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New Members of Minnesota Real Estate Hall of Fame Announced

The Minnesota Real Estate Hall of Fame, established in 2010 by the Shenehon Center for Real Estate at the University of St. Thomas Opus College of Business, will add three new members in a morning ceremony Thursday, Nov. 5th, at the Golden Valley Golf and Country Club.

Members of the Minnesota Real Estate Hall of Fame are chosen for their outstanding business performance, high standards of ethics and community activities. The three new members

Dan DolanWells Fargo

For more than 50 years, Dan Dolan has pursued a career in real estate. He was a leader in improving the professional and ethical standards in real estate and was an early promoter and employer of women in real estate sales. His real estate developments include the Evergreen Community, an upscale residential development in Woodbury; and the Oakdale Crossing Business Park.

Throughout his career, Dolan has been actively involved in boards and fundraising, including the merger of Cretin and Durham high schools, fund raising for the University of St. Thomas, and serving as King Boreas XLII in the 1978 St. Paul Winter Carnival. He may be eligible for retirement, but Dolan is just as passionate as ever about real estate development and continues to receive offers of employment in the industry.

Larry Laukka  

Since 1962, Larry Laukka has actively served in all  aspects of the real estate industry, but primarily in the building and development business. Laukka’s experience has included the design, development, financing, construction and marketing of more than 6,000 dwelling units and home sites throughout the greater Twin Cities community, and the management of approximately 3,000 owner-occupied townhomes and condominiums. His leadership roles include president and director of the Minneapolis Builders Association (MBA), senior life director of the National Association of Home Builders (NAHB) and founder of the Minnesota Housing Institute (MHI), which served the real estate industry’s state-wide needs to commercially promote home ownership and legislative action.

In the 1960s, Laukka worked with The Near Northside Re-Development Agency, a community based organization established to guide the redevelopment of the near north side of Minneapolis. The agency focused on the growing need for market rate housing and led to the development of single-family housing, hailed as “The Suburb in the City.”  After being approached by Governer Wendell Anderson, Laukka helped develop the State Housing Finance Agency and chaired the Minnesota State Housing Code Advisory Board until a state-wide building code was in place. Most recently, he served on the Fairview Southdale Hospital board of trustees and chaired the development of its new Carl N. Platou Emergency Center opened August 2015.

James Solem

For more than 40 years, James Solem provided outstanding leadership and tireless work in real estate finance and public policy, supporting the development of rental and ownership housing for low and moderate income households. He was the executive director of the Minnesota State Planning Agency from 1970 to 1978, and served as commissioner of the Minnesota Housing Finance Agency from 1978 to 1994 – a position he was appointed to five times by three Minnesota governors. From 1994 to 2000, Solem was the regional administrator for the Metropolitan Council, leading the long-range planning for transit, wastewater, parks and community development in the seven-county metropolitan area.  From 2000 – 2006, at the University of Minnesota’s Center for Urban and Regional Affairs (CURA), he led a project to bring new ideas to the issues of affordable housing and regional growth.

Now retired from the Metropolitan Council, Solem is active with consulting and volunteer service. He is chairman of the board of the Community Reinvestment Fund and of the boards of Common Bond Housing Corporation and the Greater Minnesota Housing Fund. Throughout his career, Solem demonstrated an exceptional knowledge of operations and governmental polices, brought a high level of ethical standards to the real estate industry and championed those most in need.

The program is open to the public and the cost is $60. More information is available at http://www.stthomas.edu/centers/shenehon/minnesota-real-estate-hall-of-fame/

To register use the following link:    https://webapp.stthomas.edu/eventregistration/ust/register.jsp?eventcrn=B1973

The Minnesota Real Estate Hall of Fame now has 30 members. Previously named were:

  • 2010: Tony Bernardi, Lloyd Engelsma, Gerald Rauenhorst, William Reiling, Jim Ryan and Sam Thorpe Sr.
  • 2011: Robert Hoffman, Darrel Holt, Bernard Rice, Emma Rovick and five members of the Dayton family: Bruce and the late Douglas, Donald, Kenneth and Wallace.
  • 2012: David Bell, Robert Boblett Sr., Philip Smaby and Boyd Stofer.
  • 2013: Leonard Bisanz, Helen Brooks, Thomas Crowley, M.A. Mortenson Sr. and Kenneth Stensby.
  • 2014: George Karvel Ph.D., Cyril “Cy” Kuefler Sr., Jim Stanton

 

