Wichita State News: Real Estate

Campus involvement was key to success for Wichita couple

Fri, 3 May 2013 15:18:00 CST

There are many parallels in the lives of Wichita State alumni Kris and Leslie Wessel.

They were both Jabara scholars. Both real estate majors. Before even graduating, they managed to get part- and full-time jobs in their field. And today, they're both working as real estate agents in Wichita.

Oh, and they're married to each other.

With such similar experiences, it's not surprising that Kris and Leslie also agree on the most valuable part of their time at Wichita State: campus involvement.

"I'd say the biggest influence on my experience at WSU and success since would be being involved on campus while I was there, including on-campus housing, different organizations and our Greek system," Leslie said. "Our best friends and quite a few of my clients still come from those connections that Kris and I wouldn't have made otherwise."

The student experience

Leslie graduated in 2006, and since then she's worked for The Carnahan Group at J.P. Weigand & Sons Inc. Kris, who graduated in 2005, works for The Martens Cos. He started there when he was a junior and has been there since.

They've been married for seven years and have a 2-year-old son, Kasten.

There's a bit of disagreement on where they met: Kris said it was at an event for Jabara Scholarship winners. Leslie said they first met as part of the same student organization, SIFE.

"I like to tease her, because I was apparently not too memorable the first time, and she does not remember our first introduction," Kris said. "We met again through SIFE, and I was apparently more memorable the second time."

Regardless, they said, it was more than just attending classes that made the difference.

Leslie is a big proponent of living on campus for at least a year. She lived in Fairmount Towers and Wheatshocker Apartments, and Kris lived in the Phi Delta Theta fraternity house.

"I think it is very important to be involved on campus," Kris said. "Education is your purpose for being there, but the college experience is what makes you a whole person.

Taking part in the campus life opportunities is what helped Kris become a well-rounded person and not just a good student.

"I cured a lot of my shortcomings over those four years," he said. "In my campus involvement, I met a lot of other students who didn't fit into the same mold I did. You can learn a lot from someone who has different talents than you do."

Stepping stones

Also vital to their career success was the ability to find a related job in real estate while they earned degrees. It got their foot in the door of the industry, helped build their resume and gave them experience beyond the classroom.

It's one of the benefits of going to college in an urban environment, Kris said.

"There are tons of degree-holding college grads out there, so it is important to have some kind of advantage over the other candidates," he said. "In a city like Wichita, there are a lot of opportunities that you don't get in a smaller college town."

The job he had as appraisal assistant at The Martens Cos. was the perfect complement to his coursework, Kris said.

Midway through her junior year, Leslie got a job at Ritchie Development as a new home sales consultant assistant. She worked there until shortly after graduation.

She worked full time while taking classes at night.

"The position was key in giving me real estate sales and management experience, getting my Realtor's license and a great stepping stone to where I am now."

Wichita State senior awarded annual real estate scholarship

Thu, 2 May 2013 11:35:00 CST

Daniel Gutierrez is the 2013-2014 recipient of the Layman L. Clark/Kansas CCIM Chapter Scholarship in Real Estate.

This annual scholarship was established in 2011 by noted real estate developer and WSU alumnus Stephen L. Clark in honor of his father and in order to support WSU students with a demonstrated interest in a commercial real estate career.

Read full story.

Local developer wins WSU real estate award

Thu, 29 Nov 2012 11:31:00 CST

Local real estate developer David Burk has been named the 2012 recipient of the Kansas CCIM Chapter / Wichita State University Center for Real Estate Lifetime Achievement Award.

The honor is awarded annually to an individual who has made as significant contribution to the commercial real estate and/or development industry in Wichita over a long period of time.

Burk is best known as a founding developer of the Old Town Marketplace District in Wichita. He has also been a partner in the WaterWalk development and in Block 1, a public/private partnership that will result in the redevelopment of an entire city block on Douglas in downtown Wichita.

"We owe it to our community and our children to preserve and create an area which both celebrates our rich history and provides us with a uniquely Wichita destination to showcase our city," Burk said.

