The Business Journal of Milwaukee: Report finds home prices up only in Milwaukee
Congratulations Milwaukee! You deserve a standing ovation! The Business Journal of Milwaukee recently cited a report which stated that our great city was the only market (out of 25 major markets) where home prices rose from year-ago levels.
Radar Logic, a national real estate data firm, issued this finding in last month's report. They measure housing prices on a per-square-foot basis which does a better job of comparing apples-to-apples across vastly different real estate markets. During the 12-month period ending March 2008, the sales prices in the Milwaukee area rose 2.8% to $115.24 per square foot.
The writer for this article (un-named) picked three other markets (Charlotte, New York City, and Sacramento) to show how other parts of the country have performed during this challenging real estate market.
My ThoughtsThe Multiple Listing Service (MLS) that handles Southeastern Wisconsin (Metro MLS) reported that the number of listings is down, the number of units sold is up, and the number of frustrated sellers who agreed to remove their homes from the market is also up.
What does this mean to you? It is great news for interested sellers and okay news for interested buyers. These findings indicate that our inventory levels are drying up as evidenced by the number of buyers who are now entering the market at a faster pace than sellers. This means that more buyers will soon be competing for the same properties, which will have a positive effect on overall property values.
Every Tuesday, my colleagues meet to discuss what we're witnessing in this real estate market. There is some concern that the market needs more listings to keep up with demand. If you are considering selling your home, this might not be a bad time to test the market. If you are considering buying real estate, this might not be a bad time to enter the market. You can still find some good deals - but, don't wait too long or you might be paying more down the road for the same property.
Please call me at (414) 412-7980 or e-mail at dray@shorewest.com if you are in need of real estate services.Click here to read how well the real estate market is performing here in Milwaukee versus other major markets throughout the country>>>
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Labels: Real Estate
JSOnline: Welcome home, and shall I park your car? - Two condo projects plan to offer Trump-style amenities
How would you like to live the life of a hotel guest? This could be the reality for a few downtown condo owners in the near future. These selected few will soon be able to take full advantage of the full array of services luxurious hotels offer - now at home.
Two real estate developers are building residential condominium units on top of boutique hotels which offer amenities such as indoor pools, room service, concierge service, and valet parking. These condominium boutique hotels have done very well in other major markets.
The Residences on Hotel Palomar will be built between Old World Third Street and Fourth Street, between McKinley Street and Juneau Avenue. The developers, Gatehouse Capital and Ruvin Development, are working with Kimpton Hotels.
Kimpton Hotel and The Residences are scheduled to open in 2010. The Residences start at $575,000 for a one-bedroom condominium.
The Moderne will be built on the southwest corner of Old World Third Street and Juneau Avenue. The original plans for The Moderne called for a hotel. The developer, Rick Barrett, later decided to sell the units as condominiums instead. However, Barrett decided to keep many of the same hotel amenities. The condos of The Moderne start at $272,000.
Another hotel condo not featured in this article is
The Residences on Water which are located on the top floors of
Staybridge Suites. Construction of Staybridge Suites and The Residences is underway on the southeast corner of Water Street and Juneau Avenue.
The hotel lifestyle is glamorous as well as expensive. The average-price-per-square-foot for a non-hotel condo in downtown Milwaukee is around $200. The Residences at Hotel Palomar start at $453.83 per square foot.
My ThoughtsDuring the past year, I have been very cautious about reporting any new proposals that will impact the downtown housing market because it seems that every time a proposal is announced, it is later postponed or canceled.
Since the Park East Freeway was removed, many have asked me why it is taking so long to build on this site. Since the removal, there have been many real estate investors who proposed hotels, offices, retail, and condos. Unfortunately, many of these proposals have been either postponed or canceled. The real estate market has been shaky for both residential and commercial real estate. The mortgage markets have also been rocked since the fallout of the subprime mortgage markets. Although we have yet to experience a recession, the economy hasn't been exactly stable either. I'm sure you have heard the saying "timing is everything." Well, the Park East redevelopment project missed out on a great wave of real estate during the late 1990s and early 2000s.
In the past, I have reported that the days of condo-only developments are a thing of the past - especially in the Park East corridor. I'm very confident that the Palomar and The Moderne will do quite well - even in this modest Milwaukee market. Luxurious condominiums appear to be in high-demand in Milwaukee as evidenced by the sales data of Kilbourn Tower and the University Club Tower.