Industry News, Minnesota Real Estate Hall of Fame, UST Real Estate in the News

2014 Minnesota Real Estate Hall of Fame Inductees Announced

halloffame

The Shenehon Center for Real Estate is pleased to announce
the 2014 Minnesota Real Estate Hall of Fame Inductees

George R. Karvel, Ph.D.
Cyril “Cy” Kuefler, Sr.
Jim Stanton

Join the Shenehon Center for Real Estate for the 2014 Minnesota Real Estate Hall of Fame Induction Ceremony

Thursday, November 6, 2014
7:30 a.m. Sign-in
8:00 a.m. – 10:30 a.m. Awards Ceremony featuring keynote speaker Robert Senkler, CEO, Securian Financial Group

Event Details
Golden Valley Golf and Country Club
7001 Golden Valley Road
Golden Valley, MN 55427

Individual cost: $50
or
Sponsor a table for 10: $700

The Shenehon Center for Real Estate at the University of St. Thomas Opus College of Business has established
the Minnesota Real Estate Hall of Fame to honor, preserve and perpetuate the names and outstanding accomplishments
of real estate leaders who have made a significant contribution in real estate and demonstrated care and concern for
improving their community as a business leader

Housing, Real Estate Programs, Residential Real Estate, Uncategorized, UST Program News, UST Real Estate in the News

Real Life Multimillion Dollar Real Estate Lesson for UST Students

By Kate Renner, published 2/11/2014, KSTP.com

It’s a real life real estate lesson. Some University of St. Thomas real estate students are taking part in a multimillion dollar home build, and soon a home sale.

The house, which is built on the last empty lakeshore lot in Edina is weeks away from completion. When the house is completed, it will be on the Parade of Homes tour starting March 1, and after that it’ll be put on the market.

The proceeds could raise the University of St. Thomas real estate program hundreds of thousands of dollars.
The cabinets that St. Thomas Senior Teresa Lingg helped pick out were installed in the kitchen Tuesday. Lingg was one of two student interns who worked with professional builders and contractors, who donated much of their time and materials to build the Edina house.

JMS Custom Homes is building the house as close to “at cost” as possible, for roughly $1.5 million, but the asking price will be much higher.

Continuing reading on KSTP. com

Housing, Residential Real Estate, Think Outside The Box, Twin Cities Real Estate, Uncategorized, UST Program News, UST Real Estate in the News

Construction Moves Forward on House to Benefit UST Real Estate Programs

Contractors are taking advantage of the good weather and are making good progress on the construction of the house that is being built to be sold with excess funds going to benefit the Real Estate Programs at the University of St. Thomas.

Workers were busy last week setting the trusses on the UST Real Estate House located at 6443 McCauly Terrace in Edina. Construction began in mid-October when crews excavated the basement and began pouring the foundation and the basement walls. Framing is expected to be completed next week. The house will be completed in mid-February just in time for the R E House 1house to be featured in the 2014 spring Parade of Homes. The general contractor on the project is JMS Custom Homes who is also a major sponsor, donating its services to make sure the house is completed on budget and on time. Building the house to benefit the Real Estate Programs at the University of St Thomas was a concept that was proposed and adopted by the UST Real Estate Advisory Board (REAB) as a major fundraising initiative. The idea behind the project was to solicit the donation of cash and/or building materials that will be used to build the house at a greatly reduced cost basis. The subcontractors are providing services and/or materials for the project at no cost, or at reduced cost, to help reduce the cost of construction. Many of the members of the Advisory Board have made donations towards the project or used their connections to locate other donors.   The difference between the sale price of the home and the cost to build the home will be donated to St. Thomas to support scholarships for St. Thomas students enrolled in the university’s real estate degree programs.

 

R E House 3a

The project will also provide hands-on experience for St. Thomas students. Two UST undergrad real estate majors are working as interns with JMS Custom Homes during the construction and sale of a single-family home. These students are getting valuable experience as they work throughout the permitting and construction process from start to finish.

 

UST House Rendering

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.

 

 

 

Economics, Industry News, Real Estate Trends, Residential Real Estate, Residential Real Estate Index, Twin Cities Real Estate, UST Real Estate in the News

St. Thomas Real Estate Housing Report For July

Highlights from the Minneapolis / St. Paul Residential Real Estate IndexMarket Report

  • Median sale price declines for the first time this year.
  • New home construction continues to improve
  • Condo market showing early signs of recovery

 Is the decline in the median sale price from June to July a cause for concern?

 Probably not, according to the Residential Real Estate Price Report 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. In his analysis for the month of July, Herb Tousley, director of real estate programs at the university, said that while the median sale price did decline and the volume of closed sales was flat, we are still well ahead of last year’s prices and sales levels.  The decline in the median sale price is part of the normal seasonal cycle as we move through the summer towards fall.