Burk is the eighth recipient of the award. Previous recipients include Colby Sandlian (2005), Jack Hunt (2006), George Ablah (2007), Jack DeBoer (2008), Nestor & Michael Weigand (2009), Stephen L. Clark (2010) and Herbert L. Krumsick (2011).

Center for Real Estate releases Kansas housing forecast

Thu, 11 Oct 2012 11:00:00 CST

Kansas home sales will rise by more than 6 percent in 2013. So says the 2013 Kansas Housing Markets Forecast published by the Wichita State University Center for Real Estate.

Stan Longhofer

"Home sales this year are up in nearly every market across the state," said Stan Longhofer, director of the WSU Center for Real Estate. "This trend should continue in 2013, with sales rising by 6.3 percent."

Longhofer will present the forecast at the 2012 Kansas Association of Realtors Conference and Education Expo at the Capitol Plaza Hotel in Topeka, Kansas at 10:15 a.m. Friday, Oct. 12. He will be available for interviews after his presentation at about 11:15 a.m.

The 2013 Kansas Housing Markets Forecast reviews current housing market conditions in markets across the state – including Kansas City, Lawrence, Manhattan, Topeka and Wichita – and forecasts housing market activity through the end of 2013.

The title of this year's forecast is "Picking Up Steam," reflecting the continued improvement of housing markets in Kansas.

For complete city reports, go to: http://www.wichita.edu/j/?1869 (Kansas City); http://www.wichita.edu/j/?1870 (Lawrence); http://www.wichita.edu/j/?1871 (Topeka); and http://www.wichita.edu/j/?1872 (Manhattan).

Highlights of the 2013 Kansas Housing Markets Forecast include the following.

Statewide forecast

Home sales – Home sales across the state are poised to rise by nearly 13 percent in 2012, led by strong growth in the northeast part of the state. Although the pace of growth will slow in 2013, sales should rise again by more than 6 percent to 33,670 units.
Construction – Statewide, new home construction will rise only slightly in 2012, with strong gains in Kansas City, Lawrence and Manhattan being offset by declines in Wichita. As construction slows in the northeast next year, permitting in Kansas will decline by nearly 7 percent, falling to 3,095 units.
Home prices – Average home price appreciation across the state is set to rise by nearly 2 percent in 2012, with the rural parts of the state showing stronger growth than the metropolitan areas. Home prices should rise another 1.5 percent in 2013.

Kansas City market

Home sales – Kansas City home sales are on pace to increase by nearly 18 percent in 2012. This trend should continue in 2013, albeit at a slower pace, with sales rising by more than 5 percent to 28,420 units.
Construction – New home construction activity in the Kansas City area will end 2012 up slightly at 2,870 units. Financing constraints for both builders and homebuyers continue to hamper the new home market, however, and permits should fall by 5.6 percent in 2013 to 2,710 units.
Home prices – Tightening inventories of homes available sale have help Kansas City area home prices to stabilize in recent months. Home prices should begin to rise in 2013, ending the year up 1.5 percent.

Lawrence market

Home sales – Home sales in the Lawrence area are on pace to rise by more than 13 percent in 2012. Sales should continue to strengthen in 2013, rising by nearly 16 percent to 1,390 units.
Construction – New home construction in the Lawrence area has risen somewhat in 2012. Permitting activity should rise another 3 percent in 2013 to 165 units, but will still remain well below the strong numbers seen in the early part of the last decade.
Home prices – Lawrence home prices have begun to stabilize, and are forecast to rise by just over 2 percent in 2013, as inventories of homes available for sale settle into levels consistent with a balanced market.

