Friday, July 13, 2007

JSOnline: Wannabe buyers wait as home prices fall - Some experts fear those trying to time market could end up hurting themselves

Meet Kurt. Kurt is a potential real estate buyer in today's buyers market. In many cases, Kurt resembles many of the buyers I am currently working with. Kurt is actually waiting and hoping to see if the real estate market gets worse. He, like many buyers who were priced out of the real estate market during the last housing boom, spends a great deal of time reviewing real estate advertisements and newspaper articles to determine if the market has hit rock bottom and to determine if it's time to purchase his new home.

Like Kurt, many of today's buyers are trying to time the market to take advantage of the best available deals. Experts warn that this can be risky because we don't know with certainty how long this slump will continue.

There are many reasons why attempting to time the market can cause problems for buyers, including:

* Interest rates may rise. A one point increase in the interest rate could add $21 to the monthly payment ($252 annually or $7,560 over the term of the loan) for a $250,000 mortgage.

* Timing the bottom is impossible. If the floor in the real estate correction is occurring right now, you have already missed it. Market conditions can change quickly and unexpectedly.

* Lenders are tightening standards, which might make it more difficult or expensive for some people to secure financing in the future.

Although I appreciate that today's buyers are trying to get the best deal for the money, the fact is, the longer they wait, the greater the risk of being priced out of the ideal home due to financial economic forces.

According to JSOnline, Bruce Norris, of real estate investment company The Norris Group, said now might be the best time to purchase a home, if the buyer plans to live there for 10 years. "I'm not sure that I wouldn't rather pay today's price with today's interest rate than count on a big discount and the wild card that interest rates might be very different," Norris said.

This article also compares real estate markets in a number of metropolitan areas throughout the country. See how these metropolitan areas are faring in this buyers market.

Alex Veiga, writer for the Associated Press, writes more about the risk today's buyers are taking to time the real estate market. Click here to read the entire article>>>


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posted by David Ray @ 9:18 AM 0 comments

Thursday, July 12, 2007

JSOnline: Developer plans Riverwest homes - 23 single-family houses proposed

Have you noticed that downtown condos appear to be getting bigger and fancier? If you are a young professional who works downtown and wants to live downtown, you will find yourself becoming discouraged by the amount of options available to you. It appears that most people feel they are getting priced out of this market.

But, don't you fear. There are some developers who feel that bigger is not always better.

General Capital Group, a local development firm has plans to revive the Riverwest neighborhood by building new homes (not condos), duplexes, and smaller homes called "cottages" which will appeal to young professionals and "empty-nesters" alike.

This new "subdivision" is located on East Concordia Avenue, between Bremen and Weil Streets.

General Capital Group is expecting to have a model home constructed by spring 2008.


The Proposal
Sixteen houses will feature 3-4 bedrooms (between 1,700 and 2,000 square feet). Estimated price: $250,000

Four units within the two planned duplexes will each feature 2-3 bedrooms. Estimated price: $200,000 for each unit.

Cottages will feature 2 bedrooms (around 1,000 square feet). Estimated price: $200,000

General Capital has also included green space for the subdivision which is something that many Riverwest residents were seeking.

Tom Daykin, writer for the Milwaukee Journal Sentinel, describes this planned community within Milwaukee's Riverwest neighborhood. Click here to read his entire article>>>


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posted by David Ray @ 6:13 PM 0 comments

Riverwest Currents: Student Housing 101

If you frequently drive on North Avenue between Humboldt and Oakland, then you have probably noticed a building being built along North Avenue on the western banks of the Milwaukee River. There's a legitimate reason why I have never blogged about this new building.

RiverView Residence Hall will be the home to nearly 500 University of Wisconsin-Milwaukee (UWM) students in 2008. It appears that UWM is beginning to grow beyond its borders. RiverView is not the first UWM residential housing that is not located on UWM's property. The first was the Kenilworth Square Apartments located on the corner of Farwell and Kenilworth in Milwaukee's East Side neighborhood.

As the demand for on-campus housing has increased, UWM University Housing has begun to expand beyond the campus 'footprint'.

Daniel Ginsberg-Jaeckle, a student of UWM and Riverwest resident, contributes more about this growing need for student housing in the Riverwest Currents. Click here to read his thoughts on this issue>>>


My Thoughts On Riverwest

If you're planning on purchasing investment properties and are looking for a decent return on your investment, then I recommend looking in Riverwest. Riverwest is one of Milwaukee's largest neighborhoods (the borders are North Avenue to the south, Capitol Drive to the north, the river to the east, and Holton to the west). Riverwest, like most downtown-area neighborhoods, has been transitioning nicely during the past few years. Many condominium developers have invested a great deal of time and money improving this neighborhood's image. And it shows. Many of the homeowners have also made a commitment to improve their neighborhood's image. Rents are cheaper in Riverwest versus the upper East Side. However, property values are also more reasonable than the East Side. Therefore, as an investor, you may do very well in Riverwest. Why Riverwest? Because UWM is not far away. Many students who are looking for affordable housing alternatives are looking in Riverwest.



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posted by David Ray @ 5:47 PM 0 comments

Downtown Deals - $260,000 And Less!

