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October 2014: Issue 9

Official Newsletter of The Madison Area Builders Association

RIGHT ANGLE

MADISON AREA BUILDERS ASSOCIATION

Looking BackMoving Forward

The State of Housing

2015 Parade of Homes Sites

Feature StoryHousing’s RecoveryState Agency Supports the Industry

Inside: Member SpotlightTom Bunbury

Housing: The Path ForwardFreddie Mac

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Contents

4 Member Spotlight: Tom Bunbury

5 Transportation Moves Wisconsin

6 Association Event Calendar and Government Activity Calendar

7 Housing: The Path Forward

11 Feature: Housing’s Recovery State Agency Supports

the Industry 13 2015 Parade of Homes

Sites

16 Dane County Permit Data

18 Membership Drive Update

19 Silent Auction a Success

Association Leadership

OfficersPresident Justin Temple President-Elect Don Tierney First Vice President Angie KietaTreasurer Ken KurszewskiSecretary Dan BealImmediate Past President Abe Degnan

Directors Dan Duren Chuck Elliott Chris Hohlstein Harvey Kessel Monique Olson Robert Procter Greg Shaw Andy Voeltner

Executive DirectorAmber Schroeder

The Right Angle is the official newsletter of the Madison Area Builders Association. The Madison Area Builders Association is a non-profit trade organization dedicated to promoting a positive business environment by uniting, serving, and representing all aspects of the building industry.

The Right Angle is published 11 times per year. Notice of local, state, and national programs/events is a service to Association members. Such notices do not indicate Association endorsement or sponsorship unless specifically noted. The acceptance of advertising in The Right Angle does not indicate approval or endorsement of the advertiser or the advertiser’s product by Association. Madison Area Builders Association makes no warranties and assumes no responsibility or completeness of the information contained herein.

Staff Writers: Amber Schroeder; Andrew Disch; Jane AlgiersPhone: 608-288-1133 Fax: 608-288-1087 www.maba.org

Madison Area Builders Association � 5936 Seminole Centre Court � Madison WI 53711 � (608) 288-1133

Annual State of Housing Luncheon & Meeting of the Membership

The Madison Area Builders Association invites you to the Annual State of Housing Luncheon with keynote speaker Dr. David Crowe.

Wednesday, November 5, 2014Marriott Madison West12:00-2:00 p.m.

� Forecast of Housing and Economic Trends� Analysis of Government Policies Affecting Home Building Industry� Research and Analysis of Consumer Preferences

Log in to maba.orgto register for this event.

You have questions.Dr. Crowe has answers.

How does Dane County compare to the rest of the state?

How does Wisconsin stack up to the rest of the nation in housing start-ups?

How will it affect my business?

Member in the News:

Member Stephanie Brassington’s granddaughter, Ella, is star struck when she meets Bucky Badger! Ella is unable to stand in line or be around large groups of people, so Robb Kahl arranged a one-on-one meeting with Bucky at the end of his event. An unforgettable moment for all!

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Tom Bunburry, Bunbury & Associates

Bunbury & Associates Realtors is a full service

real estate brokerage built on a tradition of excellence. The company was founded by Tom and Marijo Bunbury in 1985, and has brought its exceptional expertise and good old-fashioned hard work to help many sellers and buyers across south central Wisconsin.

Real Estate remains a family tradition for the Bunbury family. Tom and Marijo are joined by their five daughters and two son-in-laws in the business. Together with 90 additional agents in 7 locations, they are a leading boutique real estate brokerage, offering the advantages of a national company, while providing the benefits of a local, family business.

I am very proud of our company and the additional real estate professionals that make up the Bunbury & Associates “team”. We offer the highest level of integrity and innovation in real estate giving us the edge to thrive in today’s market. Together we are committed to supporting communities across Wisconsin through ongoing involvement with local and national Realtor organizations and committees thereof. Each year we look forward to our client appreciation party in December where we give away hundreds of Christmas

trees and wreaths and collect over 500 toys annually for the Toys for Tots program. Giving back to our industry and community has always been in our “DNA”.

