JSOnline: In homes, it's a buyers' market with very few buyers - Deals fall through as mortgage lenders tighten rules or fold
John Newland of the Ogden & Co real estate brokerage said it best: "It would be a buyer's market, if there were buyers." That is so true.
Listings are on the rise. Buyers are on the decline. These two factors combined mean a sluggish housing market. Between the increase in the housing supply and the decrease in asking prices, the real estate industry has become quite complicated. Buyers feel overwhelmed as a result of looking at dozens of houses and are afraid to act on a home because they are afraid of paying too much.
These delays can cost buyers their financing. In this month's newsletter, I am featuring an article which educates buyers of the importance of obtaining a pre-approval letter prior to shopping for their next home. Unfortunately, as I noted in this particular article, pre-approval letters do not last forever. Sarajane Bratberg, a Brookfield-based mortgage broker states, "People are writing offers on preapprovals they got in January or February, and now they're making an offer and the loan program doesn't exist anymore."
Please contact me at dray@shorewest.com or (414) 412-7980 if you have any questions regarding the home-buying process.
Joanne Cleaver, writer of The Milwaukee Journal Sentinel, writes more about the issues involving today's borrowers and the importance of shopping for your mortgage in advance.
Click here to read how you can have a positive experience in today's buyers market>>>-
Labels: Real Estate
JSOnline: Shop for loan, then a house
When buyers approach me to assist them with their real estate needs, the first question I ask is if they have met with their lender to discuss their purchasing power. A smart investor purchases stock only after he or she creates a budget plan. How do you know how much you can invest without doing a budget? This same philosophy applies to real estate. For many people, their home is their largest, most valuable investment. When you see your next home this way, you will then realize the importance of establishing your budget.
Jack Ablin, chief investment officer with Harris Private Bank, agrees. "Buy the mortgage before you buy the house. Get that set, get the terms right, and you'll have a better understanding of the affordability, and you'll be an attractive buyer because you can seal the deal." At the end of the day, my job is to communicate to the seller that you are a ready, willing, and able buyer and that you are in a position to purchase their home. The best way to communicate your financial position is to show them that you have taken the time to obtain a pre-approval letter from your lender.
Joanne Cleaver, writer for The Milwaukee Journal Sentinel, provides additional suggestions:
1) Keep your credit record clean
2) Start saving your pay stubs and other evidence of your income and assets
3) Use your mortgage prequalification to negotiate the best price
4) Borrow less by putting down a bigger down payment
5) The bigger the down payment, the more confidence the lender will have in your intention to repay the loan
Before shopping for homes, take the time to obtain a pre-approval letter from your lender. This will help save you time and frustration. There is nothing more frustrating and discouraging than seeing homes that are priced higher than what your lender is able to provide.
Pre-approval letters do not last forever. Interest rates are frequently changing. Mortgage company policies are also changing daily. One of the reasons why so many buyers are struggling obtaining loans in the current market is a result of mortgage companies tightening up their lending policies. It is very important to keep your pre-approval letter current and to act within a reasonable time of receiving your letter.
Please contact me at dray@shorewest.com or (414) 412-7980 if you have any questions regarding the home-buying process.
Cleaver writes more about the importance of shopping around for a loan first.
Click here to read the entire article>>>-
Labels: Real Estate
JSOnline: Mandel buys 6 Walker's Point buildings - Firm working on development plans for the 3-acre site
Barry Mandel has been busy. Since 2000, he has added quite a list of real estate to his already extensive portfolio. Per Multiple Listing Service or MLS, Mandel has been responsible for providing newly-constructed condominium units at RiverCrest (2004), University Club Tower (2004) and Marine Terminal Lofts (2005).
Mandel is not done yet. He is in the process of building two new condominium projects - Domus in the Historic Third Ward and The North End in Milwaukee's East Side neighborhood.
