Wednesday, February 11, 2009

Downtown Condo Market – Results for 2008

Despite the economic downturn, many buyers felt that the downtown condo market was still a very safe investment. Here are the final numbers:

In 2008, transactions involving 554 condominium units in downtown and the surrounding neighborhoods closed. Here's how your neighborhood performed:


Bay View

Total Units Sold: 25
Number of Units Owned by Condo Developers: 2
New Development: UrbanView
Average Sold Price per Square Foot: $155.48 (Range: $102.47 - $203.37)


Brewers Hill (Including Beerline)

Total Units Sold: 29
Number of Units Owned by Condo Developers: 0
Average Sold Price per Square Foot: $170.52 (Range: $68.56 - $208.40)


East Town

Total Units Sold: 118
Number of Units Owned by Condo Developers: 53
New Development: 601 Lofts, The Blatz, City Green, Courtyard Square, Terrace Row, & University Club
Average Sold Price per Square Foot: $253.11 (Range: $130.43 - $554.64)


Halyard Park

Total Units Sold: 9
Number of Units Owned by Condo Developers: 4
New Development: Historic Third Street Lofts & Reservoir Hill
Average Sold Price per Square Foot: $143.20 (Range: $107.76 - $159.89)


Lower East Side

Total Units Sold: 191
Number of Units Owned by Condo Developers: 91
New Development: Cambridge Heights, Cambridge Terrace, Gallun Tannery Row, Hamilton Town Houses, Jackson Street Townhomes, Lake Bluff, Landmark on the Lake, London House, Marshall Street Condos, & The Flatiron
Average Sold Price per Square Foot: $214.69 (Range: $127.26 - $399.20)


Riverwest

Total Units Sold: 16
Number of Units Owned by Condo Developers: 0
Average Sold Price per Square Foot: $121.64 (Range: $83.75 - $151.06)


Third Ward

Total Units Sold: 48
Number of Units Owned by Condo Developers: 21
New Development: 320 Condos, Cityside Plaza, Warehouse 525, & River Renaissance
Average Sold Price per Square Foot: $249.68 (Range: $117.65 - $382.20)


Upper East Side

Total Units Sold: 37
Number of Units Owned by Condo Developers: 4
New Development: Bartlett Estate Condo & Greenwich Row
Average Sold Price per Square Foot: $172.95 (Range: $121.48 - $478.82)


Walker’s Point (Including “Fifth Ward”)

Total Units Sold: 69
Number of Units Owned by Condo Developers: 43
New Development: First Place on the River, Warehouse Lofts, & Water Street Lofts
Average Sold Price per Square Foot: $239.03 (Range: $149.97 - $353.71)


Westown

Total Units Sold: 12
Number of Units Owned by Condo Developers: 11
New Development: Wisconsin Tower
Average Sold Price per Square Foot: $168.31 (Range: $137.80 - $191.18)


Note: Information based on Metro MLS Data from January 1, 2008 to December 31, 2008.


For more information regarding the downtown condo market contact David Ray at 414.412.7980 or dray@shorewest.com.

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posted by David Ray @ 8:50 PM 5 comments

Milwaukee Journal Sentinel: Milwaukee home prices buck trend

According to Radar Logic Inc., a New York-based real estate data company, Milwaukee did something that no other major metropolitan area was able to do: prices on a square-foot-basis increased from November 2007 to November 2008. Out of 25 metropolitan areas across the country, Milwaukee also ranked first in price per square foot in October 2008.

Every other metropolitan area in the top 25 lost value on a price-per-square-foot-basis.

While values may have increased from November 2007, closed transactions decreased by 28.4% over the same period.

Care to know which metropolitan area lost the most value? I will give you a hint: It’s not located in the Midwest. For years I have been telling sellers and buyers that you won’t make a ton nor lose a ton in real estate in the Midwest. We have been fortunate enough to be sheltered from huge swings in property values. Therefore, if you believe what you read in the newspaper that the housing market has tanked, please realize that we are performing much better here than in any other major metropolitan area.

Click here to read Radar Logic’s “RPX Monthly Housing Market Report”>>>

Don Walker, writer for the Milwaukee Journal Sentinel, summarizes Radar Logic’s report and identifies those metropolitan areas that experienced the greatest decline in housing values. Click here to find out how we compared to other metropolitan areas>>>


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posted by David Ray @ 8:44 PM 0 comments

Milwaukee Journal Sentinel: Old Pabst keg house reborn as living space

There have been many newsworthy stories brewing at The Brewery in recent months. Back in 2006, the former Pabst Brewery was purchased by Milwaukee real estate investor, Joseph Zilber. Since 2006, Zilber has been selling off parcels to different real estate developers. One such developer is Gorman & Company, who has converted the keg house of The Pabst Brewery into affordable apartment units.