After coming out of a very difficult recession in our industry, we are happy to be able to continue selling homes and to begin development projects again. I am part of the listing team that is marketing 16 lots in Hawk’s Woods Estates on Madison’s far West Side near Hawks Landing, which backs up to University Ridge Golf Course.

We have recently sold 7 of the lots, as this location has generated great interest. I am also in the conceptual stage of developing the next phase in Carriage Ridge which will offer 68 lots in the Waunakee School System and is located between Tuscany Ridge and the Blue Ridge and Kilkenny Additions to Southbridge.

Some of the farms we list also pursue the possibility of land development for new home sites. There is a continued interest in meeting with the Town Boards and working out the rezoning necessary for residential land development.

As the market continues to improve, we look back on a prosperous year and look forward to continued success in the year ahead. We appreciate our connection with the members of the Madison Area Builders Association and our mutual interest in the growth of the real estate market in Dane County and the surrounding areas.

MemberSpotlightGood Old Fashioned Hard Work

Tom BunburyBunbury & Associates

In addition to being the Founder and CEO of Bunbury & Associates, Tom has served on the Board of Directors of the Madison Board of Realtors and the South Central MLS Board of Directors. His experience also includes managing the family farm in Barneveld, Property Management, and Relocation Services. He developed Cherry Wood Estates in Madison and Carriage Ridge in Westport/Waunakee. Tom graduated from the UW – Madison with a major in Urban Land Economics.

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This past spring, the Wisconsin Department of Transportation sponsored an outreach effort

called Transportation Moves Wisconsin to review the importance of the state’s transportation system and discuss the challenges for making future investments.

The department hosted nine public town hall meetings and spoke directly to many community groups in the Madison area and around the state. Based on the input

received, one thing is clear: Wisconsinites have a strong interest in the future of our transportation system.

Transportation plays a vital role in our economy by getting workers to jobs, goods to market and tourists to their destinations. The great quality of life we enjoy in the state depends upon our roadways, public transit services, railroads, air and water ports, bike and pedestrian facilities.

Transportation infrastructure investments are being made throughout Wisconsin. But, Wisconsin’s infrastructure is aging and continued investments are needed to address the safety and condition of state highways, local roads, bridges and other modes of transportation. Approximately 86 percent of all state highways are currently in fair or better condition, but in 10 years, that number will fall to 73 percent. A recent analysis by the department of the state’s nine Interstate corridors, found that traffic congestion is costing Wisconsin citizens and businesses over $226 million a year.

Like other states, we are also discovering that as vehicles become more fuel efficient, fixed state and federal fuel taxes won’t provide the resources that will be needed in the future. The challenge is establishing a revenue structure that will provide for ongoing investments.

Making those investments will mean:

� Safer, smoother roads

� Less congestion with more reliable travel times

� Lower transportation costs for businesses

� More frequent and extensive transit service

� An interconnected, multimodal system that efficiently moves people and freight

� A safe and efficient transportation system supports economic growth and development in communities throughout the Madison area and around the state.

The Department of Transportation is working toward a vision for transportation that keeps Wisconsin moving forward.

wisconsin department of TRANSPORTATION report

Transportation Moves Wisconsin

by WisDOT Secretary Mark Gottlieb

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Daniel V. Birrenkott, RLS

608.837.7463

P.O. Box 2371677 N. Bristol StreetSun Prairie, WI 53590

dbirrenkott@birrenkottsurveying.com

w w w. b i r r e n k o t t s u r v e y i n g . c o m

Calendars

NOVEMBER Annual State of Housing Luncheon November 5, 2014 12:00-2:00 p.m. Marriott MadisonWest $15/person or $90/table of 8

DECEMBER Holiday Party & Installation Dinner December 2, 2014 5:00 p.m. Monona Terrace Convention Center $35/person

The 2015 Association program planning is underway. Watch for the new calendar in the December issue of the Right Angle.

