The Business Journal of Milwaukee: Rehab projects going strong - Recycling of buildings shows no signs of slowing
Despite what you read about in the newspaper regarding the housing market, developers are still actively pursuing renovation projects in and around downtown Milwaukee.
Real estate developers agree that the advantages of renovating existing buildings outweigh those of constructing buildings from scratch.
The economic benefits include receiving historic tax credits from the municipality as well as working with existing infrastructure – which is cheaper than laying new foundation.
Real estate developers are focusing on an area referred to as the “Fifth Ward.”
This geographic area is located just south of the Milwaukee River, across from the Historic Third Ward.
In Walker’s Point, more than a dozen existing, vacant warehouses are beginning to show signs of life.
Here’s a sample of current projects in the “Fifth Ward”:
Lighthouse Development Company (“Lighthouse”) is renovating the former Transpak Corporation site which is located at 235 East Pittsburgh Street.
According to Pete Millard, writer for The Business Journal of Milwaukee, South Water Works, the name of this development, is one of the most ambitious renovation projects ever undertaken in Milwaukee.
Upon completion, South Water Works will cost an estimated $125 million.
South Water Works sits on one city block (approximately six acres).
Four existing buildings and at least one newly-constructed building will feature retail space, office space, and apartment units.
On the corner of West St. Paul Avenue and North Plankinton Street, Sunset Investors LLC (“Sunset”) is renovating the 261,000-square-foor Pritzlaff Building.
Once completed, Pritzlaff will feature retail space, office space, and apartment units.
Other notable renovations in the downtown area include Mitchell, Loyalty, and Mackie Building and the Federal Courthouse.
My Thoughts
The real estate market in the downtown continues to show signs of life.
Having lived in a late-1800’s warehouse building for the past six years, I appreciate the craftsmanship and character of the building.
We have many historical buildings that are underutilized which could be home to businesses and homeowners.
I’m hoping that real estate developers will continue to see the value these historic warehouses offer to potential tenants.
Millard describes these current renovation developments in greater detail in his article titled “Rehab projects going strong - Recycling of buildings shows no signs of slowing.”
Click here to read more about these developments>>>-----
Labels: Real Estate
JSOnline: Parents invest in homes near campus - College-area purchases help build equity while taking advantage of weak market
It is still a buyers’ market which means that this is still a very good time to purchase real estate.
Supply is bountiful.
Prices are at its lowest point.
Sellers are willing to deal.
In the past few years, I have seen a new type of buyer enter the real estate market – parents of college-aged children.
Margaret Jackson of the Denver Post has also seen this trend as well.
Parents are realizing that buying an affordable condominium unit near campus is beneficial for a variety of reasons.
With the costs of education increasing from year-to-year, parents are finding creative ways to make some money while their children attend classes.
While renting is convenient for the short-term, it doesn’t make much sense paying for someone else’s mortgage and property taxes.
Renters are losing an opportunity to cash in on income tax deductions while building equity.
In the Denver Post article, they introduce us to the parents of a college student who are planning to purchase real estate for their daughter as she attends classes.
They mention that they are planning to build equity for their daughter so that she can own her own home following college.
The best part for these real estate investors is that owning a condo near campus provides them with a place to stay as well as providing future rental income after their child graduates and moves out.
Jackson of the Denver Post writes more about the advantages of purchasing affordable campus-area housing in a buyers’ market.
Click here to read about what parents are doing to make money while their children attend college>>>-----
Labels: Real Estate
JSOnline: Buyers lose recourse in frauds - Court rules they can’t sue sellers for punitive damages
Caveat emptor is Latin for “Let the Buyer Beware.”
According to Wikipedia, “
under the doctrine of caveat emptor, the buyer could not recover from the seller for defects on the property that rendered the property unfit for ordinary purposes.”
Over time, real estate contracts have been drafted to provide additional protections for real estate purchasers from unscrupulous sellers. Until recently, real estate purchasers were able to sue for fraud to recover damages.
During a recent court hearing, the Wisconsin Supreme Court ruled that “home buyers who believe a seller has lied to them cannot sue for fraud to recover damages.”
Three members of the Supreme Court and the Wisconsin Realtors Association (WRA) are disappointed in the ruling.
Wisconsin places a great deal of weight protecting consumer rights.
That’s why it shocks the conscious to think that the Court would have ruled in favor of the seller in this case.
Wisconsin is the only state in the country barring civil fraud cases in real estate transactions.
The four Justices ruling in favor of this decision stated that home buyers should be “assured” that lawsuits alleging breach of contract and false advertising can still be filed.
My Thoughts
The highest court in the State screwed up in this case.
As a Real Estate Broker, REALTOR®, and now real estate purchaser, I would feel better knowing that I can rely on what the current owner of the property tells me regarding his or her home.
Without remedies in place, there is no longer oversight protection for buyers who are purchasing one of their biggest investments that they will ever make.
Scott Bauer, writer for the Associated Press, writes more about the Court's decision and what it means for today's real estate purchasers.
Click here to read more about this case and its implications>>>-----
Labels: Real Estate
Current Downtown Listings!