The apartment, called Blue Ribbon Brewery Lofts, is a 95-unit apartment building featuring units at market and below-market rents. The first new residents of The Brewery are beginning to move into the newly-created neighborhood. Gorman & Company expect full occupancy by the end of February.

Blue Ribbon Brewery Lofts features one, two, and three bedroom floor plans. The typical apartment unit features tall ceilings, exposed brick, and floor-to-ceiling windows. The tenants of the lofts also enjoy indoor parking, fitness room, and media center.

The Brewery is a feel-good story for the Park East. Current economic conditions and tight lending practices forced many projects to be canceled in the Park East.

Tom Daykin, writer for the Milwaukee Journal Sentinel, provides additional details regarding The Brewery and the Blue Ribbon Brewery Lofts. Click here to read the latest regarding The Brewery>>>


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posted by David Ray @ 8:37 PM 0 comments

Milwaukee Journal Sentinel: Ruvin sues Palomar developer over failed condo/hotel plans

The writing was on the wall and yet, nobody wanted to face the music. This is how I can best describe what happened with the fallout of the Palomar development in the Park East.

Gatehouse Capital Corporation of Dallas was the majority owner of Palomar. With the assistance of local developer, Ruvin Development, Palomar was able to secure the financial backing of other local investors and the City of Milwaukee.

According to Tom Daykin, writer for the Milwaukee Journal Sentinel, within weeks of opening up their amazing sales center on McKinley, Gatehouse sent messages to Ruvin stating that the Palomar development was not a “viable project” based on real estate trends for the downtown condo market. In fact, as early as September, Gatehouse suggested that they would cancel the project if they couldn’t secure additional funding from the City of Milwaukee.

Due to recent economic conditions, tighter credit markets, lack of additional financial assistance from the City of Milwaukee, and a stagnant housing market, Palomar ran into delays. Ruvin requested extensions for paying back loans and requested additional funds from investors.

Finally, on January 13, Gatehouse pulled the plug on Palomar.

The $158 million, 22-story Palomar project would have included a 175-room Kimpton boutique hotel and 66 luxury condominiums.

Now that the project is canceled, everyone wants their money.

The local investors are suing Ruvin. Ruvin is suing Gatehouse. According to Daykin, the investors claim that Ruvin owes them $700,000 in unpaid loans, plus interest.

Ruvin’s lawsuit with Gatehouse claims that Gatehouse wasn’t honest and forthcoming regarding the financial position of Palomar. Ruvin claims that Gatehouse knew about the delays and financial problems early during the project, but didn’t communicate the going concern of the project. Ruvin stated that the delays caused them to fall behind on paying off loans to investors.

Clearly, this story does not have a happy ending. However, there’s one other party who is also hurting as a result of this mess. The people who work downtown, live downtown, and those who enjoy all that downtown has to offer.

The Park East remains an eyesore. McKinley is a major gateway to downtown Milwaukee and it looks like a wasteland. Piles of gravel, mud, and undeveloped parcels greet out-of-town guests to our up-and-coming downtown. Is this the message we want to be sending to those who visit our downtown?

Now that nearly every single planned development is canceled, the county should step in and invest funds for cleaning up the entire length of the Park East. The county should remove the tall piles of gravel and mud. As long as nothing is planned for the area, why not plant grass and trees along McKinley, Knapp, and Water? Why not make the investment for making this gateway to downtown more appealing to those who live here as well as those visiting our downtown. What do you think should be done with the Park East?


Next topic: Let me clear away some myths regarding the impact of these canceled projects on the downtown condo market.

Myth #1: The much smaller number of new condos now under construction is indicative of the dismal outlook for the housing market.

The reason why the Park East projects have failed is because inventory of downtown condos is very high. The last thing we need now is more new condos being built. Condo developers have cut back sharply on production, which will help lower inventories and stabilize prices. Developers have done exactly what market forces are dictating under current economic and housing conditions.

With many new condominium developments completed but not sold, buyers can find great opportunities in today’s buyer’s market.


Myth #2: It’s the wrong time to buy.

Forget about everything you read in the newspapers regarding the state of the housing market. The Associated Press, which provides much of what you read in local newsprint, provides facts and figures regarding the housing market on a national scale.

All real estate is local. In fact, certain submarkets in the Metro Milwaukee Area are performing quite well – despite the doom and gloom that is reported.