Association Event Calendar

Tuesday, October 21, 2014, 6:30 p.m. City of Madison Common Council*

Thursday, October 23, 2014, 7:00 p.m.Dane County Board of Supervisors*

Tuesday, October 28, 2014, 7:00 p.m.Dane County Zoning & Land Regulation Public Hearing*

Monday, October 27, 2014, 5:30 p.m.City of Madison Plan Commission City-County Building, Room LL100210 Martin Luther King Jr. Blvd., Madison

Government Activity Calendar

Asterisk (*) indicates meeting takes place in City-County Building Room 201

Committee Meetings

Dream Home Showcase: October 20th, 3:00 p.m.

Membership: October 22nd, 12:00 p.m.

Parade of Homes Executive: November 12th, 12:00 p.m.

Finance: November 17th, 9:00 a.m.

Board of Directors: November 19th, 12:00 p.m.

Workforce: November 19th, 3:30 p.m. Membership: November 26th, 12:00 p.m.

Government Affairs: November (TBD)

Dates/times are subject to change. All meetings are held in the Ron Kneebone Conference Room at the Association office unless otherwise stated.

Attention MembersMadison Area Builders Association is searching for guest bloggers for maba.org. Posts can be on any topic related to the building industry - building, remodeling, designing, trends, financing, landscaping, etc.

If you’d like an opportunity to submit a post, or provide information for posts, please email Jane at jalgiers@maba.org, or call Jane at 608-288-1136. We welcome your input.

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Housing: The Path Forward

According to the advance report from the BEA, economic growth picked up in the second quarter,

with GDP growth accelerating to 4.0 percent from a revised estimate of -2.1 percent in the first quarter. The pickup in national income growth is good news for the housing market. Our latest forecast for the U.S. economy and housing market shows continued improvement in economic growth averaging 3.3 percent in 2015 and the unemployment rate continuing to gradually decline. In this scenario, household formations should pick up and housing starts are projected to increase 28 percent over 2014’s pace to 1.3 million starts in 2015. If so, long-term interest rates will likely creep up, with 30-year fixed-rate mortgages reaching about 5 percent at the end of 2015.

When describing our forecast, one immediate concern is that single-family housing markets have underperformed for several years. Following the sharp increase in mortgage rates during the spring and summer of 2013, single-family housing markets slowed toward the end of last year and into the beginning of 2014. While single-family starts and sales moved higher in the second quarter, doesn’t this show that at best we have a very fragile housing market? In this month’s outlook, we’ll outline the path forward for housing.

We are getting closer to a more normalized economy, and now we are expecting to see housing driven by fundamentals. Single-family housing markets have been recovering from a very deep recession and have been operating far away from normal. After several years of weakness, we are starting to see the labor market pick up steam, having added 230,000 net new jobs on average for the first seven months of this year.

We mentioned jobs as being a fundamental driver in recent past outlooks and that is something we’ve been tracking with our new housing index. It’s no surprise more and better jobs lead to greater housing demand. The top ranked metros and states in our index all have strong and steady job growth in common. As the steadily improving labor market expands, this will stimulate housing activity by driving household formations and housing demand in more markets. However, despite the recent improvements in the

labor market, household formation still remains very slow: the Census Bureau reported that over the past four quarters, net household formations totaled only 458,000, compared with long-term projections by the Joint Center for Housing Studies of 1.2 to 1.3 million per year.

Slow household formation has resulted in increased “doubling up” and a rise in the number of persons per household. For example, the number of persons per household has increased by 2.6 percent since 2005, going from 2.69 to 2.76 persons per household. If the persons per household had held steady over that period, there would be an additional 3 million households today.

Even if the labor market improves, how do we know the single-family housing market will rebound? After all, the Census Bureau also reported that over the past four quarters, the number of home owners was essentially unchanged, while the number of renter households increased by 458,000. Maybe the new households all want to become renters.

