Thursday, June 11, 2009

HUD News Release: Donovan Announces Recovery Act's Homebuyer Tax Credit; Can Immediately Help Thousands Of First-Time Homebuyers To Buy A Home

President Obama’s American Recovery and Reinvestment Act of 2009 offers first-time homebuyers a refundable tax credit of up to $8,000 for purchasing their first home. The way that the act was written, families could only access this credit after filing their tax returns with the Internal Revenue Service. This meant that taxpayers could only receive this benefit if they (1) amend their 2008 tax return, or (2) wait until they file their 2009 return. Either way, a home purchaser must bring their own savings to the closing table and wait for the government to reimburse them for their effort.

Until now.

On May 29, U.S. Housing and Urban Development Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the first-time homebuyer tax credit toward the purchase costs. To apply for this treatment, the home purchaser must apply for an FHA-insured loan. The home purchaser must still bring sufficient funds to the closing to cover the required 3-1/2% down payment. However, the tax credit can be used to pay additional down payment amounts or the buyer’s closing costs. These additional closing costs can also be used to achieve a lower interest rate.


My Thoughts

Donovan’s proposal is a positive step to turn the housing market around. Many of my buyers are choosing to wait to enter the market for some reason. The only thing I can assume is that these buyers are waiting to time the market. Well, I think many of them have lost an incredible opportunity to save the most money. Housing prices is not the only aspect a buyer should focus on. Up until two weeks ago, interest rates were at the lowest in years (at or below 5%). Now, they are hovering around 5.75%.

Consumer confidence appears to be back. The stock markets appear to be stabilizing. A stable stock market generally means a stable loan market. Therefore, I don’t anticipate that we will be seeing interest rates back to 5% any time soon.


Timing, Timing, Timing

For those buyers who are choosing to wait, I caution you not to wait too long. In order to take advantage of the $8,000 first-time homebuyer credit, your transaction must close no later than December 1. Therefore, don’t wait until November 30 to write an acceptable offer as your transaction will not close in time. If you wish to wait until the last minute, you must have an accepted offer no later than October 31 to ensure that your deal will close within the stated timeframe. Now is the time to plan for your real estate purchase.


Click here to read the entire statement that was issued by Secretary Donovan>>>


If you have any additional questions or concerns regarding the tax credit or this news release, please e-mail me at dray@shorewest.com or call me at (414) 412-7980.


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posted by David Ray @ 8:06 AM 0 comments

The Business Journal of Milwaukee: Kilbourn Tower’s $1 million makeover

After four short years, the 33-story Kilbourn Tower has already completed a $1 million makeover.


During the past two years, the housing market has posed challenges for real estate developers and Kilbourn Tower sales have been fairly flat during this period. The improvements were made to help sell the remaining 18 units.


The first renovation was Kilbourn Tower’s club floor. According to Pete Millard, writer for The Business Journal of Milwaukee, the “6,000-square-foot common area…had the look and feel of a hotel conference room.” Now, it “resembles a country club setting.” Other renovation projects include the building’s lobby and several unsold two-bedroom units.



My Thoughts


This should be a wake-up call for all other condominium associations. The bar continues to be raised with every new condo development. The Kilbourn Tower Condominium Association was given an opportunity to complete a survey asking for suggestions on how to improve the building’s image and curb appeal. Every association should revisit this topic every few years to keep up with the competition.


As a REALTOR® who specializes in the downtown condo market, I tour buildings that were completed at various points during Milwaukee’s history. Some buildings take a proactive approach for keeping the building and the common areas current to meet today’s pickiest buyers. Other associations have taken a relaxed approach and have left their building sit in the same condition as it was built. Don’t get me wrong, not all retro is bad; but, most associations need to budget for these types of makeovers in order to compete.


Kilbourn Tower has faced stiff competition since it broke ground. At the time this tower broke ground, the high-end, luxury condo market, was fairly new to Milwaukee. Since Kilbourn Tower, we welcomed University Club Tower and The Breakwater. Despite the sluggish housing market, sales of The Breakwater are doing fairly well.


