Posts Tagged ‘st thomas’
Sunday, June 5th, 2011
Academic researchers who study social, behavioral, and organizational psychology have spent the previous decade studying how people make judgement about people they meet. Some of these researchers believe that your brain, specifically the emotional centers, work incredibly fast to make snap judgements about people, a trait that was crucial in our species history, when ascertaining friend from foe was often a life threatening decision. The common phrases for these experiences are “gut feeling” and “a hunch”, and contradictory to the general belief that these emotions are irrational, scientists are increasingly discovering that they are actually the product of an incredibly complex system of sensory analysis, memory, and a syntax that follows a precise logical argument. This insight becomes all the more powerful when one begins to realize just how accurate that gut feeling is when the situation is appropriate.
Considering the opening paragraph of this interview, it is without surprise that Ms. Halligan makes a significant first impression, worthy of the pretense. Very confident, driven, intelligent, well spoken, and conscientious are the gut feeling(s) I experienced when Ms. Halligan began answering my questions. Aileen’s career, education, and goals are all reflective of these traits, and it would appear a solid bet that her future holds plenty of successes.
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Tags: Careers, Commercial Real Estate, deals, industrial development, local real estate, minneapolis, mortgage, MSRE, news, real estate, Real Estate Careers, real estate grad degree, st thomas, student interview, student profile, trends, twin cities, UST MSRE Program, UST real estate
Posted in Commercial Real Estate, Real Estate Matters - Interview, Real Estate Programs, Uncategorized, UST Student Profile | No Comments »
Wednesday, May 25th, 2011
“The (best part of the UST MSRE program is the…) whole package; having industry experts as guest speakers, hearing their stories, and learning, first hand, their opinion’s on the major issues facing the real estate industry. Furthermore, the overall connection to the real estate community as a whole is superb. These connections will set me up for success in any endeavor I choose. I have had an excellent experience in the program and would recommend it to others in the real estate industry. The UST and MSRE program’s reputation in the industry is top of the line.”
Real Estate Matters has had the opportunity to sit down with several MSRE students in the graduating class of 2011 and get their impressions of the program, their plans for the future, and their advice to perspective students as their time in the MSRE program draws to a close. The first 2011 graduate, Lane Thor, has been working at the Ramsey County Assessors Office as an Appraiser. Lane was kind enough to take a few minutes out of his busy schedule to answer a few questions for us.
What is your background and experience?
I grew up in St. Paul, and have lived in Lino Lakes since 2006. I earned my undergraduate degree at Hamline University in St. Paul, where I majored in Political Science. I was fortunate enough to play football for Hamline while I was a student there, which provided a great opportunity to learn valuable lessons about life, responsibility, and leadership.
So who do you route for in the MIAC?
I have to route for Hamline. But I promise, I alway route for St. Thomas to win. If they play Hamline I just hope for a tie…
Where have you worked since earning your undergraduate degree?
I am fortunate, in that my first job out of school is one I have really enjoyed. I began working at the Ramsey County Assessors Office in 2006. My day-to-day duties involve the appraisal of real estate for tax purposes. I specialize in residential property and am currently one of 52 appraisers working for Ramsey County. The thing I like most about the job is the unique nature of each property. Each property presents new challenges and opportunities for me every day. As an undergrad I was interested in getting into business law, but after a few law classes I changed my mind. My passion for public sector work, especially the parts of the government that support the real estate industry, has remained which makes my current position a great fit for me. Also, my job affords me the opportunity to keep a healthy work-life balance, which is something that is very important to me.
Why did you decide to get an MSRE, and how did you choose UST?
I wanted to strengthen my skill set and knowledge of real estate issues to compliment my current background, with the goal of having more opportunities in the field of real estate. Looking back on my time in the program I can definitely say that I have broadened my skill set and given myself many new and exciting options. Furthermore, my sophistication in real estate has increased two fold, (1) I have learned more about the theoretical aspects of the real estate industry than I ever imagined, and (2) I was pleasantly surprised at the amount of practical knowledge I gained, with regard to the different aspects of real estate. I am certain that this experience will benefit me in any area of real estate that I get into.
I chose St. Thomas, because the program and the school is regarded in the Twin Cities, as the gold standard in real estate education. UST has an extensive professional network, including the real estate advisory board, which is basically all the heavy hitters in the Twin Cities real estate industry. I looked at a few other programs but ultimately chose UST because I wanted to have classroom experience - that personal level, face-to-face contact with my professors and peers is important for me. Because of this I have built life long friendships. The small class sizes have allowed me to meet everyone and make valuable connections. The classroom experience and the relationships that stem from this structure is what brought me to UST.