Those three million “missing” households are likely to show up over the next couple of years, especially if recent labor market trends persist. Those new households will require a place to live (new households generally begin with an apartment in the rental market) and will add to housing markets that are already seeing a tightening of available inventory. For example, rental market vacancy rates are at the lowest levels in over 14 years. And while aggregate vacancy rates for single-family properties remain elevated, many parts of the country are already experiencing a dearth of available for-sale inventory.

by Frank E. Nothaft, Freddie Mac; Chief Economist and Leonard Kiefer, Deputy Chief Economist, Freddie Mac

As the steadily improving labor market expands, this will stimulate housing activity by driving household formations and housing demand in more markets.

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Even if the labor market improves, how do we know the single-family housing market will rebound? After all, the Census Bureau also reported that over the past four quarters, the number of home owners was essentially unchanged, while the number of renter households increased by 458,000. Maybe the new households all want to become renters.

Those three million “missing” households are likely to show up over the next couple of years, especially if recent labor market trends persist. Those new households will require a place to live (new households generally begin with an apartment in the rental market)

and will add to housing markets that are already seeing a tightening of available inventory. For example, rental market

vacancy rates are at the lowest levels in over 14 years. And while aggregate vacancy rates for single-family properties remain elevated, many parts of the country are already experiencing a dearth of available for-sale inventory.

Over time, the majority of those additional renter households will likely transition to homeownership. Millennials as a whole have formed households and married at older ages than prior cohorts, and will likely transition to homeownership at an older age as well. Long-run projections of homeownership from Harvard’s Joint Center for Housing Studies put the long-run homeownership rate between 64 and 65 percent, just where the U.S. rate was during the second quarter (64.7 percent) of this year. One very real concern is that even if households desire to become homeowners, will they be able to attain their from their May levels to 3.3 percent and 3.5 percent, respectively. Meanwhile, the quits rate remained at 1.8 percent, and layoffs and separations remained steady at 1.2 percent.

Improved labor market conditions, more household formations, and increased rental demand in the face of low vacancy rates are going to put upward pressure on single-family house prices and residential rents across

the country. Won’t rising house prices and interest rates drive down homebuyer affordability, stifling single-family housing markets?

Currently, the monthly mortgage payment-to-rent ratio for the U.S. is near the lowest it has been in more than 35 years. Thus, even with some increase in house prices and interest rates, the ratio will remain relatively low. One challenge for households seeking to transition from tenancy to ownership is amassing the funds for the down payment and closing costs. A stronger economy should provide a growing number of households the savings necessary for ownership in the future. Affordability is also quite sensitive to interest rates. We expect 30-year fixed mortgage rates to rise gradually, only increasing 0.8 percentage points by the end of next year. The Federal Reserve has indicated that they will continue accommodative policy until the labor market fully recovers. As they note, a fully recovered labor market is not just a lower level of unemployment, but also requires improvement in a broader set of indicators.

The economic growth and labor market gains we saw in the second quarter of this year are projected to continue, strengthening household formations and the housing sector. A recovering housing sector will sustain the rally in homebuilding despite likely increases in long-term interest rates. Increased construction activity will further accelerate the improvement in labor markets and fuel even more household formations and more housing demand. The result is an economy that gradually recovers back towards its potential.

August 13, 2014

A stronger economy should provide a growing number of households the savings necessary for ownership in the future.

Housing: The Path Forward (continued)

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Feature The State of Housing by NAHB

The economic and housing recovery

since mid-2009 has not followed any prior concept or path for a typical recovery. The Great Recession was the worst economic downturn since the 1930s. And housing suffered its largest, longest fall since World War II. So, a reasonable assumption would be a substantial bounce back because of the pent-up

demand for all the things not produced and not purchased. That did not happen in the country and it did not happen in Wisconsin but Dane County has seen a faster, more robust recovery.