Manhattan market

Home sales – The Manhattan housing market remains the strongest in the state. Sales within the city of Manhattan are set to rise nearly 13 percent in 2012, and then another 3 percent in 2013 to 660 units, the highest level on record.
Construction – New home construction continues to be strong in Manhattan as well, and should end the year up 26 percent to 235 units. Although permits should fall to 215 units in 2013, the biggest constraint on the new home market in the Manhattan area is the limited number of desirable lots available for sale.
Home prices – After dipping slightly in 2011, home prices in the Manhattan metropolitan area are set to rise by 1.7 percent in 2012 and another 3.3 percent in 2013.

Topeka market

Home sales – The Topeka housing market continues to improve, despite continuing employment declines due to state budget cuts. Home sales are on pace to rise by nearly 4 percent this year, but will level off at 2,710 units in 2013.
Construction – New home construction in the Topeka area continues to languish. Although permits are up slightly for the year, they should drop again in 2013 to 225 units, the lowest level on record.
Home prices – Home prices in the Topeka area have remained stable in recent years, avoiding major declines during the housing downturn. This should continue in the coming months, with prices ending 2013 up 0.9 percent, close to their 2010 levels.
Wichita market
Home sales – Since the expiration of the home buyer tax credit in the summer of 2010, home sales in the Wichita are have risen steadily, if slowly, for two full years. Sales are on pace to rise by more than 7 percent this year. This growth will continue in 2013, with sales rising another 4 percent to 8,370 units.
Construction – New home construction continues to languish, with permitting activity in the Wichita area set to end 2012 at its lowest level on record. Despite some help from new home incentive programs in the area, permits are likely to rise by only 2 percent in 2013.
Home prices – Wichita area home prices fell only modestly over the past two years, and seem poised to rebound in 2013, rising by 1.3 percent. As in many markets across the state, the inventory of homes available for sale has declined sharply over the past two years, giving sellers more leverage than they've had in several years.

For more information and a copy of the entire 2013 Kansas Housing Markets Forecast, visit the Center for Real Estate website at http://realestate.wichita.edu, or contact Longhofer at (316) 978-7120 or realestate@wichita.edu.

Real estate scholarships awarded at WSU

Mon, 16 Jul 2012 13:32:00 CST

Tyler Rosenhamer is the 2012-2013 recipient of the Layman L. Clark/Kansas CCIM Chapter Scholarship in Real Estate.

This annual scholarship was established in 2011 by noted real estate developer and Wichita State University alumnus Stephen L. Clark in honor of his father and in order to support WSU students with a demonstrated interest in a commercial real estate career.

The scholarship is awarded by Wichita State in consultation with the Kansas CCIM Chapter, the pre-eminent group of commercial real estate practitioners in central Kansas.

CCIM stands for Certified Commercial Investment Member, a premier designation for commercial real estate professionals. As a part of the scholarship, the recipient is encouraged to participate in the numerous events hosted by the Kansas CCIM Chapter.

Several other real estate scholarships were awarded for the 2012-2013 academic year as well, including:

Denker-Graves Scholarship in Real Estate: Samantha Richardson
Walter L. Stauffer Scholarship: Lorien Buser
Nestor R. Weigand & Hobert C. Brady Scholarship: Tammy Nguyen
J. Roscoe Williams Memorial Scholarship: Sydney Bennett

WSU's 2012 Kansas Housing Markets Forecast released

Fri, 14 Oct 2011 08:00:00 CST

Kansas home sales will begin to rise in 2012, but will remain below their 2009 level. So says the 2012 Kansas Housing Markets Forecast published Friday, Oct. 14, by the Wichita State University Center for Real Estate.

Stan Longhofer

"Most markets across the state have begun to recover from the 'hangover' that followed the expiration of the home buyer tax credit last year," said Stan Longhofer, director of the WSU Center for Real Estate. "Sales should rise by 8.8 percent next year, but will still remain well below their 2009 level."

Longhofer will present the forecast at the 2012 Kansas Housing Markets Forecast Conference at the Wichita Marriott at 8:30 a.m. Friday, Oct. 14. He will be available for interviews after his presentation at about 10:30 a.m. Other speakers at the conference, co-hosted by the Wichita Area Builders Association, include Dan Jones with Capitol Federal Savings and Robert Denk with the National Association of Home Builders.

