said.  “We have been expecting an increase in inventory of homes for sale in the 15 percent to 20 percent range as we move into the spring and summer selling seasons due to a healthy increase in sale prices over the past year and generally improved economic conditions in the region. “If inventory levels remain stubbornly low throughout the year, the lack of supply will cause prices to increase more aggressively.”

Will homes remain affordable?

“If mortgage rates do increase moderately as expected in 2014, home ownership will still remain affordable for Twin Cities residents,” Tousley said. “Home ownership in the Twin Cities has traditionally been very affordable compared to many other areas of the country,” he added. In Minneapolis-St. Paul the home-price-to-income ratio (the median sale price of a home compared to the area median household income) as of December 2013 was 2.97 compared to the national average of 3.86.A chart on the Shenehon web site illustrates the impact of potential increases in mortgage rates and asking prices. For an example, the chart assumes: a current mortgage rate of 4.5 percent increasing to 5.5 percent by year-end; a 5 percent increase in the median home sale price; a 2 percent increase in median household income for a buyer who puts 5 percent down. In this case, the median sale price in February 2014 of $213,250 would increase to $223,912 by December 2014. During that time, meanwhile, median household income would increase from $63,564 to $64,835.  When principal, interest, insurance and taxes are added to the mix, the monthly payment increases from $1,326 to $1,507. As a result, the debt-to-income ratio in this case increases from 25 percent in February to 28 percent in December. “Payments do increase,” Tousley said, “however they remain within most mortgage lenders’ guidelines that the total payment is at or less than 28 percent of household income. Under this scenario, homeownership will remain affordable for most households.”

 Traditional Home Median Sale Price

How the Twin Cities market looked in February.

February’s severe weather “continued to have an outsized dampening effect on the Twin Cities’ housing market,” Tousley said. Median sale prices were essentially flat and sales volume was down slightly. The percentage of distressed sales (foreclosures and short sales) ticked up slightly to 30 percent in February, but an improvement over the nearly 44 percent recorded in February 2013. “If all this sounds a lot like the report from December and January, there is a good reason for that,” Tousley said, “but look for things to improve in March as the spring selling season gets underway.”

The UST indexes

Each month the Shenehon Center tracks nine housing-market data elements, including the median price for three types of sales: nondistressed or traditional-type sales, foreclosures, and short sales (when a home is sold for less than the outstanding mortgage balance).

The St. Thomas Traditional Sale Composite Index continued to decrease, moving from 1005 in January to 995 in February. Despite the monthly decrease, the index remains 2.9 percent above the level recorded in the previous year.

The short sale index was 851 in February, down 10 points from January; however it was a 9.24 percent increase compared to one year ago.

The foreclosure index also decreased in February, moving from 726 in January to 721 in February, a decrease of .7 percent. The index is up 5.68 percent compared to January 2013.

 Feb-2014-Chart

More information online

The Shenehon Center’s charts and report for February can be found at http://www.stthomas.edu/business/centers/shenehon/research/default.html.

Research for the monthly reports is conducted by Tousley and Dr. Thomas Hamilton, associate professor of real estate at the university. The index is available free via email from Tousley at hwtousley1@stthomas.edu.

Published on: Tuesday, March 25th, 2014

More First-Time Buyers Ready to Enter Market in 2014

More than four million first-time buyers want to enter the market, but they face some tough issues as market conditions aren’t exactly favorable to new buyers.

Reposted from the MReport   Article by Colin Robins:

 This conclusion came from the Zillow Housing Confidence Index (ZHCI), a new calculation released by Zillow and Pulsenomics.

The ZHCI is a measure of consumer sentiment; anything above 50 indicates a positive sentiment. The current national index is 63.7. Of the 20 metros surveyed, 11 had individual confidence levels above the national average.

mortgagesIn 19 of the 20 large metros surveyed, more than 5.0 percent indicated they wanted to buy a home in the next year. The report notes, “Among current renters, homeownership aspirations were particularly strong, with about 10 percent of all renters nationwide saying they would like to buy within the next 12 months.”