For those who are financially and mentally ready to buy, there has never been a better time to be a buyer in many markets. An abundant selection of homes and historically low interest rates give buyers an edge over sellers. The recently passed $7,500 federal tax credit for first-time home buyers creates an added incentive.

Prospective home buyers need to understand that real estate is considered a long-term investment. Home owners are still creating and building wealth in today’s real estate market. Where home owners get into trouble is when they try to sell real estate every couple years.

Home ownership is not for everyone. I suggest that you compare the pros and cons of renting versus buying to see what makes sense for you. If you need assistance with this analysis, then please call me at 414.412.7980 or e-mail at dray@shorewest.com.


Myth #3: It’s the right time for everyone to buy.

Again, all real estate is local and everyone is unique.

Potential homeowners need to understand that the decision to move up to ownership requires sacrifices, like saving up for down payment and elevating their credit scores.

I recommend that you take a good hard look at your financial status and create a homeowner’s budget to see if you’re ready to buy a home. Let me know if you need any assistance. I can help figure your monthly mortgage amounts and monthly escrow requirements. This has helped prospective buyers in the past to determine if purchasing a home makes the most sense.


Myth #4: It’s a terrible time to sell.

In markets where home sales are picking up strongly, a seller can easily get an offer if the property is priced correctly.

Also, for those looking to trade-up, selling low on an existing home is more than offset by buying the new move-up home at a lower price. When the market recovers, home price appreciation on the traded-up home will bring bigger bang for the buck.


Lawrence Yun, chief economist of the National Association of Realtors, and FrontDoor.com provides additional advice for navigating the waters safely in the current housing market.

Daykin provides more details regarding the lawsuits involving Gatehouse, Ruvin, and local investors. Click here to read how Palomar went from utopia to bust in a short amount of time>>>

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posted by David Ray @ 8:19 PM 0 comments

Downtown Milwaukee Events – Through March 31, 2009

CLASSES & WORKSHOPS

Feb. 17 - Chew on This: Heart Health - Whole Foods Market
Feb. 18 & 24 - Good Harvest Market February Workshops - Milwaukee Public Market
Feb. 27 - Wine World Tour: Class #1- Bacchus
Feb. 28 - Superfoods Cooking Class - Whole Foods Market


DINING/CULINARY

Feb. 15 & 22 - Soul Food Sunday - Fuzion Cafe & Lounge
Feb. 18 - Westown Indoor Market - Shops of Grand Avenue
Feb. 26 - Cooking Classes at the Public Market - Milwaukee Public Market
Mar. 5 & 19 - Dinner and A Movie - Discovery World


FAMILY EVENTS

Feb. 27, Mar. 6 & 27 - Money Minder Workshop - Betty Brinn Children's Museum
Feb. 21 - Mar. 1 - Greater Milwaukee Auto Show - Midwest Airlines Center


FILM

Feb. 18 - Classic Movies in a Classic Mansion - Charles Allis Art Museum
Thru Mar. 19 - Mysteries of the Great Lakes - Humphrey IMAX Theater / Planetarium
Thru Mar. 19 - Seven Wonders Humphrey IMAX Theater / Planetarium
Thru June 11 - Ghosts of the Abyss Humphrey IMAX Theater / Planetarium
Thru Oct. 1 - Sea Monsters - Humphrey IMAX Theater / Planetarium


FUNDRAISERS

Feb. 20 - Strut for the Cure - InterContinental Hotel
Feb. 22 - Oscar Night America 2009 - Milwaukee Hilton City Center
Feb. 22 - Oscar Night Gala - Paddy's Pub
Feb. 25 - Big Brothers & Big Sisters Recruit Reception - Iron Horse Hotel


LECTURE

Feb. 17, 24; Mar. 3, 10 - Great Decisions Lecture Series – Univ. of Wisconsin-Milwaukee
Feb. 20 - Blackwater: Outsourving out security – Marquette University, Cudahy Hall
Feb. 21 - ACLU of Wisconsin Bill of Rights Celebration - InterContinental Hotel


MUSEUM EXHIBITS

Feb. 21 - Food & Froth - Milwaukee Public Museum
Thru Feb. 28 - XR1200 Display - Harley-Davidson Museum
Thru Apr. 4 - Thinking Outside the Treasure Chest - Milwaukee Public Museum
Thru Apr. 5 - Works from the Rhineland Industrial Museum - MSOE's Grohmann Museum
Thru May 25 - Night of the Titanic - Milwaukee Public Museum
Thru May 25 - Titanic:The Artifact Exhibition - Milwaukee Public Museum
Thru June 11 - Rock Stars 2 - Milwaukee Public Museum
Thru Aug. 15 - Numismatics! Selections from the MPM Collection - Milwaukee Public Museum