Two simple measures of economic health tell the stories. Housing usually leads the economy out of a recession. That happened in virtually all the post-war recessions except the last one. Because housing was such an integral part of the collapse and because the financial industry was in such a mess (a complicated economic term), housing was unable to perform its normal economic repair work. For the U.S., housing production dropped 80 percent from the peak; for Wisconsin the drop was slightly less at 76 percent. Dane County matched the U.S. drop at 80 percent decline in production from 2003 and 2010, which was an earlier peak and an earlier climb back out.

The good news is that the economic and housing recovery is well underway now. Housing production has increased by 67 percent in the U.S., 40 percent

in Wisconsin and an impressive 169 percent in Dane County. The sharp rise in Dane County is due to a rise in multifamily construction. In a reverse of the usual single-family dominance, 2013 saw more multifamily construction than single-family. Dane County has seen a higher proportion of multifamily construction for the past dozen years, but the recovery saw both a slow single-family response and a very rapid multifamily recovery and data through August 2014 suggest this will be another multifamily banner year.

The job market has a lot to do with the current recovery in all three geographies. U.S. employment totals have finally passed their past peak in 2007 and unemployment dipped below 6 percent. Wisconsin employment has increased from lows in 2010 but the total remains 1.5 percent below the 2007 peak. Dane County’s employment market has recovered and is now 4 percent above the peak in 2007.

The rest of 2014 and 2015 show great promise for housing and the economy. Many of the dark clouds of the past recession and slow recovery have passed. Mortgage rates remain low by historic standards; house prices are rising but the pace has slowed considerably allowing affordability to remain in a good range. Pent up demand will carry the market in the short run as the first time buyer slowly returns.

Housing’s Recovery

Dr. David CroweChief Economist & Sr. Vice

PresidentNational Association

of Home Builders

by Dr. David Crowe, NAHB

“Many of the dark clouds of the past recession and slow recovery have passed.”

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The leaves are changing, temperatures are

falling, and football season has started up again. This is the time of year that many people return from vacation and go back to work. However, at the Department of Safety and Professional Services (D.S.P.S.) we know that in the building industry, your busiest part of the year is just winding down. For the past few years, each year has brought evidence of

renewed strength and growth for Wisconsin’s builders, and we’re glad to see it.

For example, the Division of Industry Services spent roughly 15,315 hours reviewing commercial building plans in 2011. That number increased to 17,415 hours in 2012. So far in 2014, the Division of Industry Services has put over 18,225 staff hours into reviewing commercial building plans.

This increase in projects of all types, not just commercial buildings, is a great sign. As you know, more projects means more jobs, business, and revenue coming into the Madison area. A rise in project review illustrates confidence in the Wisconsin economy and points to a growing employment base in the building trades as projects move into the construction phase. Wisconsin’s building economy is bouncing back and D.S.P.S. is ready to do everything possible to make your

job easier and your clients happier.

We know from that online and electronic services make your lives simpler. Work days aren’t always spent behind a desk, and D.S.P.S. is proud to offer new programs that allow you to complete your projects on the go.

Electronic Plan Review is a convenient way for you to expedite your building process. Plans and component projects can be submitted to D.S.P.S. for review through an online account. D.S.P.S. staff members can then review the plans and send feedback electronically, saving you time and delivery costs for larger projects.

D.S.P.S. has also recently launched its re-vamped License Look Up application. This new application provides real-time information on the status of any professional credentialed by D.S.P.S. The License Search feature let credential holders keep track of continuing education and license renewal information in one convenient interface.

Here at D.S.P.S., we know that your business is growing because of the excellent services and expertise that you offer to your customers. Our goal is to offer the same modernized and rapid service to you so that your business can continue to expand and bring even more well-paying jobs to Wisconsin families.

by Secretary Dave Ross - Wisconsin Department of Safety and Professional Services

Electronic Plan Review Expedites Building Process

Secretary Dave RossWisconsin Department of

Safety & Professional Servies

How One State Agency Supports the Industry

“Work days aren’t always spent behind a a desk and DSPS is proud to offer new programs that allow you to complete your projects on the go.”

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©2014 AnchorBank, fsb. AnchorBank is a service mark of Anchor BanCorp Wisconsin Inc.

