The Business Journal of Milwaukee: Downtown condo market closing in on $1 billion
No End In Sight?If you were to talk to a real estate developer about the current state of the downtown condominium market, you will hear a tale of optimism. If you were to talk to my clients who are trying to sell their condominium, you will hear an entire different story. How can two individuals speak so differently about the same marketplace?
Real estate developers will have you believe that there is no end in sight to the condominium craze. In fact, one developer predicts that Milwaukee can sustain another 15 years of residential development.
The fact is new construction continues to dominate this market. It comes down to one basic question - Why would a buyer pay for an existing condominium when he or she can purchase a brand new condominium for the same price? This is certainly a valid question - which many sellers are struggling to accept.
In The Numbers
Since the Park East Redevelopment Corridor was introduced, developers have proposed 11 projects which will add more than 1,000 condominium units to this newly-developed area.
Since 2000, developers have constructed or renovated 55 condo buildings that added more than 1,500 single-family residences.
Currently, 20 condominium buildings are under construction that will add 1,486 residences.
In addition, 12 developments have received city approval and are expected to break ground in late 2006 or 2007 that will add another 1,496 condo units.
City planners estimate the value of the condominiums completed, under construction and planned for downtown is more than $1 billion.
Pete Millard, writer for The Business Journal of Milwaukee, describes the future of downtown Milwaukee's condominium craze. Click here to read the entire article>>>
0 Comments:
Post a Comment
<< Home