The developer of Kilbourn Tower made one brilliant decision - seeking the opinions of the existing condominium owners in the building. Based on the survey responses, the developer made the recommended improvements which is not only going to help him sell the remaining units, but also to maintain and enhance all of the existing owner’s investment in the building.


Millard provides more details regarding Kilbourn Tower’s makeover. Click here to read why the developer felt it was necessary to make these renovations to compete in the current condo market>>>



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posted by David Ray @ 7:48 AM 0 comments

JSOnline: Developer seeks city financing for downtown luxury high-rise

New Land Enterprises of Milwaukee is planning to develop a 19-story, luxury apartment building on the northeast corner of Kilbourn and Van Buren, where Edwardo’s Natural Pizza once stood.

New Land is seeking financing from the City of Milwaukee. In addition, the firm is also seeking a $50 million loan from private lenders. Love Funding Corporation, a commercial mortgage banker and a union-sponsored investment organization, is providing the loan.

Milwaukee’s Common Council appears to be in support of this proposal as the project will employ union construction workers. However the Department of City Development (DCD) objected once New Land requested city financing. According to the DCD, New Land would be borrowing the entire amount (from the city and private investors) to fund this project and wouldn’t have a cent of their own funds in the project. Therefore, if the apartment development fails, the city and the investors will be the only ones at risk.

The DCD wants to see more of New Land’s funds in the project to protect the city and the private investors in case the project were to fail. Common Council members want to see more development in the city to help spur economic growth.

Tough call. Both sides make valid points. What side are you on?


My Thoughts

The residential real estate market has shifted. I’d feel differently about this issue if we were talking about a condominium development. However, in the past few years, we have seen many apartment complexes turn into condominiums overnight. We do have a shortage of apartment complexes in the city and there appears to be demand for them. It’s easy for me to say today that New Land’s apartment development is guaranteed to be a success based on what I see today. Who knows what the housing market and the economy will look once this development is completed? That’s the frustrating issue with real estate. Real estate responds very slowly to market conditions. What I do know is that New Land has contributed greatly to downtown Milwaukee’s skyline during the past ten years. Most of the tax base that the city enjoys today is due to New Land’s vision of downtown.

As someone who negotiates every day, perhaps finding common ground would be the simple answer. For starters, how much money would the DCD like to see New Land fund for its own apartment development?

Tom Daykin, writer for the Milwaukee Journal Sentinel, provides details of this apartment development as well as differing viewpoints of the DCD and Common Council. Click here to read more about this controversial development>>>


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posted by David Ray @ 7:34 AM 0 comments

Tuesday, June 09, 2009

Current Listings!

Riverbridge #304 - $265,000


Located on the banks of the Milwaukee River you will enjoy the peace and quiet that comes with the Riverbridge lifestyle. Stroll along the Riverwalk or shop at nearby Historic Brady Street. Surround yourself in sunlight and enjoy the river views from the sunroom, great room, both bedrooms, and balcony. Entertain guests in the Great Room that features maple floors. The chef will appreciate the stainless steel appliances, gas range, under-mounted stainless steel sink and convenient pull-out cabinet drawers. Grill on the balcony that features a gas line (never replace another propane tank). Need space to get ready in the morning? Spread out in the master bathroom that features a double vanity. Relax and unwind in the whirlpool tub. Riverbridge is a pet-friendly condominium association. Click here to read more about this riverfront condo>>>



View Larger Map



For more information about Riverbridge, please contact me at (414) 412-7980 or e-mail at dray@shorewest.com.