The 2012 Kansas Housing Markets Forecast reviews current housing market conditions in markets across the state – including Kansas City, Lawrence, Manhattan, Topeka and Wichita – and forecasts housing market activity through the end of 2012. The title of this year's forecast is "Navigating the Turbulence," reflecting the array of forces that have been buffeting housing markets recently.

Highlights of the 2012 Kansas Housing Markets Forecast include the following.

Statewide forecast

• Home sales – Home sales across Kansas have fallen in each of the past three years. This trend will likely continue in 2011, with sales ending the year down 1.8 percent to 28,250 units. Sales should begin to rise in 2012, increasing by 8.8 percent to 30,740 units.

• Construction – Single-family residential building permits in Kansas rose by 3.9 percent in 2010 in response to the home buyer tax credit, but have declined since then. Home building activity will end 2011 down 11.4 percent at 3,370 units and then pick up again in 2012, rising 20.5 percent to 4,060 units.

• Home prices – Average home prices across the state will end 2011 down 3.6 percent, led by declines in the northeast part of the state. The pace of decline will slow in 2012, with average values falling 1.0 percent.

Kansas City market

• Home sales – Total home sales in the Kansas City area will rise slightly in 2011, ending the year up 0.5 percent at 23,060 units. Sales activity should rise again in 2012, up 6.7 percent to 24,610 units.

• Construction – After falling to historically low levels in recent years, new single-family residential building permits in the Kansas City metropolitan area rose by 11.5 percent in 2010. New home construction is poised to rise another 15.8 percent in 2011 to 2,465 units and then rise again in 2012 to 2,800 units.

• Home prices – Home prices in the Kansas City metropolitan area have continued to fall in 2011 and should end the year down 5.5 percent. Values will decline another 1.6 percent in 2012.

Lawrence market

• Home sales – The home buyer tax credit "hangover" in the Lawrence market has been deeper and longer than many anticipated. As a result, total home sales in the Lawrence area are on pace to end 2011 down 14.5 percent at 1,060 units. Sales activity should begin to pick up in 2012, however, rising 8.5 percent to 1,150 units.

• Construction – New home construction in the Lawrence metropolitan area has also declined this year, dropping 28.9 percent to 150 units. Permits should rise again in 2012, up 20 percent to 180 units.

• Home prices – Home prices in the Lawrence metropolitan area have continued to fall in 2011 and should end the year down 1.6 percent. Prices should stabilize in 2012, rising by a negligible 0.7 percent.

Manhattan market

• Home sales – Home sales within the city of Manhattan have fallen slightly from the strong years of 2006 and 2007, but Manhattan remains a much stronger housing market than most across the state. Sales in the city of Manhattan will fall by 2.4 percent in 2011 to 570 units, but should rise modestly in 2011, up 1.8 percent to 580 units.

• Construction – After a strong 2010 in response to the home buyer tax credit, new home construction in the city of Manhattan fell off sharply this year. The number of single-family residential building permits issued by the city should end 2011 down 25 percent at 165 units. Construction activity will stabilize in 2011, rising 3 percent to 170 units.

• Home prices – Home prices in the Manhattan metropolitan area have finally begun to fall slightly after holding up well through the recent housing downturn. Prices should end 2011 down 1.6 percent and then flatten in 2012, rising a negligible 0.1 percent.

Topeka market

• Home sales – Total home sales in the Topeka area should rise by 2.8 percent in 2011 to 2,610 units. Sales will rise to 2,760 units in 2011, a 5.8 percent increase.

• Construction – After a modest bump last year due to the homebuyer tax credit, new home construction should fall 26.7 percent to 245 units in 2011, the lowest figure on record. Construction activity will rebound slightly in 2012, rising by 8.2 percent to 265 units.

• Home prices – Declining employment continues to put pressure on Topeka home prices, which will likely end 2011 down 4.2 percent and then fall another 2.6 percent in 2012.