Hotel condos are not a new concept in Milwaukee. The Knickerbocker on the Lake on East Juneau Avenue has been operating as a hotel condo since 1981.
Are you ready to upgrade your lifestyle? Call me at (414) 412-7980 or e-mail at dray@shorewest.com if you would like to learn more about The Residences at Hotel Palomar, The Residences on Water, or The Moderne.Joanne Cleaver, writer for The Milwaukee Journal Sentinel, describes the amenities in greater detail as well as features current hotel-condo owners who are taking full advantage of these luxury amenities.
Click here to read more about the newest hotel condos>>>
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Labels: Real Estate
JSOnline: Court orders Juneau Village sold - Owners at odds over high-rise landmark
A real estate partnership sours after many years. Thomas Hauck, John Crichton, and Daniel Katz formed a partnership long ago to purchase Juneau Village (which consists of Juneau Village Towers, Juneau Village Gardens, and the Juneau Village Shopping Center). According to the article, the entire complex is assessed at $58 million.
In 2006 Hauck passed away, leaving his share of the partnership to his family. Katz, who owns many apartment complexes in the city, filed a lawsuit against the other partners demanding a sale. Katz argued that the existing partnership wasn't working and that he wanted to buy the entire complex.
The Hauck family countered arguing that they were being unfairly "squeezed out."
Milwaukee County Circuit Judge Richard Sankovitz ordered that the entire complex be sold. Judge Sankovitz also suggested that the partners do all that they can to market the property to avoid a sheriff's auction.
My ThoughtsIt seemed that downtown Milwaukee was going to lose many of the apartment complexes to condominium developers during the early- to mid-2000s. Courtyard Square, The Blatz, Landmark on the Lake, Cambridge Terrace, and Gallun Tannery all made the move to condominium units. During the past two years, The Franklin at East Pointe and Lake Bluff at East Pointe also made the move. However, The Franklin has decided that the conversion market is too competitive and decided to return back to apartment units.
During the initial wave of apartment-to-condominium conversions, I thought that Juneau Village and Yankee Hill were going to make the move as well. I'm confident that whoever purchases Juneau Village will continue to operate the complex as an apartment complex.
Marie Rohde, writer for The Milwaukee Journal Sentinel, explains how this heated legal dispute has affected the partnership as well as the partners' families.
Click here to read the entire article>>>-----
Labels: Real Estate
The Business Journal of Milwaukee: Downtown may see new 'gateway' - Large retail project proposed north of Bradley Center
In November 2007, the Bradley Center board retained Lauth Property Group, an Indianapolis firm, to develop the area north of the Bradley Center. Lauth is proposing to create a major downtown Milwaukee shopping and entertainment destination which would be an extension of the Bradley Center. The Bradley Center board is hoping that this new development will bring additional revenue for its main tenant, the Milwaukee Bucks.
Although Lauth's proposal is still in the preliminary stages, the plan is to provide 500,000 square feet of retail, entertainment, and dining establishments on 12 acres of vacant land. Lauth is also proposing one or two high-rise office buildings. According to Lauth, these plans will be modified based on feedback from national retailers. According to the article, "the initial response from retailers was 'very positive'."
Lauth thought our hometown store, Kohl's Department Store, would be a good fit for this new shopping and entertainment destination. Unfortunately, the Board of Directors for Kohl's does not agree. They do not have plans to build a store in downtown Milwaukee.
My ThoughtsLast month I reported that Target had expressed an interest in opening a downtown Milwaukee store and had shown an interest in three parcels. One of these parcels is located in the Park East corridor. Although Lauth and Target will not reveal their plans, I believe Target will be a very good fit in this development. I only wish Kohl's would see the value of opening a downtown store as well.
The Shops of Grand Avenue has been a huge disappointment. However, national retailers continue to see downtown Milwaukee as a viable market. Whole Foods Market and Urban Outfitters appear to be doing well on Milwaukee's East Side. Anthropologie entered the Milwaukee market recently by opening its store in the Historic Third Ward. With so much attention that downtown and the Park East have received during the past few years, it seems that it would be a costly mistake for Kohl's not to consider a move into this market.