The Flatiron – Five Units Under $260,000

  • 2 Bedrooms
  • 1 Indoor Parking Space
  • In-Unit Laundry
  • Balcony
  • Central Air
  • Unique Floor Plans
  • Amenities: Granite countertops with undermounted stainless steel sink, Kohler fixtures, stainless steel appliances
  • Pet-Friendly – 2 Dogs Permitted
  • New Construction – Estimated Occupancy: Late Summer 2007

Click here to print a detailed property sheet of this newly-constructed East Side condominium>>>


McCormick #202 - $254,899

  • 2 Bedrooms
  • 2 Full Baths
  • 1 Indoor Parking Space
  • In-Unit Laundry
  • Balcony
  • Central Air
  • Amenities: Granite countertops, stainless steel appliances, hardwood floors
  • Open-Concept Floor Plan

Click here to print a detailed property sheet or see additional pictures of this East Side condominium>>>


Highbridge #507 - $259,000

  • 2 Bedrooms
  • 2 Full Baths
  • 1 Half Bath
  • 2 Indoor Parking Spaces
  • In-Unit Laundry
  • Huge Terrace off Master Bedroom
  • Balcony off Dining Room
  • Central Air
  • Whirlpool Tub
  • Gas Fireplace
  • Amenities: Stainless steel appliances, hardwood floors, master bathroom features whirlpool tub
  • Home Warranty Included

Click here to print a detailed property sheet or see additional pictures of this townhome-style East Side condominium>>>


For more information about these properties and other great deals in downtown Milwaukee, please call me at 414.412.7980 or e-mail at dray@shorewest.com.


Money Saving Tip:

If you are in need of a two-bedroom unit, you may want to look for one-bedroom units that feature a den. In some cases, the size of the den is equivalent to the size of a bedroom. The following associations feature this floor plan – priced below $250,000:

  • River Renaissance (Third Ward): Six units are available - $235,000-242,000
  • 601 Lofts (East Side): Two units – both priced at $246,900

Note: There is no clear universal legal definition of a bedroom and a den. Each municipality defines the type of rooms that are appropriate as bedrooms and dens. Most real estate professionals define a bedroom as a room which contains: (1) at least one exterior window, (2) at least one closet, and (3) at least one door that can protect the occupant of the room in case of fire. However, some of the lines between a den and a bedroom are frequently blurred (especially in the case of lofted condominium units). At the end of the day, it comes down to the occupant's intention for utilizing a room. Therefore, be sure you are comfortable allowing an occupant to sleep in a room that doesn't feature any or all of the above features.



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posted by David Ray @ 5:15 PM 0 comments

Luxury Living! Kilbourn Tower #2900 - $2,400,000

Here’s your chance to own an entire floor at Kilbourn Tower. This unit is located on the 29th floor of this 33-floor building.

  • 4 Bedrooms
  • 4 Full Baths with Whirlpool Tub
  • Over 6,000 Square Feet of Living Space
  • 360-Degree Views of Lake Michigan and the Skyline
  • 2 Indoor Parking Spaces
  • In-Unit Laundry
  • Balcony
  • Central Air
  • Common Amenities: Clubhouse, Fitness Room, Secure Wine Cellar
  • Condo Dues: $1,921 (Includes heat and central air)

For more information about this luxurious condo and other similar properties, please call me at 414.412.7980 or e-mail at dray@shorewest.com.

Click here to print a detailed property sheet or see additional pictures>>>


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posted by David Ray @ 5:02 PM 0 comments

Downtown Area Events & Attractions

All Summer Long

Musical Mondays – Monday evenings – Lake Park
http://lakeparkfriends.org/

Westown Farmer’s Market – Every Wednesday Morning at 10am – Zeidler Union Square
http://www.westown.org/westown/farmers+market/default.asp

River Rhythms – Every Wednesday Night at 6:30pm – Pere Marquette Park
http://www.westown.org/westown/river+rhythms/default.asp

Jazz In The Park – Every Thursday Night at 6:30pm - Cathedral Square Park
http://www.easttown.com/info/Jazz%20in%20the%20Park/jipindex

East Town Market – Every Saturday - Cathedral Square Park
http://www.easttown.com/info/East%20Town%20Market/etmindex

East Side Open Market – Every Saturday at 10am – Beans & Barley
http://www.theeastside.org/market.html


Don’t Miss These Events

Festa Italiana – July 19-22 – Maier Festival Park
http://festaitaliana.com

German Fest – July 27-29 - Maier Festival Park
http://germanfest.com

Gallery Night & Day – July 27-28 – Downtown Milwaukee
http://www.historicthirdward.org/events/GalleryNightParticipants.php

Bradford Beach Jam – July 27-28 – Bradford Beach
http://www.onmilwaukee.com/seasonal/festivals/articles/beachjam.html

Brady Street Festival – July 28 – Brady Street
http://www.onmilwaukee.com/seasonal/festivals/articles/bradystreetfestival.html

Great Downer Avenue Bike Race – July 28 – Downer Avenue
http://www.onmilwaukee.com/seasonal/festivals/articles/downerbikerace.html

Downtown Employee Appreciation Week – July 30 – August 3 – Downtown Milwaukee

River Flicks – Begins August 3rd – Pere Marquette Park
http://www.westown.org/westown/river+flicks/default.asp

Summer Sizzle Jazz Festival – August 3-4 – Historic Third Ward
http://www.historicthirdward.org/events/SummerSizzleLineUp.php

African World Festival – August 3-5 - Maier Festival Park

Arab World Festival – August 10-12 - Maier Festival Park
http://arabworldfest.com

Irish Fest – August 16-19 - Maier Festival Park
http://irishfest.com

Mexican Fiesta – August 24-26 - Maier Festival Park
http://mexicanfiesta.org

Indian Summer – September 7-9 - Maier Festival Park
http://indiansummer.org

Milwaukee River Challenge – September 15 – Pere Marquette Park
http://milwaukeeriverchallenge.com

Downtown Open House and Expo – September 15-16 – Downtown Milwaukee
http://gmar.ws



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posted by David Ray @ 4:53 PM 0 comments