Wichita market

• Home sales – Home sales in the Wichita area fell to their lowest level in a decade last year and are on pace to fall another 5.6 percent in 2011 to 7,390 units. Sales should begin to rise in 2012, increasing by 10 percent to 8,130 units.

• Construction – New home construction activity in the Wichita area has continued to decline, and single-family residential building permits should end 2011 down another 24.8 percent at 715 units. The market should stabilize somewhat in 2011, with permits falling by 0.7 percent to 710 units.

• Home prices – Home price appreciation in the Wichita metropolitan area will fall 2.2 percent in 2011 and then remain essentially flat in 2012, falling a modest 0.2 percent.

For more information and a copy of the entire 2012 Kansas Housing Markets Forecast, visit the Center for Real Estate website at http://realestate.wichita.edu, or contact Longhofer at (316) 978-7120 or realestate@wichita.edu.

New real estate scholarship goes to junior Kianga Coleman

Fri, 30 Sep 2011 16:06:00 CST

Senior Kianga Coleman is the first recipient of the new Layman L. Clark/Kansas CCIM Chapter Scholarship in Real Estate.

This annual scholarship was established this year by noted real estate developer and WSU alumnus Stephen L. Clark in honor of his father and in support of students with a demonstrated interest in a commercial real estate career.

Stan Longhofer

"Kianga is a bright and motivated young woman," says Stan Longhofer, director of the WSU Center for Real Estate. "I am confident that she will have a long and productive career in commercial real estate after she graduates from Wichita State."

Read the complete story here.

WSU to offer property management class

Wed, 20 Jul 2011 16:42:00 CST

Wichita State's Center for Real Estate is offering a new class dedicated to property management.

The course will be taught by former Builders Inc. executive Becky Way, who retired in January after 30 years with the real estate holding company.

Read full story.

WSU gives realtor Steve Clark lifetime achievement award

Fri, 3 Dec 2010 15:05:00 CST

Wichita State alumnus Steve Clark is the 2010 recipient of the Kansas CCIM chapter and WSU Center for Real Estate Lifetime Achievement Award.

In 1960, Clark became the youngest licensed real estate salesperson in Kansas, at age 18. Since that time he has been active as an appraiser, licensed general contractor, property manager and developer of offices, homes, hotels, retail, apartments and industrial facilities, as well as multi-state fast food outlets.

He has developed more than 2,000 apartment units, more than 3.5 million square feet of industrial properties and managed more than 3,000 homes and multi-family units.

For several years he conducted seminars on the economics of real estate investments, having spoken before more than 10,000 people at national conventions, colleges, civic groups and various trade organizations in more than 20 states and Canada.

He has been featured as a syndicated real estate columnist for American City Business Journals, which publishes business papers in 36 cities.

He is a past president of the Wichita Area Association of Realtors and the Kansas CCIM Chapter.

In 1976, he received the Wichita Realtor of the Year award, and in 1983 was recognized by the Kansas Association of Realtors with their Distinguished Service Award.

In 1985, he was chosen by the Kansas Association of Realtors as the Kansas Realtor of the Year. He has also served as a national director for the National Association of Realtors and was on the Board of Directors of the Kansas Association of Realtors for more than 10 years.

In addition, Clark has served on a variety of corporate and community boards, giving generously of both his time and talents.

Clark is the sixth recipient of this award, joining Colby Sandlian, the late Jack Hunt, George Ablah, Jack DeBoer and Michael and Nestor Weigand.

WSU Center for Real Estate releases Housing Markets Forecast

Wed, 6 Oct 2010 08:51:00 CST

Kansas home sales will rise by 4.2 percent in 2011, while home price appreciation across the state will remain essentially flat. So says the 2011 Kansas Housing Markets Forecast, published today by the Wichita State University Center for Real Estate.

Stan Longhofer

"The effects of the home buyer tax credit continue to ripple through the markets," said Stan Longhofer, director of the WSU Center for Real Estate. "Sales should hit bottom in most markets this year before rebounding in 2011."