What is the best part of the program?
The whole package – having industry experts as guest speakers, hearing their stories, and getting first hand opinion’s on the major issues facing the real estate industry. Furthermore, the overall connection to the real estate community as a whole is superb and will set me up for success in any endeavor I choose. I have had an excellent experience in the program and would recommend it to others in the real estate industry. The UST and MSRE program’s reputation in the industry is top of the line.
Do you have some advice for perspective students?
If you have a passion for real estate, this will be a great opportunity. As with any graduate degree program, the workload gets heavy at times. But, if you have taken the time to prepare for the program, taken the GMAT, etc. you will find a way to manage the out of classroom work. This program is great for people who love real estate.
What are your career goals?
Right now, I am working on a couple of ideas that I have been formulating for a long time. I wanted to wait until I graduate before I really focused on one plan, as I needed to really see what was involved in each part of the industry, and where my passions really were. I think for the long-term, I would like to go into business for myself. . For the time being, I will continue to pursue high level positions in the public sector dealing with real estate or real estate related issues. After I get settled in, I would like to begin my own business, doing both at the same time, public sector and private. My private business will consist of a full service real estate company focusing solely on niche markets that have not been tapped. With good marketing and perseverance there is a lot of upside to some areas that remain untouched.
What is the best advice you have ever received?
At Hamline, my football coach told me to be successful you need to surround yourself with the right people. That means making the right connections, having the right network, as well as putting good people near you. At UST you get that, professors who are helping you and working so you succeed. My new network is due in large part to UST. This alone has made my decision to enter the MSRE program a great one and makes me very excited as I look forward to my future career.
Real Estate Matters would like to thank Lane Thor for taking the time to share his insight and experience in the MSRE program. We would also like to congratulate him on his graduation and look forward to keeping track of his promising career. To find out more information about the UST MSRE program, please visit our website.
Tags: Careers, Commercial Real Estate, deals, economy, local real estate, minneapolis, MSRE, real estate, Real Estate Appraisal, Real Estate Careers, real estate grad degree, Residential Real Estate, st thomas, student interview, student profile, twin cities, UST MSRE Program, UST real estate
Posted in Appraisal, Real Estate Matters - Interview, Real Estate Programs, Uncategorized, UST Student Profile | No Comments »
Thursday, April 7th, 2011
Bob Lux- Principal at Alatus Development
“So, what is the plan for Block E?”
A simple question that was definitely on every attendee’s mind at the most recent Real Estate Executive Insight Series. However, the answer isn’t so simple, and if it were not for Bob Lux’s (principal at Alatus LLC) charisma, intelligence, and experience in leading major, press-worthy development projects the answer might not have been as well received. As any gifted public figure would, Mr. Lux skirted the question, but in his sidestep, alluded to several important things concerning the future of Block E, as well as the kind of person Mr. Lux is. Before his answer can be assessed properly, it is important to understand Mr. Lux’s history, professional accomplishments, and his philosophy on development (and life).
Mr. Lux grew up in a Long Prairie, a small community in central Minnesota, a town that most likely does not have a building higher than the many crop silos that dot the agrarian landscape. Like many young men from small towns, Mr. Lux left home in search of success and the experience that can only be found in the “big city”. After earning his degree in Business Administration from the University of Minnesota, Mr. Lux returned to Long Prairie with the intention of starting a home building business in the area. He purchased a lumber yard with his father and began building farmers homesteads in the immediate area. Although this was quite different than the projects he would eventually oversee, Mr. Lux quickly learned the importance of adding value to differentiate his product, otherwise it would simply be a commodity.
After a short time at home the urge to return to city life became to great to resist, and once again, Mr. Lux left Long Prairie for the Twin Cities. His first employer, The Dominium Group, was developing high-density suburban real estate, which faced major issues surrounding obtaining approval from the community and local government for the rezoning of land for this use. Suburban homeowners are very protective of their communities, and the amount of space that each homesite has was a reflection of the owners desire for privacy and quiet living. Mr. Lux’s first assignment was in Eagan, MN, where he faced opposition form the mayor as well as landowners surrounding the proposed site. To change the attitudes of the landowners surrounding the site, who were a critical stakeholder in the success of the project, Mr. Lux used a mixture of logic, emotional appeal, and financial acumen to reach out to each of the parties and work with them to develop a compromised plan that met the needs of everyone. In the end this project was approved, and through it, Mr. Lux learned one of the key lessons that has helped him throughout his career. During the lecture, he repeatedly cited the ability to listen to, and connect with people as the most important skill he has, and the main reason why projects fail or succeed.