 There are other indications that the housing market in the Twin Cities continues to improve. Part of the recent rise in median sale prices can be explained by examining the prices of the homes being sold. The mix of home prices has changed over the past year. There are now a greater percentage of higher priced homes being sold compared to this time a year ago (see attached chart). This is another sign of the market’s return to good health since it indicates that there are fewer lower priced distressed properties being sold.

Sale Price Mix

 The proportion of distressed sales (foreclosures and short sales) continues to decline. In July, only 20 percent of closed sales were distressed; that’s the lowest percentage since January 2008.

 Overall, the median sale price for a Twin Cities home decreased 2.7 percent from June to July, marking the first monthly decrease of the year. The median price of a nondistressed home in July 2013 was $224,950; that’s up 3.66 percent over July of 2012 and is only 6.2 percent less than the all-time high of $239,900 that was recorded in June 2006, prior the burst of the housing bubble.

 “It appears that the inventory of homes for sale, while still historically low, is slowly improving. It bottomed out in January 2013, at 12, 919,” Tousley said. “It has increased every month since then, ending in July at 15,768 homes for sale.”

 New condominium development is showing early signs of a comeback. After 5 years of declining values, excess units, and no new construction there are the beginnings of new condo development activity in certain areas. The successful presale of a few early projects will likely encourage more development that will test the depth of the market. Increasing home prices, relatively low interest rates, and rising rental rates are causing more people to consider a condo purchase.

 Minneapolis / St. Paul was one of the top 20 markets in 2012 for new housing starts in the nation. –  The low inventory of existing homes for sale continues to create favorable conditions for new home builders. According to the Keystone Report, construction permits for new single-family homes in the metro area are up 30 percent year to date over the same period a year ago. While permits are running far behind levels seen in 2005 and 2006, homebuilders are in the midst of a third year of steady growth.

 The St. Thomas’ real estate index uses nine data elements to measure the health of the market. In July it showed year-to-year increases for the three categories of sales. For traditional sales, the July index is up 7.98 percent over last year; for short sales, the index is up 11.31 percent; and for foreclosure sales, the index is up 14.02 percent.

 Research for the monthly reports is conducted by Tousley and Dr. Thomas Hamilton, associate professor of real estate at the university. See the entire report at:

 http://www.stthomas.edu/business/centers/shenehon/research/default.html#MSP Residential Index

 The index is also available free via email from Tousley at hwtousley1@stthomas.edu.

 

 

Minnesota Real Estate Hall of Fame, UST Program News, UST Real Estate in the News

2013 Minnesota Real Estate Hall of Fame Inductees Announced

halloffame

The Shenehon Center for Real Estate is pleased to announce
the 2013 Minnesota Real Estate Hall of Fame Inductees

Leonard Bisanz
Helen Brooks
Thomas Crowley
M.A. Mortenson, Sr
Kenneth Stensby

Join the Shenehon Center for Real Estate for the 2013 Real Estate Hall of Fame Induction Ceremony
Thursday, October 24, 2013
5:30-6:30 p.m. Reception with heavy hors d’oeuvres
6:30 – 8 p.m. Awards Ceremony
University of St. Thomas Minneapolis Campus
Cost: $50

Register for the 2013 Minnesotate Real Estate Hall of Fame

The Shenehon Center for Real Estate at the University of St. Thomas Opus College of Business has established the Minnesota Real Estate Hall of Fame to honor, preserve and perpetuate the names and outstanding accomplishments of real estate leaders who have made a significant contribution in real estate and demonstrated care and concern for improving their community as a business leader.

Minnesota Real Estate Hall of Fame Members:

David Bell
Tony Bernardi
Robert Boblett, Sr
The Dayton Family
Lloyd Engelsma
Robert Hoffman
Darrel Holt
Gerald Rauenhorst
William Reiling
Bernard Rice
Emma Rovick
Jim Ryan
Philip Smaby
Boyd Stofer
Sam Thorpe, Sr

Affordable Housing, Government Policy, Multifamily, Property Management, Real Estate Law, UST Real Estate in the News

Should Property Owners Be Required to Provide Air Conditioning to Tenants?

