Millennials are buying a lot more homes than you think

Flickr/Brent and Amanda I
There’s a popular myth that says millennials are destined to be a generation of renters.Millennials are actually the reason the homeownership rate has increased over the past year.Birmingham, Alabama has seen the biggest increase in millennial home buying over the past year.

It’s a popular myth – the millennial generation is destined to be a generation of renters – avocado toast, anyone? With student loan debt burdens, the scars of the Great Recession, and limited housing supply, the myth is rooted in some real challenges for millennials. However, despite these challenges, millennials are not only interested in homeownership, they are the primary reason that the homeownership rate increased over the past year.

Many millennials have prioritized furthering their education and thus delayed getting married and having children, which are critical lifestyle triggers to buying a first home. However, now the oldest millennials have made those lifestyle decisions and are entering the housing market. In fact, the data supports this trend – the homeownership rate among households headed by someone under age 35 increased the most of any age group in the fourth quarter of 2017, jumping from 34.7 percent a year earlier to 36 percent.

Millennial homeownership demand is rising nationally, but where are millennials buying? Using the top 50 largest cities from the 2017 U.S. Census Bureau Current Population Survey, we identified cities with the largest increases and decreases between 2016 and 2017 in the share of homeowners that are millennials.

The top 5 cities where millennial home buying increased the most:

Birmingham, AL Virginia Beach, VA Pittsburgh, PA Buffalo, NY Minneapolis, MN

In the top market, Birmingham, the millennial homeownership share increased from 11.9 percent in 2016 to 18.0 percent in 2017. The top five markets experienced an average millennial homeownership share increase of 5.4 percent. Conversely, some markets have experienced falls in the share of millennial homeownership. The markets with the largest decreases are:

Orlando, FL Louisville, KY Richmond, VA Hartford, CT Salt Lake City, UT

Orlando, the market with the largest drop, experienced a 3.7 percent fall in millennial homeownership share. The bottom five markets’ share of millennial homeowners fell an average of 2.6 percent in 2017.

Out of the 50 top markets, 33 of them experienced increases in the share of millennial homeowners, another indicator that exposes the myth of millennials being destined to rent. These results are consistent with findings that millennials are buying in cities large and small. So, are millennials destined to be a generation of renters? Consider that myth busted. Quite the opposite, actually – and they’re just getting started.

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Birmingham Realtors & Greater Alabama MLS welcome new CEO

The Birmingham Association of REALTORS (BAR) Board of Directors welcomes Dr. Dawn Kennedy as CEO of the nearly 4,000-member association and its multiple listing service. She begins her position as Association Executive on March 19.

"These are exciting times," said 2018 BAR President Kim Mangham-Barelare. "We’ve chosen a CEO who will take us to new heights."

Mangham-Barelare said she is impressed with Kennedy’s passion for the real estate industry and her dedication to providing quality education and services to members.

"She is a burst of energy and sunshine, someone who is always looking for ways to improve relations and to grow the individual agents, whether they be residential or commercial agents or property managers. She will be a joy for everyone to get to know," Mangham-Barelare said.

Kennedy brings with her more than 20 years of executive experience, including 15 years of association management. She considers the work her passion and often blogs and publishes advice for association executives.

"Association management has been a passion of mine since I first became a member of the Wisconsin Restaurant Association in 1995 as a local chapter treasurer," Kennedy said. "When I entered the REALTOR world, I discovered a mission – homeownership – that I could solidly stand behind and knew I had found my lifetime career."

Civic leaders and association members are invited to meet the new CEO 1-4 p.m. Wednesday, March 21, 2018, during a welcome reception at BAR, 3501 Independence Drive, Birmingham, AL 35209. For details, email info@BirminghamREALTORS.com.

Kennedy formerly led the Saint Louis Association of REALTORS, the Oklahoma City Metro Association of REALTORS and its regional multiple listing service, MLSOK.com, and the Northwoods Association of REALTORS and its Greater Northwoods Multiple Listing Service. She has twice been the recipient of the National Association of REALTORS ACE award for Achievement in Commercial Excellence. Kennedy has also served the Woodland Lakes Association of REALTORS and the El Reno Board of REALTORS through the NAR shared services program while CEO of the NWAR and OKCMAR respectively.