Longhofer will present the forecast at the Wichita Marriott at 8:15 a.m. Wednesday, Oct. 6. He will be available for interviews after his presentation at about 9:30 a.m.

The 2011 Kansas Housing Markets Forecast reviews current housing market conditions in markets across the state – including Kansas City, Lawrence, Manhattan, Topeka and Wichita – and forecasts housing market activity through the end of 2011.

The title of this year's forecast is "Ripple Effects," reflecting the challenges in identifying underlying market trends in the wake of the federal home buyer tax credit programs.

Highlights of the 2011 Kansas Housing Markets Forecast include the following.

Statewide forecast

• Home sales – Sales across the state should fall 3.4 percent this year to 29,600 units, due largely to the sharp third quarter decline following the expiration of the home buyer tax credit. Sales should rebound in 2011, rising by 4.2 percent to 30,850 units.

• Construction – Single-family residential building permits in Kansas appear set to rise by 5.5 percent this year to 3,860 units. Construction activity will continue to rise in 2011, increasing 1.3 percent to 3,910 units.

• Home prices – Home prices across the state will end the year down 1.1 percent on average and then remain essentially flat in 2011, rising by only 0.2 percent.

Kansas City market

• Home sales – Total home sales in the Kansas City area will end the year down 5.1 percent at 24,450 units. Sales activity should rebound in 2011, rising by 2.5 percent to 25,050 units.

• Construction – New home construction activity in the Kansas City metropolitan area appears to have reached bottom, with single-family residential building permits poised to increase by 7.9 percent in 2010 to 2,060 units. This recovery should continue next year, with permits rising to 2,100 units.

• Home prices – Home prices in the Kansas City metropolitan area are beginning to stabilize, but should fall by 2.2 percent in 2010 and another 1.3 percent in 2011.

Lawrence market

• Home sales – Total home sales in the Lawrence area are on pace to rise by 4.6 percent this year to 1,310 units. Sales activity should accelerate in 2011, with sales rising by 9.2 percent to 1,430 units.

• Construction – New home construction in the Lawrence metropolitan area also appears to be on the rebound. Single-family residential building permits are set to increase by 7 percent to 200 units in 2010, followed by a 10 percent increase in 2011 to 220 units.

• Home prices – Home prices in the Lawrence metropolitan area have continued to fall in 2010 and should end the year down 3 percent. Prices should stabilize in 2011, falling by a negligible 0.5 percent.

Manhattan market

• Home sales – Total home sales in the city of Manhattan will remain essentially unchanged in 2010 at 600 units. Sales should rise by 3.3 percent in 2011 to 620 units.

• Construction – New home construction in the city of Manhattan has risen sharply this year, and the number of single-family residential building permits issued by the city in 2010 should rise 11.7 percent to 200 units. Construction activity will drop off slightly in 2011, falling 5 percent to 190 units.

• Home prices – Home prices in the Manhattan metropolitan area rose at an average annual rate of 6.8 percent during the first seven years of the past decade. Since then prices have remained essentially flat, defying the boom-bust trend of other hot markets across the country. Prices should end 2010 down 1.6 percent before rising by 0.8 percent in 2011.

Topeka market

• Home sales – Total home sales in the Topeka area should rise by 2 percent in 2010 to 2,670 units. Sales will rise to 2,700 units in 2011, a 1.1 percent increase.

• Construction – Topeka new home construction activity will continue to decline in 2010, with single-family residential building permits in the metropolitan area dropping to 270 units. Construction activity will rebound in 2011, rising by 14.8 percent to 310 units.

• Home prices – Home prices in the Topeka metropolitan area will remain flat in the coming year, dropping by 0.9 percent in 2010 and 0.5 percent in 2011.

Wichita market

• Home sales – Total home sales in the Wichita area will decline by 5.5 percent in 2010 to 8,140 units. Sales will rebound in 2011, rising by 6.6 percent to 8,680 units.