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Tags: Careers, cash, Commercial Real Estate, deals, development case study, Downtown entertainment, Downtown Minneapolis, economy, investors, local real estate, minneapolis, MSRE, news, real estate, real estate bubble, Real Estate Careers, real estate development, real estate grad degree, recession, st thomas, Target Field, trends, twin cities, UST MSRE Program, UST real estate
Posted in Commercial Real Estate, Development, Executive Insight Series, Industry News, Real Estate Trends, Residential Real Estate, Retail Real Estate, Uncategorized | No Comments »
Friday, April 1st, 2011
The short history of the building currently occupying the 600 block of Hennepin, know commonly as Block E, in downtown Minneapolis is a staggeringly accurate metaphor paralleling the last decade of the greater real estate market. According to Minneapolis St. Paul Business Journal, the original cost of developing the site in 2001 (less the $36.25 million spent on the Graves Hotel which did not change ownership) was $105.75 million. When Alatus Development purchased the development in July, 2010 they paid a paltry $14 million, or roughly 13.23% of the original price. At the risk free rate of return (based on the 10 year T-bill which average 4.42% over the period) the investment in Block E would be worth $162.973 million, resulting in a savings of $148.973 million for Alatus in todays value. This investment appears to be a no brainer, but it is not without risk. Since opening, Block E has lost most of the anchor businesses that originally signed leases in the space including: Borders Books, Game Works, The Hard Rock Cafe, Applebees, and Hooters. The space which Game Works and Borders occupied is still vacant, presenting Alatus and Bob Lux, the lead developer on the project, with significant challenges in their attempt to turn the site into a successful retail operation. That said, the final price tag for the site was too attractive to pass on.
One significant factor that helped persuade Mr. Lux to move forward with the deal is the 550 heated underground parking spaces beneath Block E, at $25,455 per spot is inline with other parking structures around the city. Looking at the deal from this perspective, Alatus paid market rate for the parking, and got a deal sweetener that is quite impressive, approximately 213,000 sq/ft of retail space. Pricing it the other way, at $66 sq/ft, the retail space was purchased at a price that is almost inconceivable given Block E’s location at the heart of the downtown district and within walking distance of Target Field, The Target Center, and many of Minneapolis’s theaters and restaurants. Despite the obvious advantages in location, the previous owners at Block E have had serious difficulty maintaining profitable levels of business. Trying to figure out what to do with this space will certainly keep Mr. Lux up at night, until a solution that provides long term tenants can be derived. (more…)
Tags: Block E, Bob Lux, Careers, cash, casino, Commercial Real Estate, deals, development case study, Downtown entertainment, Downtown Minneapolis, economy, gambling, investors, local real estate, minneapolis, minneapolis history, mortgage, MSRE, news, real estate, real estate bubble, real estate development, recession, st thomas, state deficit, Target Field, taxes, trends, twin cities, UST MSRE Program
Posted in Commercial Real Estate, Development, Executive Insight Series, Industry News, Minnesota Real Estate Journal, Real Estate Trends, Retail Real Estate, Uncategorized, Upcoming Industry Events, Upcoming UST Events | No Comments »
Friday, April 1st, 2011
Reposted from Opus Magnum, a blog of the “Great Work” of the University of St. Thomas graduate business community.
April 1, 2011—Students interested in pursuing careers in business, snorkeling or vacationing have a new option in St. Thomas with the new St. Thomas St. Thomas campus. The Opus College of Business announced today that it is opening a new graduate campus in Charlotte Amalie, St. Thomas, U.S. Virgin Islands.
“We decided it would be best to capitalize on the demand for Caribbean business education—and the confusion in the marketplace—and open a St. Thomas campus in St. Thomas,” said Chris Puto, Ph.D., dean of the Opus College of Business.
The St. Thomas St. Thomas campus (also known as the UST South campus) will allow the college to continue to meet the demands of the job market in the Caribbean for highly principled global business leaders.
The campus will be located in downtown Charlotte Amalie, giving students the same access to businesses and opportunity they find at UST’s downtown Minneapolis campus. Though without skyways, students will have to get used to walking outside.
“Winters at UST will never be a problem again,” said Dustin Cornwell, program director for the Full-time UST MBA. “We’re moving all of our admissions staff to the St. Thomas St. Thomas campus as soon as possible.”
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Tags: April Fools, New Campus, st thomas, Virgin Islands
Posted in UST Program News | No Comments »
Wednesday, March 23rd, 2011
Enjoy this list of articles and resources to ensure that you are up to date on the stories that are making headlines in the real estate industry
From Calculated Risk | Census 2010 Housing and Occupancy Data- The Census Bureau has released occupancy data from the 2010 census for 42 of the 50 states. This information is useful to gauge the extent of vacancies on a national and state level, and provide a trove of information for time series analysis. The article has an xls file of the data, as well as links to the Census website for more research. Finance and Commerce has a follow up to this story, in which they report exclusively on the vacancy and occupancy rates in the Minnesota market.