Tom Daykin, writer for The Milwaukee Journal Sentinel, recently reported that Mandel has acquired six large buildings in Walkers Point, near the Milwaukee River. These buildings are commonly referred to as the "Wisconsin Cold Storage" which total nearly 206,000 square feet. In addition this site also includes over 3 acres of land.
Many people have asked me why so many condominiums are being built and who are the buyers of these new developments. Mandel is a smart businessman. Like most intelligent business people, Mandel knows his industry inside and out. He and other real estate developers are aware that there is still demand for downtown Milwaukee condominiums. According to MLS, nearly 80% of all the condominiums sold in downtown Milwaukee in 2006 were new construction. The fact is, a developer cannot begin to break ground on a new development until a certain percentage of the units are reserved. When you drive around and see all of the cranes and large holes in the ground, realize that many of the units you don't see have already been accounted for. To Mandel and other developers, Milwaukee is still a hot spot for prospective buyers.
Daykin writes more about Mandel's latest purchase.
Click here to read more about his Walker's Point acquisition>>>-
Labels: Real Estate
The Business Journal of Milwaukee: Manpower set to begin move to new building in September
Manpower's move to downtown Milwaukee doesn't only mean a new headquarters, the move also means more jobs to Southeastern Wisconsin. Approximately 800 employees will be moving to the new corporate headquarters in September from its current headquarters in Glendale. In addition, 120 employees from Manpower's subsidiary Jefferson Wells International will be moving to the new corporate headquarters in September from Brookfield.
Mara Swan, senior vice-president of global human resources at Manpower said, "The building [which is located south of Cherry Street on Martin Luther King Jr. Drive] initially will be set up with 1,100 state-of-the-art workstations to accommodate the current staff as well as future hires." Manpower is anticipating creating and adding additional jobs as a result of its move to downtown Milwaukee. Rich Rovito, writer for The Business Journal of Milwaukee, reports that management has said that as many as 300 additional jobs could be added at the new headquarters over the next five years.
In addition to reporting the effects that the new headquarters will have on future employment in Southeastern Wisconsin, Rovito describes the building's appearance and the accessibility of the river for the community.
Click here to read more about Manpower's new corporate headquarters>>>-
Labels: Economy
The Business Journal of Milwaukee: Manpower to bring dollars downtown - Building could spur $100 million in new projects
How big of a deal is Manpower's move to downtown Milwaukee? At least $2 million annually on the downtown economy and up to $100 million in surrounding real estate development. More than 900 employees will be arriving at their new address in September. Starting in September, nearby restaurants, bars, and retail stores will be experiencing an increase in traffic as a result of this move.
Rich Rovito, writer for The Business Journal of Milwaukee, reports that Manpower employees are already buying downtown condominiums and renting apartments near the new corporate headquarters, which is located south of Cherry Street on Martin Luther King Jr. Drive. According to Rovito, "The Metropolitan Milwaukee Association of Commerce has projected that Manpower employees will spend $2.1 million annually in downtown Milwaukee, including $1.5 million on food and beverages."
Click here for more information about Manpower's impact on downtown Milwaukee's economy>>>-
Labels: Economy
Downtown Area Events & Attractions
COMEDY
Milwaukee Art Museum Grounds
Aug. 23, 2007 - Laugh Your Shorts Off
Pabst Theater
Sept. 7, 2007 - The Second City Comedy Theatre
Sept. 23, 2007 - Comedian and Late Late Show Host Craig Ferguson
Sept. 29, 2007 - Jeff Dunham
Potawatomi Bingo Casino
Aug. 15, 2007 - Carrot Top
Riverside Theater
Sept. 27, 2007 - “Weird Al” Yankovic
COMMUNITY EVENTS
Cathedral Square Park
Aug. 18, 2007 - Flea Market Mania
Thru Oct. 13, 2007 (Saturday Mornings) - East Town Farm Market
Discovery World
Aug. 27-31, 2007 - Discover Door County on the S/V Denis Sullivan
Downtown Milwaukee & Historic Third Ward
Aug. 18, 2007 - Hop n' Shop, Wine n' Dine
Edelweiss- 205 W. Highland Ave., Stir-112 W. Wisconsin Ave.
