The Business Journal of Milwaukee: Despite times, downtown area condos selling
Many of my readers have asked me about how I am surviving in the current real estate market. There is no doubt that the market has been extremely challenging during the past 12 months. However, despite the “doom-and-gloom” you hear about, there is plenty of good news to report – especially for the downtown condo market.
Despite the delays of a few condominium projects, three developers are happy to announce that they will have finished condominium units for downtown condo buyers in early 2009. It appears that The Breakwater, Park Lafayette, and The Edge will survive this dynamic real estate market.
The Breakwater, located near Knapp and Franklin, is a 21-story high-rise condominium developed by Renner Architects LLC. The Breakwater features 101 condominium units. By the end of October 2008, Renner has sold 68 units. Buyers will be able to move in as early as February 2009 and Renner is expected to be completing construction in June 2009. Renner’s other developments include Hansen’s Landing, Harbor Front, and The Waterfront.
Park Lafayette, located on the corner of Prospect and Lafayette, are twin, 20-story-tall high-rise condominium towers developed by Renaissant Development Group. Through October 2008, the Park Lafayette sales team secured 83 sales contracts and another 15 reservations are pending. Real estate purchasers who bought a condominium unit located on the lower ten floors will be able to move in as early as January 2009. The upper ten floors will be ready for occupancy in June 2009.
The Edge, located next to Lakefront Brewery on Commerce Street, features two, six-story-tall condominium towers. The Edge is developed by Chicago’s Tandem Development and Milwaukee’s Brewery Works Inc. Phase one of the development is nearing completion. Through October 31, The Edge’s sales team secured 48 sales contracts of the 77 total units available for the first phase.
What Does This Mean To You?
If you are a condominium purchaser, you still have plenty of options available to you. The number of newly-constructed condominium developments is down from previous years. However, you still have options. Your ability to obtain financing for a newly-constructed condominium development might also pose additional challenges. In the current financial markets, it is not uncommon to request larger down payments for a newly-constructed development. I have seen some lenders require down payments as high as 20% for a newly-constructed association.
If you are a condominium purchaser with limited funds for a down payment, then you can still find some exceptional deals with slightly older condominium units. Let’s not forget that most of the condominium units located in downtown Milwaukee are less than ten years old. Existing condominium sales will offer greater flexibility for loan programs as well as down payment requirements. In addition, interest rates are still low. Since the beginning of 2008, rates were as low as 5.75% and as high as 6.875%.
If you are a condominium seller, then this is the time to test the market. Inventory levels are shrinking as a result of delayed condominium developments. Real estate purchasers are considering all of their options – not just newly-constructed developments.
Pete Millard, writer for The Business Journal of Milwaukee, provides more details regarding The Breakwater, Park Lafayette, and The Edge. To remain fair and balanced, Millard also discusses a few other developments that have yet to break ground. Click here to read the latest news regarding the downtown condo market>>>
----
Labels: Real Estate
The Business Journal of Milwaukee: Julilly Kohler a pioneer among women developers - Brady Street project helped spark revival of historic district
Julilly Kohler, a downtown real estate developer, was introduced to Historic Brady Street several years ago and saw a promising future for this historic neighborhood. According to Pete Millard of The Business Journal of Milwaukee, Kohler is “one of the driving forces behind the rejuvenated Brady Street neighborhood.”
She began her Brady Street real estate career several years ago when she purchased a small building and opened an art gallery. During the early 1990s, Kohler acquired and developed five Brady Street properties. Today, Kohler is busy developing Kane Commons, located along the Milwaukee River on Kane Place, just east of Humboldt Boulevard.
Kane Commons is a “green” residential development featuring condominium units, single-family homes, and two rental units. When completed, Kane Commons will be valued at more than $5 million.
Kohler’s commitment to “green” or eco-friendly building practices places her in a league of her own, or as Millard writes, “a pioneer in real estate development.” Kohler has not only laid a solid foundation for all future real estate developers who strive to protect the environment, but also for all women who are contemplating a future in real estate development.
Millard writes more about Kohler’s accomplishments as a successful local real estate developer.
Click here to read more about Kohler’s impact on the city’s economy as well as the environment>>>-----
Labels: Real Estate
The Business Journal of Milwaukee: City: Work begins on Aloft Hotel
Breaking news! A Park East development will soon be breaking ground. This is according to The Business Journal of Milwaukee and officials from the City of Milwaukee on Wednesday, November 12.
The $27 million, five-story Aloft Hotel, a Starwood Hotels and Resorts Worldwide Inc. brand, developed by partnership Milwaukee River Hotel LLC, will soon be constructed along the Milwaukee River just north of East Juneau Avenue.
According to city officials the developer is in the process of preparing the site for construction. Milwaukee River Hotel LLC expects Aloft will open in November 2009. In addition to a hotel, the developer also plans to construct a river walk segment, public plaza, and provide street improvements.
Aloft is being funded by several sources including the City of Milwaukee, U.S. Bank, Wisconsin Department of Commerce, and the Wisconsin Housing and Economic Development Authority. In return, the project is expected to create approximately 75 permanent jobs.