From Project Syndicate | Bubble Spotting- An interesting article by Robert Schiller (cofounder of the Case-Schiller index) who shares his predictions of the next equity bubble, even though he points out several times in the article that predicting such events are nearly impossible. Despite this, he outlines several well reasoned arguments and points out some interesting correlations in market behavior.
From WSJ and NAR
From The Wall Street Journal | Discounts Expected in Spring Market- A nationwide drop in housing sales and median home prices is not great news for the real estate market. However, looking at a more positive repercussion of this trend is enticing potential buyers off the fence with low borrowing rates, and prices that match the market realistic valuation of the property.
From Minneapolis Area Association of Realtors | Weekly Market Activity Report- Get the latest numbers on the twin cities housing market, as well as trends and analysis from MAAR.
From Finance and Commerce | Troubled Assets ‘Still Quite Plentiful’ in CRE Market- Finance and Commerce reports on the high volume of CRE inventory classified as distressed debt. Although there are many challenges for buyers and sellers in this market, there is also tremendous upside, due to the deep discounts available. With the right strategy, and enough equity to qualify for bank financing, investors have a huge opportunity to earn strong returns in the market.
From the NYT and HSH Associates
From The New York Times | More Borrowers Are Opting for Adjustable-Rate Mortgages- Pinpointed as one of the major causes of the record breaking number of foreclosures over the past three years, ARM’s have been shunned and avoided by recent home buyers. However, this trend is reversing, as banks are beginning to offer more conservative ARM’s that do not include any of the gimmicks that enticed unqualified buyers to borrow too much money. The shift towards marketing ARM’s as a prime investment option for high credit borrowers is a positive sign that lenders and buyers appear to have learned some lessons from the last crisis.
Tags: Commercial Real Estate, deals, economy, investors, local real estate, minneapolis, mortgage, news, real estate, real estate bubble, real estate development, recession, st thomas, trends, twin cities
Posted in Industry News, Real Estate Trends, Uncategorized | No Comments »
Sunday, March 13th, 2011
Here is an aggregated list of the most influential stories that are shaping the conversation about the real estate industry…
From the Mortgage Bankers Association | MBA Weekly Application Survey - The MBA index of mortgage applications has risen at an adjusted rate of 15.5% over the week prior. Furthermore, the seasonally adjusted four-week moving average of the market index is up 2.7%.
Fed Household Net Worth - from Calculated Risk
From Calculated Risk | Q4 Flow of Funds: Household Real Estate assets off $6.3 trillion from peak- A telling statistic that shows the current total worth of American’s homes has fallen to levels comparable to vales after the dot-com bubble. Looking into the period before this extraordinary market period, the last time housing equity equaled a similar percentage of the total GDP, a measure that controls for inflation as well as other economic changes, was 1997.
From the Bigger Pockets Blog | Real Estate by the Numbers (March 5-13)- As noted in the last post, a report from Finance & Commerce, new foreclosure filings are down across the country, and new Mortgage applications are up. This combination is good news, signaling more Americans consider their financial prospects positive enough to buy a home, and on the flip-side, less Americans are losing their investments…
From the Economist | Bricks and Slaughter- A unique editorial from the Economist, that poses serious questions about the conventional wisdom surrounding the single largest investment most citizens in rich world countries make, their homes. Looking at the issue from the perspectives of debt financing; and the intertwined nature of the economy, mortgage prices + availability, and real estates prices the create an accelerating effect on a home buyers ROI, the editors argue that serious modifications are still needed before the market can truly stabilize.
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Tags: Careers, Commercial Real Estate, deals, development case study, economy, industrial development, investors, local real estate, minneapolis, MSRE, news, real estate, real estate bubble, Real Estate Careers, real estate development, recession, st thomas, trends, twin cities, UST MSRE Program, UST real estate
Posted in Development, Industry News, Real Estate Trends, Upcoming UST Events, UST Program News | 1 Comment »
Thursday, March 10th, 2011
Current market conditions propagate a cycle of pessimism that is hard to break, especially when major media outlets follow negative stories with a magnetic zeal, and leave the good news buried deep in the nooks and crannies of the paper. During these tough times it is the job of optimists and those who seek out positive information to support their often criticized position to report the news that lends evidence to the possibility that things are improving.