Kennedy earned her Ph.D. in organization and management with a leadership specialization in 2015 from Capella University. She graduated from The University of Wisconsin-Platteville with a graduate degree in project management. Kennedy is a summa cum laude undergraduate of Franklin University, where she earned her bachelor’s degree in business administration with an emphasis in economics.

Kennedy teaches graduate courses in association management for the National Association of REALTORS’ REALTOR University Master of Real Estate program as well as the business core marketing course. "Continuous learning is an incredibly important path to excellence, and RU keeps me on that road," she said. Teaching is her way of "giving back to the real estate industry, which has treated me so well," she said.

The Association Executive serves as CEO of the Birmingham Association of REALTORS(r) and its subsidiaries: The Greater Alabama MLS, The Birmingham Commercial REALTORS Council and Silent Angels of Alabama. Among other duties, Kennedy will oversee day-to-day operations, position the association as the local voice for real estate and serve as the association’s visionary leader guided by the board of directors, bylaws, policies, procedures and the association’s mission and strategic plan.

The Birmingham Association of REALTORS (BirminghamRealtors.com) was founded in 1911 and endeavors to enhance members’ opportunities to serve consumers in a professional, ethical and profitable manner. The Greater Alabama Multiple Listing Service (GreaterAlabamaMLS.com) and the Birmingham Commercial REALTORS Council (Bhamcre.com) are subsidiary corporations of BAR. BAR is recognized as Alabama’s trusted real estate authority.

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Affordable apartments set for vacant downtown Birmingham high-rise

Stonewall Building (Birmingham News file photo/Jerry Ayres)

Affordable apartments — starting at $600 a month — which have been long-planned for the 12-story Stonewall Building may finally come to fruition as the revitalization of downtown Birmingham continues.

Ed Ticheli, the long-time owner of the building, this week received $182,182 in state historic tax credits for the renovation of the former office building, also called the Martin Building, at the northeast corner of Fourth Avenue North and 23rd Street.

An additional $2.9 million in tax credits sought by the developer was wait listed by the state until 2019. This means the project will be first in line for funds next year.

Ticheli’s attorney Murphy McMillan said the plan is to transform the 84,000-square-foot building into 137 residential units. Retail space is possible for the ground floor depending on demand.

The building will not offer Section 8 housing, he said.

"We are excited about the prospects for the project," McMillan said. "We think it will be a great contribution to the area. A lot of redevelopment hasn’t occurred in that part of downtown. We hope this will spur more development."

The building is about a block from the U.S. Post Office on 24th Street North and two blocks from the Redmont Hotel on 5th Avenue North.

The building was completed in 1925 as the Martin Office Building. It was later known at the Stonewall Building for the Stonewall Insurance Co., which once occupied it.

The apartments slated for the Stonewall Building will be more affordable than most apartments being constructed in downtown. Rents will begin at $600 for studio or one-bedroom apartments with an average rental rate of less than $900 for two-bedroom apartments.

"There are presumably a lot of people who are living in the suburbs because they can’t afford to move downtown," McMillan said. "We think this is a good option for them."

Ticheli is also working to partner with the YWCA to provide apartments for women working to get back on their feet, he said.

Ticheli has owned the Stonewall Building for more than 10 years. He attempted to redevelop the building into an affordable apartments complex in 2008, but the project stalled due to a weak housing market.

To transform the vacant building into 71 apartment units and some commercial space at that time was projected to cost a projected $10 million.

Ticheli and his brother Leo had planned to start work on the Stonewall after completing the $5 million Gallery Lofts, the $3 million J.T. Massey Mercantile and Massey Corral renovations and the redevelopment of the former Jimmie Hale Mission property.

The Tichelis demolished smaller buildings around the Stonewall Building to make way for parking for the residential project.

McMillan said the current plan is to break ground on the project by the third quarter of 2018. Construction is expected to take 12 to 15 months.

"The building is just a shell," he said. "For the most part, they are just empty floors."