MUSIC

Feb. 15 - Eagles of Death Metal - The Rave
Feb. 15 - Life, Love and Laughter! - Wisconsin Conservatory of Music
Feb. 15 - UWM High School Honors Orchestra Festival – Univ. of Wisconsin-Milwaukee
Feb. 17 - Lyle Lovett + John Hiatt - The Pabst Theater
Feb. 17 - The Musical Box: A Trick of the Tail - The Pabst Theater
Feb. 17 - Ce - Mo's Irish Pub
Feb. 17 - Acoustic Music / Spoken Word Open Mic - Miramar Theatre
Feb. 18 - Ben Kweller - Turner Hall Ballroom
Feb. 18 - Wed. Night Live Webcast feat. Mathew Haeffel - Bad Genie Rock Lounge
Feb. 19 - A Tribute to Horace Silver w/ the Jim Paolo Quintet - WI Conservatory of Music
Feb. 20 - The Subdudes - Turner Hall Ballroom
Feb. 20 - Crooner Frank Lamphere - Blu
Feb. 20 - Athas - Trinity Three Irish Pubs
Feb. 20 - Marc Ballini - Trinity Three Irish Pubs
Feb. 20 - Old School - Fuzion Cafe & Lounge
Feb. 21 - Twentyfourroses - Shank Hall
Feb. 21 - Canyon w/Kamadevah, This Specific Dream, & Leah Jee and The Boys - BBC
Feb. 21 - Element 13 - Mo's Irish Pub
Feb. 21 - Fuzee - Points East Pub
Feb. 21 - Present Music presents: Sound Brain - Discovery World
Feb. 22 - KODO - Riverside Theater
Feb. 22 - Soilwork - The Rave
Feb. 22 - Steppin' in It - Shank Hall
Feb. 22 - Brass & Woodwind Faculty in Performance – WI Conservatory of Music
Feb. 24 - Brett Dennen - Turner Hall Ballroom
Feb. 24 - Rockstar Taste of Chaos - The Rave
Feb. 24 - Salt the Wound - Miramar Theatre
Feb. 24 - Acoustic Music / Spoken Word Open Mic - Miramar Theatre
Feb. 24 - King Solomon - Mo's Irish Pub
Feb. 25 - Drive-By Truckers - Turner Hall Ballroom
Feb. 25 - Wed. Night Live Webcast feat. Mathew Haeffel - Bad Genie Rock Lounge
Feb. 26 - MSO: The Music of Led Zeppelin - Riverside Theater
Feb. 26 - Don Cab - Shank Hall
Feb. 27 - Dark Star Orchestra - Riverside Theater
Feb. 27 - Dropkick Murphys - The Rave
Feb. 27 - Po' Girl - Miramar Theatre
Feb. 27 - Athas - Trinity Three Irish Pubs
Feb. 27 - Zachary Wade Project - Trinity Three Irish Pubs
Feb. 28 - Miltown Kings - Miramar Theatre
Feb. 28 - Hoi Polloi - Trinity Three Irish Pubs
Feb. 28 - Hounds Tooth - Twisted Fork
Feb. 28 - West of East - Art Bar
Mar. 1 - The Pink Floyd Experience - Riverside Theater
Mar. 1 - That 1 Guy - Shank Hall
Mar. 1 - Fine Arts Quartet - University of Wisconsin-Milwaukee
Mar. 2 - Joshua Radin - The Pabst Theater
Mar. 3 - Escape the Fate - The Rave
Mar. 3 - Langston Hughes Project - Lincoln School for the Arts
Mar. 4 - Antoine Dufour - Shank Hall
Mar. 4 - Wed. Night Live Webcast feat. Mathew Haeffel - Bad Genie Rock Lounge
Mar. 6 - The Wooldridge Brothers - Turner Hall Ballroom
Mar. 8 - Philomusica Quartet: Paris in Springtime – WI Conservatory of Music
Mar. 10 - Gordon Lightfoot - The Pabst Theater
Mar. 11 - Wed. Night Live Webcast feat. Mathew Haeffel - Bad Genie Rock Lounge
Mar. 12 - De La Buena - Wisconsin Conservatory of Music
Mar. 14 - Missy Higgins & Justin Nozuka - The Pabst Theater
Mar. 14 - Another Pint - Mo's Irish Pub
Mar. 15 - Touch of the Leprechaun: Celtic Piano Music – WI Conservatory of Music
Mar. 17 - Gaelic Storm - The Pabst Theater
Mar. 17 - Pat McCurdy - Shank Hall
Mar. 17 - Ce - Mo's Irish Pub
Mar. 18 - Madeleine Peyroux - The Pabst Theater
Mar. 18 - Bonnie "Prince" Billy - Turner Hall Ballroom
Mar. 18 - Wed. Night Live Webcast feat. Mathew Haeffel - Bad Genie Rock Lounge
Mar. 19 Bleeding Through - The Rave
Mar. 20 - Zakir Hussain & Shivkumar Sharma, Maestros in Concert - The Pabst Theater
Mar. 23 - Less Than Jake - The Rave
Mar. 25 - Wed. Night Live Webcast feat. Mathew Haeffel - Bad Genie Rock Lounge
Mar. 26 - We Six Trio with Slide Hampton - Wisconsin Conservatory of Music
Mar. 27 - Black Label Society - The Rave
Mar. 28 - The SubCity Take Action Tour - The Rave
Mar. 29 - Walter Trout &g the Radicals - Shank Hall
Mar. 29 - Songs of Love and Pilgrimage - Wisconsin Conservatory of Music