Aug. 24, 2007 - Six in the City (SITC) Double Header
Lake Park Bistro
Aug. 26, 2007 - Cirque du Lake Park
Milwaukee Public Museum
Thru Sept. 3, 2007 - Chicano Now: American Expressions
Thru Sept. 6, 2007 - Black Holes: The Other Side of Infinity
Thru Sept. 6, 2007 - Wonders of the Universe
Thru Jan. 1, 2008 - Samson Remembered
Pere Marquette Park
Sept. 15, 2007 - Milwaukee River Challenge
Third Ward
Aug. 18, 2007 - Third Ward Sidewalk Sale
Villa Terrace Decorative Arts Museum
Sept. 1, 2007 - Volunteer Garden Work Day
Zeidler Union Square
Thru Oct. 31, 2007 - Westown Farmer's Market
DINING / CULINARY
Bacchus
Sept. 17, 2007 - Wine Tasting Party
Milwaukee Ale House
Aug. 28, 2007 - Tasting Tuesday
FESTIVALS
Henry Maier Festival Park
Aug. 16-19, 2007 – Irish Fest
Aug. 24-26, 2007 – Mexican Fiesta
Sept. 3, 2007 - Labor Fest 2007
Sept. 7-9, 2007 - Indian Summer Festival
Old World Third Street
Sept. 28-29, 2007 - Oktoberfest in Milwaukee
FILM
Humphrey IMAX Theater / Planetarium
Thru Aug. 31, 2007 - Deep Sea
Oriental Theatre
Sept. 6-16, 2007 - LGBT Film/Video Festival
Pere Marquette Park
Friday Nights in August - River Flicks
MUSEUMS
Humphrey IMAX Theater / Planetarium
Thru Sept. 6, 2007 - Mountain Gorilla
Milwaukee Art Museum
Thru Aug. 19, 2007 - Adolph Gottlieb Prints: Early Prints
Thru Sept. 9, 2007 - Pissarro: Creating the Impressionist Landscape
Thru Sept. 30, 2007 - Going out of Style: 400 Yrs of Changing Tastes in Furniture
Milwaukee Public Museum
Aug. 17-18, 2007 - SonicVision: A Light Show For The Digital Generation
Aug. 24-25, 2007 - SonicVision: A Light Show For The Digital Generation
Aug. 31 – Nov. 23, 2007 - SonicVision: A Light Show For The Digital Generation
MUSIC
Alterra at the Lake
Thru Aug. 23, 2007 - Florentine at the Lake
Bradley Center
Aug. 18, 2007 - V100 Jam for Peace 2007
Caroline's Jazz Club
Aug. 31, 2007 - Liam Ford & The Band in Black
Cathedral Square
Thru Sept. 13, 2007 (Thursday Evenings) - Jazz in the Park
Pabst Theater
Aug. 16, 2007 - Perry Farrell's Satellite Party
Aug. 17, 2007 - Crowded House
Aug. 19, 2007 - Glenn Miller Orchestra
Aug. 31, 2007 - Matisyahu
Sept. 5, 2007 - Sierra Leone's Refugee All Stars-Intimate Lower Level Show
Sept. 11, 2007 - Bloc Party
Sept. 13, 2007 - Suzy Bogguss Performs An “Intimate Lower Level Show”
Sept. 15, 2007 - Aesop Rock Featuring Rob Sonic and DJ Big Wiz
Sept. 16, 2007 - Devendra Banhart with special guest Rio En Medio
Sept. 17, 2007 - Okkervil River - Lower Level, 10 Buck Show
Sept. 19, 2007 - Gordon Lightfoot
Sept. 20, 2007 - Steve Vai
Sept. 21, 2007 - The National
Sept. 25, 2007 - Ryan Shaw Performs An “Intimate Lower Level Show”
Sept. 26, 2007 - Martin Sexton Performs An Intimate Lower Level Show
Sept. 27, 2007 - The Mekons 30th Anniversary Tour