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2015 Parade of Homes Sites Announced

The votes are in and the 2015 Parade of Homes neighborhoods have been officially selected. We're pleased to announce the following six sites:

� The Community of Bishops Bay� Fox Point� Kilkenny Farms� The Legend at Bergamont� Westbridge� Windsor Gardens

There are currently 32 homes planned for the 2015 Parade of Homes which will run June 13-28. The Preview Party will be held from 5:00 p.m.-9:00 p.m. on Friday, June 12 in the Kilkenny Farms subdivision.

Interested in sponsoring or advertising for the Parade of Homes or Preview Party? Contact Amber at 608-288-1134 for more information!

2015 Parade of

Homes

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Madison Location4611 W. Beltline Hwy. Madison, WI 54711

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Sales of newly-built, single family homes increased 18 percent in August to a seasonally adjusted annual rate of 504,000 units in August, the highest level in six years, according to newly released data by HUD and the U.S.

Census Bureau.

“This jump in sales activity is in line with our latest surveys, which indicate builders are seeing increased traffic and more serious buyers in the market for single-family homes,” said NAHB Chairman Kevin Kelly.“This robust level of new-home sales activity is a good sign that the housing recovery is moving towards higher ground,” said NAHB Chief Economist David Crowe. “Historically low mortgage rates, attractive home prices and firming job and economic growth should keep the housing market moving forward in 2014.”Regionally, new home sales rose 50% in the West, 29.2% in the Northeast and 7.8% in the South. Sales were unchanged in the Midwest.

The inventory of new homes for sale edged up to 203,000 in August, which is a slim 4.8-month supply at the current sales pace.

New-Home Sales Top 500,000 in August, Highest Level Since 2008

Source: NAHB, September 24, 2014

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Dane County September Permit Data

9/4/2014

MABA 2014 Dane County August ComparisonMTD Marketing Services LLC ®

Municipality ReportSingle Family and Duplex Permits Issued

Municipality2014Total

2013Total

2013Starts

2013Avg. Value

2014Starts

2014Avg. Value

2013Avg. Sq Ft

2014Avg. Sq Ft

Blooming Grove (T) $250,000 1 $250,000 2,223

Blue Mounds (T) $534,000 1 $534,000 4,500

Bristol (T) $667,000 $1,222,000 2 4 $333,500 $305,500 3,150 2,938

Burke (T) $393,000 $300,000 2 1 $196,500 $300,000 2,225 2,899

Cottage Grove $297,000 $840,000 1 3 $297,000 $280,000 2,970 2,756

Cottage Grove (T) $700,000 1 $700,000 6,500

Cross Plains (T) $415,000 1 $415,000 3,560

Dane $150,000 1 $150,000 2,102

De Forest $1,899,000 8 $237,375 2,336

Deerfield $690,000 3 $230,000 1,821

Deerfield (T) $261,000 $300,000 1 1 $261,000 $300,000 2,600 2,800

DeForest $985,000 3 $328,333 2,913

Dunn (T) $1,238,000 3 $412,667 3,560

Fitchburg $559,000 2 $279,500 2,365

Madison $3,618,000 $2,330,000 12 12 $301,500 $194,167 2,388 2,096

Mc Farland $380,000 1 $380,000 2,994

Middleton $750,000 $555,000 3 2 $250,000 $277,500 2,246 2,556

Middleton (T) $1,210,000 $2,320,000 3 5 $403,333 $464,000 3,533 3,900

Monona $475,000 1 $475,000 3,363

Montrose (T) $83,000 $625,000 1 2 $83,000 $312,500 1,400 3,025

Mount Horeb $900,000 $475,000 3 2 $300,000 $237,500 2,420 1,956

Oregon $1,077,000 $973,000 3 5 $359,000 $194,600 3,882 2,144

Oregon (T) $350,000 1 $350,000 3,400

Pleasant Springs (T) $850,000 $350,000 1 1 $850,000 $350,000 7,500 3,200

Primrose (T) $350,000 1 $350,000 3,400

Roxbury (T) $690,000 $190,000 2 1 $345,000 $190,000 3,400 1,900

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Dane County September Permit Data