Steve Katkov, UST Real Estate Professor and business and real estate attorney at Thompson Hall, talks to Fox 9 about renter’s rights in the summer months. Should landlords be required to provide air conditioning to their tenants in the summer similar to the cold weather rule in the winter? Here is what Professor Katkov had to say:

KMSP-TV
Green Building, Real Estate Programs, Residential Real Estate, Think Outside The Box, Uncategorized, UST Program News, UST Real Estate in the News

Proceeds From Home Under Construction in Edina Intended to Benefit UST Real Estate Education Programs

Construction has begun in Edina on a single-family house that will be sold to raise money for real estate education programs at the University of St. Thomas and serve as a learning tool for undergraduate and graduate students during the fall 2013 semester.

The house at 6443 McCauley Terrace, southeast of Highways 169 and 212-62, will overlook the west side of Arrowhead Lake. JMS Custom Homes, whose owner Jeff Schoenwetter is a member of the St. Thomas Real Estate Advisory Board, is the builder, and the Alexander Design Group of Wayzata is the architect.

Representatives from St. Thomas, JMS Custom Homes, and the UST Real Estate Advisory Board break ground on the home in Edina.

Representatives from St. Thomas, JMS Custom Homes, Edina Realty and the UST Real Estate Advisory Board break ground on the home in Edina.

Crown Bank of Edina will provide all construction funding to JMS for the 5,900-square-foot house, which will have four bedrooms and five bathrooms.

JMS and Alexander Design Group are donating services. Other expected donors include Edina Realty, which will market the house and provide financing for qualified purchasers; Shenehon Co., appraisal services; Fabyanske Westra Hart & Thomson, legal services; and various subcontractors.

Continue reading on the St. Thomas Newsroom.

Commercial Real Estate, Contest, Development, Economics, Industry News, Real Estate Trends, Residential Real Estate, Retail Real Estate, Think Outside The Box, Urban Planning, UST Program News, UST Real Estate in the News

UST Team to Compete in the Gerald D. Hines / ULI Student Urban Design Competition

photo source: Minnesota Vikings

The 2013 Hines Competition is underway!

One hundred sixty teams from 70 universities in the United States and Canada are currently developing solutions for a site in Minneapolis’s Downtown East neighborhood, near the site of the new Minnesota Vikings stadium

The ULI/Gerald D. Hines Student Urban Design Competition, now in its 11th year, is an urban design and development challenge for graduate students. The Hines Competition challenges multidisciplinary student teams to devise a comprehensive development program for a real, large-scale site. Teams of five students representing at least three disciplines have two weeks to develop solutions that include drawings, site plans, tables, and market-feasible financial data.

The University of St Thomas team members are  Thomas McElroy, full time MBA student; Thomas Strohm, MSRE student, Michael Richardson, Master of Urban and Regional Planning  student at the University of Minnesota; Amber Hill, Master of Landscape Architecture student at the University of Minnesota; and John Briel, Master of Urban and Regional Planning  student at the University of Minnesota.

This is an ideas competition; there is no expectation that any of the submitted schemes will be applied to the site. The winning team will receive $50,000 and the finalist teams $10,000 each.

The ULI/Gerald D. Hines Student Urban Design Competition is part of the Institute’s ongoing effort to raise interest among young people in creating better communities, improving development patterns, and increasing awareness of the need for multidisciplinary solutions to development and design challenges. This competition is an ideas competition; there is no expectation that any of the submitted schemes will be applied to the site. The winning team will receive $50,000 and the finalist teams $10,000 each. Winners that will advance to the next round of the competition will be announced by the end of February.

Uncategorized, UST Program News, UST Real Estate in the News

Congratulations to Recipients of the Professional Certificate in Commercial Real Estate!

The Shenehon Center for Real Estate, in conjunction with the University of St. Thomas Center for Business Excellence congratulates recipients of the Professional Certificate in Commercial Real Estate.  The following recipients earned the Certificate on November 28, 2012, after completing the PCCRE program:

Joanna Franco, Corporate Services Specialist – Transaction Management Team, CBRE
Sandy Spangler, Commercial Real Estate Loan Administrator, Associated Bank
Terry Stirewalt, Vice President of Business Services, Richfield/Bloomington Credit Union

The University of St. Thomas Shenehon Center for Real Estate developed the Certificate as a strategy for professionals to keep up with market changes; the program aims to strengthen the foundation of those enrolled for the betterment of their careers, and it is designed for professionals who work within the commercial real estate industry as well as for those making a transition into it.  The six programs provide a comprehensive background of best practices in commercial real estate in the areas of Valuation, Urban Land Economics and Market Analysis, Commercial Real Estate Finance, Investment and Income Analysis, Asset Management, and Legal Aspects of Real Estate and Governmental Controls.  For more information on the Professional Certificate in Commercial Real Estate, visit http://exed.stthomas.edu/CommercialRealEstateEducationMN.