- In the majority of the top 10 millennial markets, the unemployment rate is lower than the national average and home prices are generally lower.
- Based on average income, millennials in these markets can afford to buy 1 out of 4 homes listed for sale. In Oklahoma City, they can afford 30%.
- By comparison, millennials can afford just 10% of the homes in Dallas, 13% in Boston and barely 2% in San Diego.
High home prices along with strong demand have today’s youngest homebuyers moving to smaller cities — and that could mean a boom for local economies and home values in those markets.
For example, Madison, Wisconsin, is a new mecca for millennials, according to a recent study from the National Association of Realtors, which ranked the top millennial housing markets based on both their high share of current young residents and of millennials moving in. Three out of 4 recent transplants to Madison were millennials and they have mostly stayed in the area, giving the city an overall high millennial population.
The growth is partly due to a burgeoning tech sector as well as the growing popularity of the University of Wisconsin with out-of-state students. Google recently announced it was expanding its Madison offices.
Garrick Rohm, 30, just bought a condominium in Madison. He was renting but decided that it was time to make a longer-term commitment to the area.
“I love being able to bike to work. You can get anywhere you need to go. There’s lots of music venues,” said Rohm. “When you’re walking around Madison downtown, you see young people all over the place.”…
RSK: I think we knew we were a magnet but didn`t think we were #1. I do see a slight problem with affordable housing in Madison and that alone could change things. However, plenty of upscale apartments in and near downtown/campus…
2019 RASCW Commercial Real Estate Forecast
May 29 @ 1:30 pm – 4:00 pm
TDS Conference Center – 525 Junction Road
Commercial Real Estate: What is Next?
Mark J. Eppli, Director of the James A. Graaskamp Center for Real Estate
Tax Cuts & Jobs Act of 2017: What Does it Mean in 2019?
Jeff D. Olson, CPA, MBA – Berndt CPA
Matt Wachter, Manager of Real Estate Services and
Dan Kennelly, Manager of Office of Business Resources,
Economic Development Division, City of Madison
Corey Lamont and Tom Larson – Wisconsin REALTORS® Association
Legal Updates and Legislation
Social Networking 4:00 pm – 5:30 pm
Eno Vino Wine Bar & Bistro
No matter how much we wish otherwise, every investment property is going to have at least some expenses associated with it. At a minimum, taxes, insurance, repairs and maintenance, and possibly water and trash service on multifamily properties, are going to become due and payable over the course of a fiscal year. All are inevitable, and all must be estimated, budgeted for and managed….
RSK: This is pretty basic but I do like his part on Repairs & Maintenance….20% is about right unless it is brand spanking new. Depreciation is real not just a number for tax purposes.
100% occupied office building on busy Main Street in Sun Prairie. Great opportunity to take over owners second floor space and have first floor, long-term tenants cover your mortgage. Recently remodeled, new roof and mechanicals…
Since 1975, Flad Development & Investment Corp. has emerged as a leader in the development of quality commercial real estate projects in Madison and Milwaukee.
Fully 78% of U.S. adults surveyed are open to mixed-use, but younger Americans are most on board, with 85% of millennials saying they would consider living in such an environment vs. 71% of baby boomers….
RSK: I would definitely consider this option myself.
Ken Notes: I have been begging for this for 11 years in Wisconsin Development News. We need communities not just homes and the homes need to be diverse. We are focused on neighborhoods with one size house and a park, this is not what the next generation of buyer wants.
Thursday May 16th from 4-7PM
@811 E. Washington Ave. 5th Floor
Grand Prize Drawing:
Ken Notes: Just a note, I talked to Kraig and he reminded me they do pay a broker commission, so if you have a startup or entrepreneur looking for flexible or co-working space give him a call….
Sunshine, sand and surf don’t have to come at a premium
On the beach, and on a budget?