POLITICAL EVENTS

Feb. 20 - Iraq Moratorium - Water & Wisconsin


SPORTS – MARQUETTE MEN’S BASKETBALL – BRADLEY CENTER

Feb. 17 - Seton Hall
Feb. 25 - Connecticut
Mar. 7 - Syracuse


SPORTS – MILWAUKEE ADMIRALS – BRADLEY CENTER

Feb. 15 - Quad City
Feb. 19 - Rockford
Feb. 21 - Manitoba
Feb. 24 - Manitoba
Feb. 27 - Quad City
Mar. 1 - Houston
Mar. 5 - Iowa
Mar. 6 - Iowa
Mar. 20 - Lake Erie
Mar. 22 - Hamilton
Mar. 25 - Houston
Mar. 28 - Iowa


SPORTS – MILWAUKEE BUCKS - BRADLEY CENTER

Feb. 18 - Chicago Bulls
Feb. 20 - Cleveland Cavaliers
Feb. 22 - Denver Nuggets
Feb. 28 - Washington Wizards
Mar. 3 - New Jersey Nets
Mar. 7 - Golden State Warriors
Mar. 10 - New York Knicks
Mar. 13 - New Orleans Hornets
Mar. 15 - Boston Celtics
Mar. 18 - Orlando Magic
Mar. 21 - Portland Blazers


SPORTS – MILWAUKEE WAVE – US CELLULAR ARENA

Feb. 15 - Detroit Ignition
Feb. 22 - Chicago Storm
Mar. 15 - Detroit Ignition
Mar. 29 - NJ Ironmen


SPORTS – UWM MEN’S BASKETBALL – US CELLULAR ARENA

Feb. 18 - Butler


SPORTS – UWM WOMEN’S BASKETBALL – KLOTSCHE CENTER

Feb. 19 - Loyola


THEATER

Feb. 15, 18-22 - The Heidi Chronicles - Marquette University
Feb. 26-28, Mar. 1 - CATS - Marcus Center for the Performing Arts
Feb. 27 - That Takes Ovaries - UWM Zelazo Center for the Performing Arts
Mar. 13 - Blues In The Night - Broadway Theatre Center
Mar. 18 - Soul Fire, Spoken Word, & Slam Open Mic - Miramar Theatre
Mar. 27-29 - UWM Opera Theatre: Orpheus in the Underworld - Univ. of WI-Milwaukee


VISUAL ARTS

Feb. 19 - Artist Talk: JoAnna Poehlmann - Milwaukee Art Museum
Mar. 2 – May 30 - New Acquisitions - DeLind Fine Art
Thru Feb. 28 - Bare Walls VI - DeLind Fine Art
Thru Mar. 4 - Jessey Jansen - Solo Exhibition - InterContinental Hotel
Thru Mar. 22 - Prints of the Flora and Fauna of America - Milwaukee Art Museum
Thru Mar. 29 - Seeking the Light: Studio Glass by Luke Jacomb - Villa Terrace
Thru Mar. 31 - Scenes of Santorini - Cafe Brucke
Thru Apr. 3 - Johnny Naugahyde: Just In Case - Inova Institute for Visual Arts
Thru Apr. 9 - David A Sear: Landscapes – Danceworks
Thru Apr. 26 - Jan Lievens: A Dutch Master Rediscovered - Milwaukee Art Museum
Thru May 3 - The Natural Motif: New Drawings by Natalie Settles - Charles Allis Art Museum
Thru Oct. 4 - Whatever is There is a Truth: Robert Rauschenberg’s Prints - Haggerty Museum


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posted by David Ray @ 7:53 PM 0 comments