Updated: 02/11/2014 6:36 PM
Created: 02/11/2014 4:46 PM KSTP.com
By: Kate Renner
It's a real life real estate lesson. Some University of St. Thomas real estate students are taking part in a multimillion dollar home build, and soon a home sale.
The house, which is built on the last empty lakeshore lot in Edina is weeks away from completion. When the house is completed, it will be on the Parade of Homes tour starting March 1, and after that it'll be put on the market.
The proceeds could raise the University of St. Thomas real estate program hundreds of thousands of dollars.
The cabinets that St. Thomas Senior Teresa Lingg helped pick out were installed in the kitchen Tuesday. Lingg was one of two student interns who worked with professional builders and contractors, who donated much of their time and materials to build the Edina house.
JMS Custom Homes is building the house as close to "at cost" as possible, for roughly $1.5 million, but the asking price will be much higher.
"The finished market value on Arrowhead Lake here in Edina could approach a $2 million market value," said Jeff Schoenwetter, JMS Custom Homes Owner.
The profits, estimated between $200,000 - $500,000, would go to the St. Thomas real estate program for scholarships.
"This experience is just invaluable, you could never get this anywhere else without doing something like this. And so it really adds something to the classroom experience," said Herb Tousley, Director of UST's Real Estate program.
Like the out-of-classroom experience the student interns had by presenting a variance proposal before the City of Edina planning commission.
"It was really nerve-wracking but I learned a lot I really was thrown into it, and it really prepared me for what I might have to deal with in the future," said Lingg.
The students newly learned skills came from a classroom, they helped build from the ground up.
Tousley, the Director of Real Estate at UST, says after some sluggish years for realtors, the market is on an upswing. And job prospects for his students are good.
In the past two years, 100 percent of his students found a job within 30 days of graduating.