That can be a reality for retirees — that is, if they know where to look. The average over-65 household in America drops $49,000 a year on everything from housing to food, according to the Census Bureau. But you don’t have to spend that much and, in fact, can spend far less — and retire to a sunny beach town. (No, really.)
MarketWatch looked at beach towns across America where the overall cost of living was significantly below average, where housing was reasonably priced and where there are plenty of things to see and do. (Though we can’t promise that summers won’t be hot, and your hurricane risk is admittedly elevated.) We found four attractive beach towns where you could spend roughly $40,000 a year and live a decent lifestyle…
RSK: I would probably enjoy any of these 4 but Corpus Christi sounds a lot like Madison with no income tax in Texas.
Ken Notes: All have average homes near 150K MADISON needs a community(s) like this.
Well maintained warehouse available for lease. Park Street location provides convenient access to downtown Madison and the Beltline highway. Current layout features loading area, production, office, and storage. Prior tenant was in the food production industry and space has ample power and plumbing accordingly. Adjacent tenant is Meriter.
Struggling fast food franchise Subway closed more than double the number of restaurants in 2018 than it had forecast, the company revealed in a regulatory filing.
An annual financial disclosure statement filed in Wisconsin Monday says a net 1,108 restaurants closed nationally in 2018.
Subway had forecast that about 500 would close, according to media reports.
That 1,108 is higher than the prior record of 866 net closures in 2017 and 357 in 2016.
Subway overall has 24,798 US locations, down from 27,129 at the end of 2016…
RSK: Prime example of over proliferation and cannibalism….you don`t need a subway in every convenience store or every other block.
Ken Notes: Still a great franchise, but with their pricing and margins you have to sell a lot of product. Also chips vs. french fries as an add on has a MUCH smaller profit margin. And for the record there are only 15,000ish McDonalds…
Creative brick office building ideally situated along beltline (86,000 + VPD) in close proximity to I-90/94. Building includes reception area/lobby with stairway to the open second floor. Shared cafe with outdoor courtyard. Signage available. Multiple suites available, can be combined for larger requirements. Build out available on all suites. Carrier-neutral Data Center space available.
Retail remains the one problem child in the booming real estate market, threatened by the rise of online shopping and the demise of chains like Carson’s and Toys R Us that occupied big chunks of space. Warnings of a coming retail apocalypse may be overblown, but new data from CBRE shows that the market for brick-and-mortar retail space continues to contract, belying a strong economy that’s lifting apartment, office and other property markets.
According to a CBRE survey, the Chicago-area retail vacancy rate rose to 11.5 percent in the first quarter, up from 11.1 percent at the end of 2018 and 11.4 percent a year earlier. The rate is also just shy of its most recent peak of 11.6 percent in second-quarter 2018…
RSK: Smaller retail spaces seem to be doing fine….so, big box spaces may need to be divided into smaller spaces with different kinds of offerings…or put office or apartments above them as well.
May Happy Hour
May 7 @ 4:30 pm – 6:30 pm
Join us for networking, drinks and appetizers!
There is no fee for members and prospective members. Non-Members are $35.
Prospective members, please email email@example.com for event registration.
Where did all of this start?
That, of course, depends on with who you talk to but for our reference, I will start back about around 2009. A solid decade ago. Think about where we were. Zillow was only four years old and LoopNet believe it or not started way in back in 1995. The DarkStar was even then the evil empire, with all the horrific sequels and frail threats of universal domination still to come. Most of the globe was deep in the middle of The Great Recession. Deal flow, as the brokers call it was about down to zero in real numbers. And yet there was a glimmer of hope for #CRE. That flickering little light was something called software and someone really smart stated that sooner rather than later “software would eat the world.”…
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.
Ten years ago, during the height of the Great Recession, I was speaking at a conference and made the argument that airport retail was the next frontier in the evolution of retail real estate. I was summarily laughed out of the room.