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APR is Annual Percentage Rate. Offer limited to owner occupied properties with a loan to value ratio of 90% or less. Offer based on $300,000 loan that requires

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Municipality2014Total

2013Total

2013Starts

2013Avg. Value

2014Starts

2014Avg. Value

2013Avg. Sq Ft

2014Avg. Sq Ft

YEAR SUM COUNT AVG VALUEYear to Year August Comparison

AVG SQ FT

147,66816223,922,2441999 1,926186,35417532,612,0002000 2,326177,89118032,020,5002001 2,158188,75120438,505,3002002 2,226208,95018939,491,6962003 2,358231,38421349,285,0002004 2,438235,41521951,556,0002005 2,394239,36911126,570,0002006 2,438247,78612430,725,5002007 2,577265,5756617,528,0002008 2,492258,8425714,754,0002009 2,666293,4084914,377,0002010 2,733266,6945915,735,0002011 2,543269,6238522,918,0002012 2,633286,86711332,416,0002013 2,618330,9457324,159,0002014 2,909

Year to Date ComparisonYEAR SUM COUNT AVG VALUE AVG SQ FT

155,0371307202,633,8001999 1,991171,0171307223,519,9002000 2,182175,7231597280,630,7002001 2,148189,6211652313,255,0002002 2,274198,5281659329,358,0072003 2,296225,6321763397,790,2802004 2,465237,9071632388,265,7282005 2,378246,4891048258,321,5002006 2,450248,326840208,594,5002007 2,429272,127490133,342,5002008 2,576251,195404101,483,0002009 2,528265,845439116,706,0002010 2,564265,856445118,306,0002011 2,611262,787540141,905,1122012 2,563267,752719192,514,0002013 2,531297,501682202,896,0002014 2,651

Municipality2014Total

2013Total

2013Starts

2013Avg. Value

2014Starts

2014Avg. Value

2013Avg. Sq Ft

2014Avg. Sq Ft

Springdale (T) $960,000 $147,000 1 1 $960,000 $147,000 8,500 1,500

Springfield (T) $322,000 $1,110,000 1 3 $322,000 $370,000 3,200 3,300

Stoughton $738,000 $208,000 3 1 $246,000 $208,000 1,965 2,424

Sun Prairie $2,200,000 $3,405,000 9 15 $244,444 $227,000 2,344 2,326

Sun Prairie (T) $217,000 1 $217,000 1,800

Verona $754,000 $4,161,000 3 13 $251,333 $320,077 2,642 2,753

Verona (T) $110,000 1 $110,000 1,450

Vienna (T) $280,000 1 $280,000 2,550

Waunakee $2,618,000 $4,411,000 7 12 $374,000 $367,583 2,684 2,820

Westport (T) $1,525,000 3 $508,333 4,546

Windsor (T) $1,427,000 $1,731,000 5 5 $285,400 $346,200 2,211 3,091

(T) = TownshipPrepared by MTD MarketingContact: Dominic Collar 920-450-6131

The Right Angle { 18 }

For responsive, individualized attention, depend on Home Savings Bank.Get local decisions and local underwriting for home mortgages, construction loans and non-owner-occupied financing.