Finally, some good news for the Park East. The writers of The Business Journal of Milwaukee provides more details regarding Wednesday’s announcement. Click here to read more about Aloft and its impact on our local economy>>>
-----
Labels: Real Estate
REJournals.Com: Surviving the slump in Wisconsin
The commercial real estate market is no different than the residential real estate market. Like most investments, what goes up must come down. Many experts in the residential and commercial real estate markets felt that the downturn was inevitable.
Not only is the residential real estate market considered more stable here in Wisconsin and the Midwest compared to the West or East coast markets, but so is the commercial real estate market. Although retail has been down, other markets like the office, multi-family, and industrial sectors have been performing fairly well.
Construction of commercial real estate projects are happening right now in Wisconsin despite the status of the housing market and the economy.
Chicago-based HSA Commercial Real Estate recently began construction of industrial buildings in its new 90-acre business park in the Village of Mount Pleasant. In addition, Berghammer Construction Corporation of Butler is nearing completion of two industrial buildings in this park.
In the retail sector, The Shoppes at Fox River in Waukesha and Grafton Commons are nearing completion.
The Shoppes at Fox River, developed by Opus North, sits on 54 acres and will feature nearly 500,000 square feet of retail space. Target and Pick ‘n Save will anchor this newly-constructed shopping center.
Grafton Commons, developed by Continental Properties Company, will feature nearly 390,000 square feet of retail space among its seven buildings. Costco will anchor this new development.
The office market remains stable. The good news is that deals are still closing. The bad news is that these deals are taking longer to close. The financial markets are not only making deals difficult to close in the residential markets, but they are also affecting the commercial markets.
The Class-A office market in downtown Milwaukee continues to perform well despite the financial markets and the economy. In early 2007, the vacancy rate of Class-A office space was approximately 12 percent. In a recent analysis of Class-A buildings, the vacancy rate dropped to seven percent.
One newly-constructed mixed-use project that seems to be highlighted in every article and blog is downtown Milwaukee’s “The Brewery.” The Brewery is a large-scale, 20-acre development located at the former Pabst Brewery. Developed by Zilber Ltd, The Brewery will feature residential units and office and retail tenants. This month Inland Companies, AMB Development Group, and Albion Group Architects are all planning to move into The Brewery’s former boiler house building.
Dan Rafter, writer for , describes the current state of the commercial real estate markets in Wisconsin and provides additional information about the Mount Pleasant business park, The Shoppes at Fox River, Grafton Commons, and The Brewery. Click here to read about the latest commercial developments>>>
-----
Labels: Real Estate
Current Listings!
Accepted Offer! The Regency House #2305 - $175,000
Fantastic 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 walking 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 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>>>
Western Leather Lofts #109 - $240,900
Are 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 and beam construction, and concrete-heated floors (condo dues include heat!). Structural steel open staircase follows a two-story Cream-City Brick wall and flows to two spacious bedrooms, den, and loft. Sunlight floods the entire condo through its six oversized windows. Stainless-steel appliances, custom birch cabinets, and large island with breakfast bar complete the well-thought-out kitchen. The full bathroom features Cream-City Brick, whirlpool, and heated towel rack. Other conveniences include in-unit laundry and one indoor parking space. Western Leather Lofts is a pet-friendly association. Free Home Warranty! Click here to read more about this warehouse-lofted condo>>>
New Price! Riverbridge #404 - $283,000
Are you looking for a condo that you can simply move into? This top-floor, riverfront unit is one you won’t want to miss. Entertain guests in the spacious great room that features hardwood floors. The gourmet chef will appreciate the granite countertops, stainless-steel appliances, under-mounted stainless-steel sink, and convenient pull-out shelves. The split bedroom design offers privacy. Spread out in the master bathroom that features ceramic tile, double-vanity, whirlpool tub, and shower stall. Everything is done for you – from the freshly painted walls to the custom window treatments. Walk to your favorite East Side establishments (“very walkable” per walk-score.com) or relax on your private balcony that overlooks the Milwaukee River. Riverbridge is a pet-friendly association! Click here to read more about this top-floor, riverfront condo>>>
New Listing! Commodore #34 - $160,000
The Commodore, built during the “Roaring 20’s” and registered as a historic building, combines Old World Charm with modern amenities and a spacious floor plan. The details make the home with freshly painted walls, tasteful décor, natural woodwork, hardwood floors, leaded-glass windows, crown moldings, and built-in cabinets. The chef will appreciate the updated kitchen which features newer stainless-steel appliances and ceramic tile floor. Relax and enjoy the afternoon sunlight in this northwest corner unit. Take a stroll or bike ride along the lakefront or shop at nearby boutiques throughout the trendy East Side neighborhood. Condo dues include heat and hot water. Commodore is a pet-friendly association. Free home warranty!
As of this post, this Commodore condominium unit is not included on any real estate websites. For more information regarding the condominium unit, please call me at 414.412.7980 or e-mail at dray@shorewest.com.
For more information about these featured properties, please contact me at (414) 412-7980 or e-mail at dray@shorewest.com.-----
Labels: Real Estate