Accepted Offer! Courtyard Square #226 - $170,000
Great location! Great amenities! Spacious floor plan! Unbelievable value! Two bedrooms, two full bathrooms, heated indoor parking, and full-size, side-by-side washer and dryer are yours for an unbelievable value. The owners of Courtyard Square appreciate the enclosed, private, park-like courtyard, fitness center, community room, and convenient business center. Downtown shops, restaurants, nightlife, and attractions are all located within a short walk of your next home. Courtyard Square is a pet-friendly association. Free Home Warranty!
Click here to read more about this affordable, spacious condo>>>
New Listing! The Regency House #2305 - $185,000Fantastic 23rd floor condo is in move-in condition, has been updated throughout, and has some of the best views of gorgeous sunsets and the city's skyline. Regency is located within walk distance to Lake Michigan, parks, and museums. Enjoy the neutral decor, updated kitchen and bathroom, and newer carpeting. The newly-remodeled kitchen features hardwood floors, granite countertops, stainless-steel appliances, stainless-steel under-mounted sink, and contemporary lighting. Kitchen opens up to the Great Room with breakfast bar. Bathroom features ceramic tile and newer vanity. Luxury living at its finest - concierge, on-site security, heated outdoor pool, clubhouse, fitness center, and valet parking. HOA dues include all this plus heat, central air, and hot water. Regency is a pet-friendly association.
Click here to read more about this condo in the sky>>>
Riverbridge #401 - $204,900Peace, quiet, and location! Enjoy the afternoon sun in the sunroom of this top-floor condo. Both sunroom and private balcony offer views of the Milwaukee River and East Side neighborhood. Kitchen features granite countertops, GE Designer stainless-steel appliances, stainless-steel under-mounted sink, and convenient pull-out cabinet drawers. Duette blinds allow privacy as well as sunlight. Walk to the boutiques and restaurants of Brady Street or take a stroll along the Riverwalk. During the summer, grill on your private balcony that features gas hook-ups. You will find maple hardwood floors in the Great Room and ceramic tile flooring in the bathroom. One underground heated parking space is included (conveniently located near the elevator). Riverbridge is a pet-friendly association. Free Home Warranty!
Click here to read more about this top-floor, riverfront condo>>>
Western Leather Lofts #109 - $248,900Are you looking for a truly, urban experience? Then look no further than this spacious, two-story, warehouse-lofted condo. This amazing unit features exposed Cream-City brick, original wood post/beam construction, and concrete-heated floors (dues include heat!). Structural steel open staircase and suspended catwalk adds even more living space to live and entertain. Second floor addition creates enough space for a second bedroom or home office. Sunlight floods the entire condo through its six oversized windows. Stainless-steel appliances, custom cabinets, and large island with breakfast bar complete the well-thought-out kitchen. Other conveniences include in-unit laundry and one indoor parking space. Master bedroom suite features exposed brick, whirlpool tub, heated towel rack, and walk-in closet. Western Leather Lofts is a pet-friendly association. Free Home Warranty!
Click here to read more about this warehouse-lofted condo>>>
Accepted Offer! Western Leather Lofts #403 - $315,000Historic Brady Street loft features Cream-City brick, exposed original wood post and beam construction, and concrete-heated floors. Spacious southwest corner unit features two walls of exposed brick, 11-oversized windows, and lots of sunlight. Two bedrooms, den, two full bathrooms, spacious great room, in-unit laundry, and two deeded parking spaces complete this well-maintained condo. Kitchen has been updated and includes stainless-steel appliances, Kohler stainless-steel sink, solid-stone countertops, and custom birch cabinets. Other amazing features include: contemporary lighting, ceiling-mounted speakers, and cherry wood blinds. Oversized windows offer some of the best panoramic views of Milwaukee's skyline. Master bedroom suite features whirlpool tub, heated towel rack, and walk-in-closet. Heat is included in condo dues. Western Leather Lofts is a pet-friendly association. Free Home Warranty!
Click here to read more about this warehouse-lofted condo>>>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 August 31, 2008
Farmer's MarketsWestown Farmer's Market - Wednesdays through October - Zeidler Union Square
East Side Open Market - Thursdays through October - Beans & BarleyEast Town Market - Saturdays through October - Cathedral SquareMusic Festivals
Westown: River Rhythms - Wednesdays through August - Pere Marquette ParkEast Town: Jazz In The Park - Thursdays through September - Cathedral Square
Historic Third Ward: Summer Sizzle Jazz Festival - August 1-2
Art Festivals
Gallery Night & Day - July 25-26
Other Festivals, Museums, & Events
Festa Italiana - July 17-20 - Henry Maier Festival Park
German Fest - July 25-27 - Henry Maier Festival Park
Downtown Employee Appreciation Week - July 28 - August 1 - Various Locations
African World Festival - August 1-3 - Henry Maier Festival Park
Arab World Fest - August 8-10 - Henry Maier Festival Park
Morning Glory Fine Craft Fair - August 9-10 - Marcus Center for the Performing Arts
Irish Fest - August 14-17 - Henry Maier Festival Park
Mexican Fiesta - August 22-24 - Henry Maier Festival Park
Westown: River Flicks - Friday evenings in August - Pere Marquette Park
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Labels: Events
Accepted Offer! Courtyard Square #226 - $170,000
New Listing! The Regency House #2305 - $185,000
Riverbridge #401 - $204,900
Western Leather Lofts #109 - $248,900
Accepted Offer! Western Leather Lofts #403 - $315,000