As a necessary evil, the hallmark of airport retail at that time was limited to overpriced offerings with zero inspiration or creativity. Ten year later, airports across the country are spending billions to upgrade merchandising as airport retailers have become some of the strongest per square foot performers for most retailers and restaurants with airport locations…
RSK: Hmmm, Jim is citing only one example of this. Somehow I would think students would be more on line shoppers than anything else, however, they do not buy big ticket items so maybe some clothing, food emporiums a drug store etc. might work well.
Date: Wednesday, June 12th, 2019
Time: 07:15 AM
Mark your calendar for our breakfast meeting and CE-2 Wisconsin Offers to Purchase on Wednesday, June 12, 2019. The breakfast meeting schedule is:
• 7:15 a.m. – 8:00 a.m. breakfast & networking
•8:00 a.m. – 8:50 a.m. Meeting
•9:00 – noon CE-2 Wisconsin Offers to Purchase
If you have any questions, please contact Wendy Sullivan at 608/772-0060 or firstname.lastname@example.org.
RSK: This is what I am talking about! So much valuable land mass might as well make malls into neighborhoods.
MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700
CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700
So how do you encourage people not to overeat? You give them a smaller plate.
The WELL certification designed by the International Well Building Institute has become the standard for the increasing number of property owners who want to show that their buildings promote wellness, the catch-all term for mental and physical health. And it was designed with smaller-plate kind of nudges in mind… …more
RSK: Interesting comparison.
Just over the bridge from Dubuque. Well maintained supper club with a 60 year history. Fully equipped kitchen, bar and dining room for 100 patrons. Comfortable upstairs apartment with large garage. Near Mississippi River, golf course, campground, UTV/ATV trail.
Our roster of restaurants reads like a who`s who of Madison`s favorite eateries: From Monty`s Blue Plate Diner, to The Avenue Bar, to Steenbock`s on Orchard, each is unique in its atmosphere and menu and each is the best at what it does!
7.5 Acres on the Sugar River in Paoli, this 10 unit mixed-use commercial/residential bldg has 10 unique, large units many with high vaulted ceilings overlooking the Sugar River. No one unit is alike. 7.5 acres, makes room for additional units or building, C1 zoning allows many uses. Real Estate only for sale. Building is fully leased. 48-hour notice for showings 10-12 on Tues & Thurs. Proof of funds availability needed…
Ken Notes: Now this is a destination property!
- CVS Health closed 46 underperforming stores in 16 states in April, the company told Business Insider.
- The pharmacy chain, which is the largest in the US, has more than 9,900 stores.
- CVS announced the closings as it reported a 35% year-over-year increase in first-quarter revenues to $61.6 billion.
CVS Health closed 46 stores across 16 states in April, the company told Business Insider on Thursday.
RSK: None in Wisconsin…yet! But again do we need a drug store on every other corner?
Formerly pizza store, large parking field for customers, multi-tenanted facility. 20,800 vehicles pass this location each day…
Offering real estate services and design-build construction solutions for growth oriented clients… …more
This charming office building in the Monroe Neighborhood
offers 1,876 sf of office space on the lower level. The property is within walking distance to the UW Madison campus with direct access to Monroe Street.
Perfect option for a price conscious tenant or those working closely with students or the University.
Nearby restaurants offer ample opportunity for coffee, lunch, and dinner meetings…
The Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet.
Expect Professional Management with a Personal Touch
with every T. Wall Urban Village.
(608) 575-1018 or Contact@TWallEnterprises.com
- Currently being remodeled with new elevator
- Open floor plans
- Under new ownership
- Beltline visibility & monument signage
- Plenty of parking
call Mike Herl
Ruedebusch Development & Construction, Inc. is a highly qualified, vertically integrated full service commercial construction, and real estate development company located in Madison, Wisconsin which offers:
- Commercial Real Estate Development
- Design Build Construction
- Commercial Real Estate Brokerage
- Economic Development, Commercial Real Estate, and Facility Consulting