A vast majority of respondents said they were “confident or somewhat confident” they could afford a home in 2014.

If every respondent who indicated they wanted to buy a home actually purchased one, first-time home sales would total more than 4.2 million for 2014, more than double the roughly 2.1 million first-time buyers in 2013.

While this optimistic total from Zillow suggests interest is high, actually purchasing a home should prove to be a challenge in the upcoming year.

Market conditions are mixed: inventory, up 11 percent from a year ago, is still well below optimal levels, and has fallen year-over-year in eight of 20 metros measured by the ZHCI. Mortgage rates, once a record low 3.3 percent in 2013, have risen to 4.2 percent, according to the Zillow Mortgage Marketplace.

A dearth of inventory coupled with rising mortgage rates could push homes out of a homebuyer’s price range, particularly for first-time buyers.

“For the housing market to continue its recovery, it is critical that homes are both available and remain affordable to meet the strong demand these survey results are predicting, particularly from first-time homebuyers,” said Zillow chief economist Dr. Stan Humphries. “Even after a wrenching housing recession, this data shows that the dream of homeownership remains very much alive and well, even in those areas that were hardest hit.”

He added, “But these aspirations must also contend with the current reality, and in many areas, conditions remain difficult for buyers. The market is moving toward more balance between buyers and sellers, but it is a slow and uneven process.”

Areas indicated by the ZHCI with the highest interest in purchasing a new home come from metros that were hit hardest by the housing recession: Miami (67.5), Atlanta (62.9), and Las Vegas (64.1).

Each were near or above the national index of 63.7 for “Overall Housing Confidence.”

Published on: Friday, March 14th, 2014

Consumers Show Renewed Confidence in Housing Recovery

Market Report

The following articel was written by Tory Barringer and was reposted from DSNews

After starting the year on a low note, consumer attitudes toward housing brightened overall in February, according to Fannie Mae.

Asked about home price trends over the next year, 50 percent of respondents in Fannie Mae’s February National Housing Survey said they expect improvements, a recovery from a slide to 43 percent in January. A slightly larger number of consumers anticipate price declines—7 percent, up from 6 percent—while the share of those forecasting no significant movement was down to 38 percent.

Having dropped 1.2 percentage points to start the year, the average home price change expectation rebounded just as sharply to 3.2 percent, matching the December survey.

That renewed confidence in home prices spurred a boost in those saying now is a good time to buy a home; that number was up 3 percentage points from January to 68 percent. At the same time, though, the share of respondents saying they think it would be easy for them to get a mortgage right now retreated from January’s all-time high of 52 percent, falling back to 45 percent.

Doug Duncan, SVP and chief economist at Fannie Mae, said the up-and-down nature of the last few surveys fits with the “noisy economic and housing data published over the past few months.”

“[W]e’ve seen a corresponding increase in volatility in our survey results, particularly for home price expectations and perceptions about the ease of getting a mortgage,” Duncan said. “Despite the volatile month-to-month changes, we believe that the housing recovery is continuing, but is not yet robust.”

Gauging consumer attitudes about the economy, Fannie Mae found Americans were considerably more downbeat than they have been recently. Thirty-five percent of respondents said they believe the economy is on the right track—down 4 percentage points—while 57 percent say it’s on the wrong track, a small bounce after four straight months of declines.

Twenty-four percent of consumers said their household income is significantly higher than it was 12 months ago, an increase of 2 percentage points. Meanwhile, 36 percent said their expenses have grown substantially, an increase of 4 percentage points.

Noting a 6 percentage point jump over the last two months in the share of consumers citing higher household expenses, Duncan speculated that weather may have played a large role in any declines in economic optimism.

“This response would be consistent with higher home heating costs,” he explained.