• Construction – New home construction activity in the Wichita area has continued to decline, and single-family residential building permits should end 2010 down 14.8 percent at 1,070 units. The market should stabilize in 2011, with permits rising by 0.9 percent to 1,080 units.

• Home prices – Home price appreciation in the Wichita metropolitan area will be essentially flat in 2010, down just 0.1 percent. Home prices will rise again in 2011 by 1.4 percent for the year.

For more information and a copy of the entire 2011 Kansas Housing Markets Forecast, visit the Center for Real Estate website at http://realestate.wichita.edu or contact Longhofer at (316) 978-7120 or realestate@wichita.edu.

Longhofer to review Exchange Place plan

Fri, 16 Apr 2010 09:19:45 CST

Stan Longhofer, director of Wichita State University's Center for Real Estate, has been retained by the city to conduct a third-party review of Real Development's Exchange Place project.

Longhofer's review will go before the Wichita City Council on Tuesday as it takes action on a request from Real Development to approve $2.3 million more in TIF financing for the downtown condo project.

Longhofer's job is to analyze city cash flow projections to see whether the Exchange Place project will generate enough new property taxes to repay the city's higher investment — $11.6 million instead of the originally approved $9.3 million in TIF revenue.

Read full story.

WSU Center for Real Estate releases Wichita housing forecast

Thu, 4 Mar 2010 14:50:47 CST

Wichita-area home sales should rise by 5.1 percent in 2010, while new home construction will fall slightly over the course of the year. So says the 2010 Wichita Housing Market Forecast published today by the Wichita State University Center for Real Estate.

Stan Longhofer

"On a seasonally adjusted basis, Wichita sales actually began to rise in January of 2009," said Stan Longhofer, director of the WSU Center for Real Estate. "Although the homebuyer tax credit will cause sales to spike and then drop this spring and summer, the underlying trend of slow growth should continue."

Longhofer will present the forecast at the Wichita Area Builders Association office at 730 N. Main at 9 a.m. Friday, March 5. He will be available for interviews after his presentation at about 10 a.m.

The 2010 Kansas Housing Market Forecast reviews current housing market conditions in selected markets across the state and forecasts housing market activity through the end of 2010. The title of this year's forecast is "Spring Thaw," reflecting the forecast's findings that many housing markets across the state are beginning to strengthen.

Highlights of the 2010 Kansas Housing Market Forecast include:

Wichita market

• Home sales – Total home sales in the Wichita area have fallen by more than 30 percent since 2006, bottoming out in December 2008. Since then, sales have increased modestly, with a sharp bump in October and November due to the new homebuyer tax credit. Sales should rise in the first half of 2010 before leveling off in the latter part of the year. Overall, sales in 2010 should rise by 5.1 percent to 9,059 units.

• Construction – New home construction in the Wichita area will not see a measurable rebound this year, with permits falling 1.4 percent to 1,239 units.

• Home prices – Wichita area home prices have continued to appreciate at a slow, steady pace through the recent downturn. This should continue in 2010, with average home prices increasing by 2.1 percent for the year.

Lawrence market

• Home sales – Total home sales in the Lawrence area have fallen by more than 30 percent since the 2005 peak. Although the tax credit caused sales to surge in the fourth quarter of last year, there has been no sign that the market has fundamentally turned. Sales in 2010 are forecasted to decline another 4.9 percent to 1,191 units.

• Construction – New home construction in the Lawrence area will continue to decline in 2010, falling by 4.4 percent to 179 units.

• Home prices – Home prices in the Lawrence area have declined slightly over the past three years. Although the extended homebuyer tax credit will buoy prices in the first half of the year, once the credit expires prices will likely fall again, ending the year essentially unchanged.

Kansas market

• Home sales – Many markets across the state showed signs of recovery in 2009, even before the new homebuyer tax credit was enacted. This trend should continue in 2010, with total home sales rising by 7.3 percent to 32,501 units.