McMillan said the major part of the redevelopment is redoing the mechanical and electrical systems for the more than 90-year-old building.

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Recent Manufacturing Jobs On The Birmingham Job Board

BIRMINGHAM, AL – In the last decade manufacturing in Alabama has grown to become one of the state’s largest job markets. With the automotive and medical industry manufacturing jobs opening in Alabama, employers are looking for workers at every level, from entry to executive. Here are just some of the manufacturing jobs listed in the Birmingham area:

Ensure manufacturing and quality performance is maintained through monitoring Safety, Quality, Deliverables, Cost, and Employee (SQDCE) process 3. Oversees and directs daily spreading, cutting …

We are seeking a Manufacturing Operator to join our team! You will help oversee operational activities and ensure excellent quality control. Are you a dedicated, hard-working team player that has …

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The GM Corporate Manufacturing position has total responsibility to ensure the production requirements are met in a manner that meets quality objectives. Provide day to day leadership for the …

Will use Forklift/Pallet Jacks Qualifications for Assembly Openings: * 2-3 years experience in manufacturingassembly * Familiarity with assembly tools and equipment * Ability to handle physical …

Operate spreading machinery to efficiently manufacture rolled goods at the highest quality. 3. Operate cutting machinery to create standardized rolled goods at the highest quality. 4. Assist in the …

We are seeking candidates that have one or more years of manufacturing/light industrial experience and are willing to move up into production positions, have basic mechanical aptitude such as …

Sets up and starts all secondary operations within the manufacturing area. Required to check all controls for adherence to operating/safety procedures. Refers issues/problems to Lead/Supervisor for …

Executive Manufacturing Recruiter (Remote / Home Office) to join our growing team! This role REQUIRES experience in the recruiting industry. We are looking to grow this team and are working with many …

Quality Engineer Opportunity with global reaching company! This position is located in the Memphis, TN, vicinity and relocation assistance is provided. Are you ready for the next step in your career

BLOX is both service and product that includes architecture, engineering, manufacturing, logistics and construction. BLOX is looking for a smart, nimble and talented problem solver who is a hands on …

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Photo by Thomas Niedermueller/Getty Images

Birmingham, AL Job Board

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Luxury apartments to be built near OWA

The developers of Sevilla Place Apartments paid $1 million for 9 acres on Baldwin County 20 in Foley, just west of OWA entertainment park, according to local developer Stacey Ryals of Hosteeva Realty, who represented the sellers. Construction will begin soon on 126 luxury apartments which will include a clubhouse, exercise room, pool, dog park, kids park and garage parking.

AdvanTec Manufacturing USA, Inc. has leased 35,680 square feet of industrial space at 22955 McAuliffe Drive in Robertsdale, according to Jeff Barnes of Stirling Properties who handled the transaction.

Wine & Canvas has leased 2,487 square feet of space in Square One Shopping Center at 907 Hillcrest Road in Mobile, according to Angie McArthur of Stirling Properties, who represented the art and entertainment company. Terry McKinney of Delaney Land & Realty worked for the landlord.

Home builder D.R Horton paid $1.815 million for 29 single-family lots in the Vintage Creek community off Nine Mile Road in Pensacola, according to developer Nathan Cox of 68 Ventures. The 161-lot gated subdivision has homes in the $300s to $400s.

community.

Beauty World has leased 5,000 square feet of retail space next to Kohl’s department store in Spanish Fort Town Center off Town Center Avenue in Spanish Fort, and plans to open in late spring, according to Angie McArthur of Stirling Properties, who represented the landlord.

American Deli has leased 1,539 square feet at 5701 Old Shell Road in Mobile, according to Leigh Dale Younce and Buff Teague of JLL, who represented the landlord.

Cook Out purchased the former PDQ chicken restaurant at 116 S. University Blvd., in Mobile, according to Allen Garstecki of JLL, who represented the seller. John Vallas of Vallas Realty worked for the buyer. Cook Out is a fast food chain featuring fresh burgers, BBQ, hot dogs and shakes.