Five years ago, a story like the one reported by Finance & Commerce today regarding the RealtyTrac report on the decline of foreclosures, would not have seemed like much of a story. However, these are different times, and the fact that a national decline in foreclosures has occurred is something to be optimistic about. Minnesota saw a 29.6% decline in February, compared to a year ago, which is slightly better than the national average at 27.3%. UST’s own Herb Tousley was interviewed for his perspective on the matter,
“I think we are seeing foreclosures starting to work their way through the market,” said Tousley, director of the Twin Cities-based Shenehon Center for Real Estate at the University of St. Thomas. “I don’t think this (drop in foreclosure filings) is an artificial lull based on procedural issues. I think the economy is looking up and employment is getting a little better.”
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Tags: deals, economy, investors, local real estate, minneapolis, mortgage, MSRE, news, real estate, real estate bubble, real estate development, recession, st thomas, trends, UST MSRE Program
Posted in Industry News | 1 Comment »
Friday, March 4th, 2011
“My brand is defined by my involvement in community organizations and the service + value adding work that I engage in to improve the community that I am a part of. Being involved has benefited me a great deal in my own career, both in making connections and preserving relationships, as well as encouraging the development of all members of the community. Giving back to the community is essential, its who I am and part of my values, I strive to add value to every board I’m on, as it is my responsibility to do so.”
On Tuesday evening Russ Nelson, Principal and President of Nelson, Tietz & Hoye, stopped by UST to share some of the wisdom he has accumulated over his 30+ year career in commercial real estate. Russ’s lecture took the format of a question and answer session, in which the audience asked Mr. Nelson questions ranging from market valuations to predictions about the Vikings future. Throughout the presentation several things were clear regarding Mr. Nelsons’s perspective and experience:
Thanks to ECO BROOKLYN INC. – Green Design/Build Firm for the image
1. Mr. Nelson thoroughly enjoys his job, and displays a fatherly pride when speaking about the projects his firm has worked on.
2. Mr. Nelson is a big picture guy, he possess an uncanny grasp on the market forces that underly each of his transactions, and the trends that form the overall ethos of commercial real estate.
3. As Thoreau so aptly put it, “To know that we know what we know, and that we do not know what we do not know, that is true knowledge.” Mr. Nelson has a keen awareness of the expertise of others and is quick to give credit to those who have helped him along the way.
4. Mr. Nelson is an exemplar of the idea of the “triple bottom line”.
5.Russ has an amazing amount of energy and is committed to the development of the community, as shown by his seat on the board of 10 community organizations.
Mr. Nelson’s career and achievements span far beyond the world of corporate real estate, and his attitude towards business and its role in the community serves as a sign of optimism, in a time when many executives are more interested in personal wealth and the stock price of their firm only. His accomplishments are a testament to the idea that success can be measured across a broad range of categories, and by any audit method, he has enjoyed a great deal of professional and personal triumphs.
Tags: Business Valuation Careers, Careers, Commercial Real Estate, deals, economy, industrial development, local real estate, minneapolis, mortgage, MSRE, real estate, Real Estate Appraisal, real estate bubble, Real Estate Careers, real estate development, st thomas, trends, twin cities
Posted in Development, Real Estate Trends | 1 Comment »
Sunday, February 13th, 2011
This is the first post of a weekly series providing links and short descriptions of articles that share insight and analysis into the real estate market. Enjoy…
From Minneapolis Area Association of Realtors
First Positive Bump for Home Sales Since the Tax Credit - Minneapolis Area Association of Realtors - Pending Twin Cities home sales were up 3.7% in January. However, due to the inordinate amount of foreclosures sold, median sales price was down 10.8%
Traditional Seller Prices Rise, Foreclosure Prices Plummet - Aaron Dickinson, Twin Cities Real Estate Blog - This examination of the deeper trends surrounding the first articles reporting of an uptick in sales but a severe drop in median price for Twin Cities home sales reveals several important distinctions
Housing Crash Is Hitting Cities Thought to Be Stable – David Streitfeld, The New York Times – An interesting look at markets that experts assumed would remain semi-stable, due to the lack of wild speculation and building, and how those assumptions are not holding true
Former Fannie exec: GSE reform doesn’t have to take years – John Prior, Housing Wire – Brian O’Reilly, former executive at Fannie Mae, shares his perspective on the White House release of a white paper outlining their vision for the future of mortgage finance
Green Real Estate Data -Jim Simcoe, Bigger Pockets – A series of statistics outlining survey results that focus on consumer attitudes and how they are becoming more environmentally conscientious
Tags: economy, local real estate, minneapolis, mortgage, MSRE, news, real estate, st thomas, trends, twin cities
Posted in Development, Industry News, Real Estate Trends | 3 Comments »