Nevertheless, at least a few consumers seem to think these higher costs will stick: The number of respondents who expect their personal financial situation to improve in the next year fell slightly to 43 percent, while those expecting things to get worse ticked up to 15 percent.

Published on: Tuesday, March 11th, 2014

MN Court of Appeals Upholds Winona’s “30% Limit” on Rental Licenses

In a case being followed by many college towns across the state, the Minnesota Court of Appeals recently upheld a City of Winona ordinance limiting rental licenses.  The ordinance caps the number of properties elgible for rental certifcation to 30% of the properties on a block. Licenses are granted on a first-come first-served basis. Rental properties existing prior to the adoption of the ordinance are exempt from the requirement.

The ordinance was adopted in 2005 as a result of an increase in the number of rental properties and concerns about off-street parking. A City task force found that rental housing comprised about 39% of Winona’s housing units, but were resonsible for 52% of complaints. The task force paid special attention to neighborhoods surrounding Winona State University, which has enrollment of 8,900 students, and found that rental properties tended to “become run-down and unnatractive.”

The appellants in the case are the owners of three house who were each denied rental licenses due to the 30% cap. One homeowner wished to rent his home while he was on military duty in Afgahnistan, while another sought to rent his property out after he was unable to afford his mortgage payments. Their attorney Anthony Sanders stated their case as “an issue of whether you can take a perfectly safe home and rent it out to perfectly safe tenants, of whether you can be denied that right because your neighbor’s already done it.” According the Sanders the plaintiffs will ask the Minnesota Supreme Court to consider the case.

In its ruling the MN Court of Appeals found that it could “easily conclude that the public has a sufficient interest in rental housing to justify a municipality’s use of police power as a means of regulating such housing.” In upholding the lower court’s decision, the Court of Appeals found that the 30% rule was rational, and did “not delegate legislative power to other property owners,” it affirmed the district court’s award of summary judgment to the City.

Published on: Friday, March 7th, 2014

House Benefitting UST Real Estate Programs Featured in Spring 2014 Parade of Homes

The house constructed to benefit UST Real Estate Programs will be one stop on the 2014 Spring Parade of Homes tour.  The two-story home, located at 6443 McCauley Terrace in Edina, includes MN Green Path Energy Efficient features.  Other showcases include a sports court, third-floor loft, media room, owners’ suite, junior suite, five bedrooms and six baths. The home is nestled on a quiet, wooded cul-de-sac on Arrowhead Lake.

6443 McCauley Terrace, Edina

6443 McCauley Terrace, Edina

The general contractor on the project is JMS Custom Homes who is also a major sponsor, donating its services to complete the home on time and on budget. Many other donors and sponsors have donated to the project both with in-kind gifts and building materials, including members of UST’s Real Estate Advisory Board. Sponsors to date include Crown Bank, Edina Realty, JMS Custom Homes, Marvin Windows and Doors, Shenehon Company, Alexander Design Group, Metropolitan Pipe and Supply, Outdoor Designs, Builders Association of the Twin Cities, Kraus Anderson, Barton Sand and Gravel, Cemstone, Muska Lighting, Regalwood Cabinets, Veit, Warners Stellian, and Ziegler.

Additionally, two UST undergraduate real estate students are working as interns with JMS Custom Homes during the construction and sale of a single-family home. These students
are receiving valuable experience overseeing the homebuilding process from start to finish.

The list price of the home is $1,695,000. The difference between the sale price of the home and the cost to build the home will be donated to support scholarships for St. Thomas students enrolled in the university’s real estate degree programs.

Custom Kitchen

Custom Kitchen

The Spring 2014 Parade of Homes is open March 1-30, Thursdays through Sundays noon to 6pm and The Remodelers Showcase is open March 28 from 1 to 7pm and March 29-30 from noon to 6pm. For more information, visit the Parade of Homes site.

Published on: Wednesday, March 5th, 2014