Pere Marquette Park
Thru Sept. 5, 2007 - River Rhythms
Potawatomi Bingo Casino
Aug. 16, 2007 - Hotel California: A Salute to The Eagles
Sept. 28, 2007 - Alan Parson's Live Project
Riverside Theater
Aug. 16, 2007 - The Gipsy Kings
Aug. 21, 2007 - Alice Cooper's The Psycho DramaTour
Aug. 26, 2007 - The Allman Brothers with Robert Randolph and the Family Band
Aug. 27, 2007 - Rufus Wainwright
Aug. 31, 2007 - Diana Krall
Sept. 19, 2007 - Ani DiFranco with Special Guest Melissa Ferrick
Sept. 25, 2007 - Ryan Adams & The Cardinals
Shank Hall
Aug. 15, 2007 - Lez Zeppelin
Aug. 17, 2007 - Bascom Hill & The Good Luck Joes
Aug. 18, 2007 - Heathrow
Aug. 19, 2007 - Culture featuring Kenyatta Hill
Aug. 24, 2007 - Chief
Aug. 25, 2007 - Longacre CD Release Show
Sept. 6, 2007 - David Bazan Band
Sept. 7, 2007 - Greg Koch Band
Sept. 10, 2007 - The Gourds
Sept. 13, 2007 - Chris Duarte and Bluestone
Sept. 14, 2007 - Girlyman
Sept. 16, 2007 - Maura O'Connell
Sept. 20, 2007 - Trampled by Turtles
Sept. 21, 2007 - Substitue (Who Tribute) & Shattered (Stones Tribute)
Sept. 30, 2007 - Clumsy Lovers
The Rave
Aug. 18, 2007 - Zico
Aug. 18, 2007 - Now You Have Audio
RUNS / WALKS
Downtown Milwaukee
Sept. 15, 2007 - Briggs & Al's Run & Walk
Maier Festival Park
Aug. 25, 2007 - Walk & Run for Wishes
Sept. 9, 2007 - Dylan's Run & Walk for Autism 2007
Sept. 29, 2007 - AIDS Walk Wisconsin
Milwaukee's Lake Park
Sept. 8, 2007 - 4th Annual Michael Tarney Fun Run/Walk for Arthritis
THEATER
Brady Street Pharmacy
Aug. 31 – Sept. 1, 2007 - Who's Afraid of Virginia Woolf?
Sept. 7-8, 2007 - Who's Afraid of Virginia Woolf?
Marcus Center for the Performing Arts
Aug. 14-17, 2007 - Dirty Rotten Scoundrels
Milwaukee Theatre
Sept. 8, 2007 - My Mother's Italian, My Father's Jewish & I'm In Therapy
Off-Broadway Theatre
Sept. 20 – Oct. 21, 2007 - An Interview with Paul Robeson
Skylight Opera Theatre
Sept. 21 – Oct. 7, 2007 - The Midnight Angel
Turner Hall
Aug. 23, 2007 - Howard Zinn’s play, “Marx in Soho,” comes to Milwaukee
TOURS
Charles Allis Art Museum
Aug. 18, 2007 - Eschweiler Excursion: Trolley Tours
VISUAL ARTS
Charles Allis Art Museum
Thru Sept. 30, 2007 - Alexander Eschweiler Exhibit
Discovery World
Thru Sept. 2, 2007 - Philip Burke: Larger Than Life Art Exhibition
Marquette University
Thru Sept. 30, 2007 - Louise Bourgeois, Recent Projects
Milwaukee Art Museum
Sept. 9, 2007 - Pissarro's Modern Tradition
Milwaukee Institute of Art & Design
Thru Oct. 6, 2007 - Personal Forms/Universal Content
Villa Terrace Decorative Arts Museum
Thru Sept. 2, 2007 - A Worthy Model: Works by Edouard-Marcel Sandoz
Aug. 15, 2007 - Cyril Colnik: Opening Reception
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Labels: Events