Rich Kirchen, writer for The Business Journal of Milwaukee, provides greater details of Lauth's shopping and entertainment destination.
Click here to read more about this development>>>
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Labels: Economy
Current Listings!
New Price! The Bowman Lofts #205 - $175,000
Historic Bowman Lofts combines 19th-century charm with modern conveniences and is located along one of the most exciting streets of downtown Milwaukee, Milwaukee Street. Shops, restaurants, nightlife, galleries, and museums are located within a short walk from the front door of this historic condominium. Although close to the action, the owner of this two-bedroom loft appreciates the quiet atmosphere of her building. Bowman Lofts is an intimate 10-unit condominium association. This warehouse loft faces west and experiences a great deal of afternoon sunlight through the eight oversized windows. This loft features 10-foot ceilings and spacious rooms. One deeded parking space is included.
Click here to read more about this historic warehouse loft>>>
Riverbridge #401 - $204,900
Enjoy the afternoon sun and views of the Milwaukee River in the sunroom of this top-floor condominium. This spacious, one-bedroom condominium features one indoor heated parking space and has been updated throughout: Granite countertops, stainless-steel appliances, convenient pull-out kitchen cabinet drawers, maple hardwood floors, and high-end window treatments.
Click here to read more about this top-floor, riverfront condominium>>>
New Price! Western Leather Lofts #109 - $248,900
Are you looking for a truly, urban experience? Then look no further than this spacious, two-story warehouse loft. This amazing unit features exposed Cream-City brick, original wood post/beam construction, concrete-heated floors (dues include heat!). The structural steel open staircase is the focal point of this loft while the suspended catwalk adds even more living space to live and entertain. The second floor addition creates enough space for a second bedroom or home office. Sunlight floods the entire condominium through its six oversized windows. Stainless-steel appliances, custom birch cabinets, and spacious kitchen island with breakfast bar complete the well-thought-out kitchen. Other conveniences include in-unit laundry and one indoor parking space.
Click here to read more about this amazing warehouse loft>>>
Western Leather Lofts #403 - $315,000
This warehouse loft features two bedrooms, den, great room, and two-full bathrooms. For the past six years, the owners of this loft have enjoyed their southwest corner, sundrenched condo that features 11 oversized windows overlooking the city's skyline. If they sell, they will sadly miss walking out their front door and visiting their Brady Street neighbors, ethnic restaurants, and boutiques. Other unique features include exposed Cream-City brick, exposed original wood post/beam construction, polished concrete-heated floors, and two deeded parking spaces.
Click here to read more about this warehouse loft which features panoramic views of the city>>>For more information about these properties, please contact me at (414) 412-7980 or e-mail at dray@shorewest.com.-----
Labels: Real Estate
Downtown Milwaukee Events: Through July 31, 2008
Farmers' Markets:Westown Farmer's Market - Wednesdays through October - Zeidler Union Square
East Side Open Market - Thursdays through October - Beans & Barley
East Town Farmer's Market - Saturdays through October - Cathedral Square Park
Music Festivals:River Rhythms - Wednesdays through August - Pere Marquette Park
Jazz In The Park - Thursdays through September - Cathedral Square Park
Summer Soulstice Music Festival - Saturday, June 21 - East Side
Summer Sizzle Jazz Festival - August 1-2 - Historic Third Ward
Art Festivals:Lakefront Festival of Arts - June 20-22 - Milwaukee Art Museum
Gallery Night & Day - July 25-26 - Downtown Milwaukee
Other Festivals, Museums, & EventsPolish Fest - June 20-22 - Henry Maier Festival Park
Summerfest - June 26 - July 6 - Henry Maier Festival Park
Fireworks Kite Festival - July 3 - Milwaukee Lakefront
U.S. Bank Fireworks - July 3 - Veterans Park
Bastille Days - July 10-13 - Cathedral Square Park
Harley-Davidson Museum Grand Opening - July 12 - South 6th & Canal Streets
Festa Italiana - July 17-20 - Henry Maier Festival Park
German Fest - July 25-27 - Henry Maier Festival Park
African World Festival - August 1-3 - Henry Maier Festival Park
River Flicks - Friday evenings in August - Pere Marquette Park------
Labels: Events