Ellen Rosner Mortgage Loan Officer

NMLS #1158693282.6103

Mike WatsonMortgage Loan Officer

NMLS #486766282.6177

608.282.6000home-savings.com

Mortgage Loan Experts

STRUCK & IRWIN FENCE, INC.826 Williamson St., Madison, WI 53703 Tel: (608) 255-1673 Fax: (608) 255-1675

www.struckandirwinfence.com • sales@struckandirwinfence.com

STRUCK & IRWIN FENCEA Trusted Name in Madison for Over 75 Years

Quality Materials, Professional Service, Competitive Prices

FencesFor Safety, Security or To Accent Your Property

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STRUCK & IRWIN FENCE, INC.826 Williamson St., Madison, WI 53703 Tel: (608) 255-1673 Fax: (608) 255-1675

www.struckandirwinfence.com • sales@struckandirwinfence.com

826 Williamson St., Madison, WI 53703 • (608) 255-1673 www.struckandirwinfence.com • sales@struckandirwinfence.com

Fence Repairs • Any Size Job, Anywhere • Free Estimates

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Where quality comes FirstNew Construction & Remodeling

Residential & Commercial

608.849.3018302 Moravian Valley Rd. • Waunakee, WI 53597

And they’re off! Two teams are competing in this year’s membership drive. One is comprised of members of the Government Affairs Committee and the other is comprised of members and friends of the Membership

Committee! The race is on and prizes are available!

Not interested in joining a team? Fret not! You can still compete for individual prizes. The prizes are: � First Place: Front Page Strip Ad in the Wisconsin State Journal � Second Place: Ad in the Right Angle Magazine � Third Place: One registration to all 2015 Madison Area Builders Association events!

Members that join in October will be guaranteed a listing in the 2015 printed membership directory and will also receive a complimentary registration to the 2014 Holiday Party and Installation Dinner on October 2.

Here’s the tally as of October 13

Government Affairs Committee: 4Membership Committee: 4

2014 Membership Drive

{ 19 }

When you’re choosing a lender, it makes perfect sense to compare rates and loan options. At the same time, savvy buyers know that experience and reputation are just as important. Clients and builders believe we deliver both. Here are a few reasons why:

We offer jumbo loans, low down payment options and the ability to convert to a fixed rate loan.

Builders are excited to work with buyers who have Johnson Bank financing because they know the process will go smoothly.

Unlike many banks, we won’t pass the servicing of your loan onto a third party after closing. For the life of your loan, you’ll talk to a Johnson Bank representative.

n o t y o u r t y p i c a l

c o n s t r u c t i o n l e n d e r

159 Martin Luther King Jr Blvd • 608.250.72005201 East Terrace Dr • 608.249.7800525 Junction Rd • 608.203.3900

Visit johnsonbankmortgage.com to view our mortgage lender bios.

2014 Silent Auction in The Books

While the finalized fundraising numbers are still being calculated at press time, all signs point to a tremendously successful Auction. Due to the outpouring of generous item donations, members and guests

were able to bid on top-notch items culminating in a raucous live auction where members bid head to head on the highest valued donations, featuring a newly drilled well. All in all, it was a fantastic night of industry camaraderie, interaction with high profile elected officials, and a few surprises all while raising the critical funds needed to support the Association’s government advocacy program.

The Right Angle { 20 }

©2014 Marvin Windows and Doors. All rights reserved. ®Registered trademark of Marvin Windows and Doors.

Builder: Michael K. Walker & Associates Inc.Architect: Sweet Sparkman Architects

Ultimate Sliding French Door (IZ rated), Pine Interior, Ashley Norton Satin Nickel handle sets,Ultimate Casement Awning (IZ rated), Pine Interior, Custom windows created by Marvin Signature Services

To explore creative solutions for your next project, contact your local, independent Marvin dealer today.

Our knowledgeable dealers provide personal attention and individual solutions for each of

your projects, because we know that every job counts. This level of service, combined with four

generations of product innovation, and high-quality windows and doors, means peace of mind

at every stage in your project. Experience the Marvin difference at MARVIN.COM

Hellenbrand Glass, LLC211 Moravian Valley Rd.Waunakee, WI 53597

608-849-8675HellenbrandGlass.com

Window Design Center6524 Seybold Rd.

Madison, WI 53719608-271-8002

www.WindowCenter.com

TRUST IS A BEAUTIFUL THING.A L M O S T A S B E A U T I F U L A S O U R W I N D O W S .

Madison Area Builders Association5936 Seminole Centre CourtMadison, WI 53711