(William Thornton / wthornton@al.com)

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More office, retail, apartments slated for downtown Birmingham

Rendering of Denham Building project.
Rendering of Denham Building (Third & Urban)

An Atlanta-based real estate development company is redeveloping a long-vacant warehouse building in downtown Birmingham’s Parkside area for commercial space and apartments.

Third & Urban purchased the building at the intersection of 1st Avenue South and 12th Street South about two blocks from Railroad Park and Regions Field for $3.9 million in July.

According to Third & Urban, the Denham Building development will include more than 86,000 square feet of office, retail and restaurant space. Above this space, 72 urban-style loft apartments will be constructed.

Construction is set to start in mid-April, according John Hennessy and Jamie Justice of Colliers International, who is handling the leasing of the commercial space. The project is expected to be complete in spring 2019.

The development is named after the building’s original designers, the architecture firm Denham Van Keuren & Denham.

“The cool factor is going to be unparalleled,” Justice said, adding the office space will feature 20-foot ceilings and exposed concrete columns and duct work.

The Denham Building will bring a mix of office and apartment space that Birmingham hasn’t had before, he said.

Hennessy said all of the office space will have access to an outdoor balcony. The building will also have a co-working space.

According to Colliers International, there will be restaurant seating on the roof, as well as rooftop apartment suites with private balconies.

Among the other amenities are free parking and site-wide wireless internet. The office space will also be dog friendly and offer a dog walk.

The long-vacant building was previously known as the Swalley Building. The 109,590-square foot warehouse building was built in 1927 and two other buildings were added later.

The building previously sold to an investment partnership for $2.5 million in 2013.

Arlington Properties in Birmingham is handling residential leasing. Appleseed Workshop and Golden Contruction are handling the design and buildout of the project.

Updated on Feb. 1 with additional information on the project from Colliers International

An image of Blake Smith. (Smith family. )

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Recent Sales Jobs On The Birmingham Job Board

BIRMINGHAM, AL – Are you looking for a new job? Many local companies in Birmingham are looking for sales professionas to fill positions throughout the metro area. Here are the latest sales job postings in the Birmingham area.

New! Symmetry Financial Group
Birmingham, AL, USA

Candidates with the following characteristics EXCEL in this role: · Sales-minded with a passion for working with people · Self-motivated and goal-oriented · Confident and Ambitious · Professional …

New! IMMEDIATE OPENINGS
Birmingham, AL, USA

Inside Sales Representatives are needed, that can join our team INSIDE SOME OF THE TOP RETAILERS IN THE COUNTRY! We are located INSIDE some of the top Retail Store Locations around the Birmingham, AL …

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Job Summary We are offering a challenging opportunity for a sales professional to demonstrate their ability to prospect and sign new equipment dealers, grow the current dealer base and expand sales …

New! ALLDATA
Birmingham, AL, USA

The Business Solutions Manager/ Territory Sales Representative will be primarily responsible for (not inclusive): Role/Responsibilities: * Obtain, maintain and grow your customer base within a …

Unique Sales and Ownership/Equity Opportunity. Are you someone who has the ambition and drive to make $100,000+/year but lacking the right opportunity? Are you accountable, coachable and possess a …

New! Symmetry Financial Group
Birmingham, AL, USA

We are looking to fulfill a few territorial sales positions in Birmingham and the surrounding areas to work our Mortgage Protection Life and Disability insurance program. This program gives …

Outside sales and life insurance professionals: ARE YOU TIRED OF COLD CALLING? Are you tired of empty promises? Are you looking for a steady flow of qualified prospects? We are looking for full time …

New! The Perry Agency
Birmingham, AL, USA

Our agents have an entrepreneurial spirit, but yet also follow a proven sales system. They must be willing to fail forward, and welcome the opportunity to learn from their mistakes. Our agents must …

Increase sales territory revenue with existing accounts and through new account generation · * Provide technical assistance, trouble-shooting, sales presentations, and on-site training. · * Work …

Land Surveying & Mapping Systems Sales Position Earl Dudley Inc. –Atlanta, GA Since 1938 Earl Dudley Inc., the Southeast’s leading provider of Surveying, Mapping, Industrial and Construction …

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