• Construction – Although the decline in construction activity appears to be slowing, a sustained rebound is not likely this year. Total single-family building permits should fall by 1.7 percent in 2010 to 3,597 units.

• Home prices – Although home prices have declined over the past couple of years in some of the larger markets in the northeast part, most of the state has seen slow steady appreciation, even during the downturn. This trend should continue, with average home prices across Kansas rising by 1.0 percent in 2010.

For more information and a copy of the entire 2010 Kansas Housing Market Forecast, visit the Center for Real Estate Web site at http://realestate.wichita.edu, or contact Stanley D. Longhofer, director, Center for Real Estate at (316) 978-7120 or realestate@wichita.edu.

Rates, tax credit may prod market

Wed, 9 Dec 2009 08:50:58 CST

Tuesday's dose of snow and ice marked the traditional end of the yearly home-selling season.

Or did it? Bankers and brokers think that two unique variables — the extension and expansion of the homebuyer tax credit through June 2010, and continued low mortgage rates — could keep buyers and sellers active this winter.

"We don't expect to traditionally see the sales in December and January that we do in May and June and that's true again this year," said Stan Longhofer, the economist who heads the Wichita State Center for Real Estate.

"But I'd expect you'll see sales up slightly this year on a seasonally-adjusted basis, or at least not declining at previous rates."

Read full story.

Best bang-for-the-buck cities

Tue, 1 Dec 2009 11:35:03 CST

Solid housing markets, relatively stable employment, enviable cost of living and quick commutes make these metros among the country's most affordable to live.

Omaha, our No. 1 bang-for-the-buck city (also rated the city best surviving the recession), joins a number of Great Plains metros near the top of our list. These include Wichita, Kan. (No. 6) and Tulsa, Okla. (No. 19). This swath of prairie in the center of the country was somewhat buffered from the disastrous effect on coastal markets of the housing crisis, enabling it to emerge solidly from the recession. Housing sales here kept a steady, if slow, pace during the boom.

"Quite frankly, we saw both buyers and sellers staying away," says Dr. Stanley Longhofer, chair of the Center for Real Estate at Wichita State University, of the Plains States during a period when developers rushed to satisfy a ravenous appetite for new homes in much of the United States. "We didn't have any of the overbuilding of some parts of the country. As the general economy recovers, we're well-positioned to pick up where we left off."

Read full story.

Economic review shows Wichita employment losses are less severe than nation's

Thu, 1 Oct 2009 11:16:42 CST

Wichita's economy outperformed the U.S. economy in 2008, according to the 30th Annual Wichita Area Economic Outlook Conference, held Thursday, Oct. 1 and presented by the Center for Economic Development and Business Research at Wichita State University.

Other information released showed that Wichita's employment grew at 1.9 percent last year, while the nation declined 0.4 percent.

Early this year, Wichita's growth expectations waned as the recession began to affect the area. From January through August, Wichita's employment registered a decline of 1.2 percent compared with the same period last year.

National employment decreased 3.7 percent in the same period. Although Wichita's decline has been less severe than the nation, continued employment loss is expected through 2009, for an annual average decline of 1.7 percent, with a slowing annual average decline expected in 2010 of 1.2 percent.

Preceding the local forecast were presentations on the global financial crisis by John A. Allison, chairman of BB&T Corp.; the national outlook by Alan D. Barkema, senior vice president of the Federal Reserve Bank of Kansas City; the energy industry by Mike Jennings, president and CEO of Frontier Oil Corp.; composite research by Paul H. Wooley, research director of the Orthopaedic Research Institute, Via Christi Medical Center; and Wichita's real estate market by Stanley D. Longhofer, director of the Center for Real Estate in WSU's W. Frank Barton School of Business.

Jeremy Hill

To close out the morning, CEDBR Director Jeremy Hill provided an industry analysis and an overall forecast for the Wichita area for 2010.

Speaker presentations are available at www.wichita.edu/cedbr, as well as a copy of the center's 2009 review and 2010 forecast report.