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posted by David Ray @ 10:04 PM 0 comments

Downtown Milwaukee Events – Through July 31, 2009

COMEDY

The Stand Up - Mikey’s - June 9, 23
The Stand Up - Mikey’s - July 14, 28


DANCE

Keely Garfield Dance - Danceworks Studio Theatre - July 17-18
Art to Art - Danceworks Studio Theatre - July 31


DINING

Thai Tuesdays - Fuzion Cafe & Lounge - Thru June 30
Japanese Microbrew Tasting and Dinner - Nanakusa - June 15
Chocolate and Wine - Bacchus - June 24
Big Bang Fireworks Dinner - Bartolotta Catering Company - June 25
Milwaukee's 2nd Annual Big Taste - Milwaukee Art Museum - June 25
The Taste of White Grapes - Bacchus - July 1
The Taste of Red Grapes - Bacchus - July 8
New Cheese and Wine Bar Grand Opening - Wisconsin Cheese Mart - July 9
The Taste of Weather - Bacchus - July 15
Festa Italiana Fireworks Dinner - Pilot House at Pier Wisconsin - July 16
Canine and Wine Dinner - Bartolotta's at Pier Wisconsin - July 19
The Taste of Oak - Bacchus - July 22
The Taste of Quality - Bacchus - July 29


FARMER’S MARKETS

East Side Green Market - Beans & Barley - Saturdays Starting June 27
East Town Market - Cathedral Square Park - Saturdays 9:30AM-12:30PM
Westown Farmer’s Market - Zeidler Union Square - Wednesdays 10AM-3PM


FAMILY EVENTS

Help us Plant Our ABC Garden! - Betty Brinn Children’s Museum - June 18
Kids’ Culinary Camp - Milwaukee Public Market - June 22-26
Discovery World Summer Camp 2009 - Discovery World - June 22 - Aug 28


FESTIVALS & SPECIAL EVENTS

River Rhythms - Pere Marquette Park Wednesdays @ 6:30pm
Jazz In The Park - Cathedral Square Park - Thursdays @ 6:30pm
Lakefront Festival of Arts - Milwaukee Art Museum - June 19-21
Polish Fest - Henry W. Maier Festival Grounds - June 19-21
Summer Soulstice - Milwaukee’s East Side - June 20
Summerfest - Henry W. Maier Festival Grounds - June 25-July 5
Fireworks Kite Festival - Veterans Park - July 3
Fireworks at the War Memorial Center - July 3
Great Circus Parade Festival - Downtown Lakefront - July 8-11
Bastille Days - Cathedral Square Park - July 9-12
Great Circus Parade - Downtown Milwaukee - July 12
Festa Italiana - Henry Maier Festival Park - July 16-19
German Fest - Henry Maier Festival Park - July 24-26
Milwaukee Air & Water Show - Milwaukee Lakefront - July 25
Downer Avenue Classic Bike Race - Downer Avenue - July 26


FILM

IMAX Summer Film Festival - Milwaukee Public Museum - Thru Sep 30
Sea Monsters - Humphrey IMAX Theater / Planetarium - Thru Oct 1
Sing-a-Long Grease - Broadway Theatre Center - July 31


MUSEUM EVENTS & EXHIBITS

Numismatics! Selections from the MPM Collection - Milwaukee Public Museum - Thru Aug 15
Nunnemacher Arms Collection - Milwaukee Public Museum - Thru Aug 15
Astronaut at the Daniel M Soref Planetarium - Milwaukee Public Museum - Thru Oct 1
Ice Worlds - Milwaukee Public Museum - Thru Dec 11
Cabinets of Curiosity - Milwaukee Public Museum - Thru Apr 5, 2010
Scheutzenfest Von Milwaukee - Milwaukee Public Museum - Thru Aug 31, 2010
Les Paul's House of Sound - Discovery World - June 24-28


MUSIC

Ballini/Ogburn - The Estate - June 15
Dillinger Four - Turner Hall Ballroom - June 15
Joe Zarcone Quintet - Italian Community Center - June 15
Dante's Bop - Italian Community Center - June 16
The Erotic Adventures of the Static Chicken - The Estate - June 16
Cowboy Brothers - Potawatomi Bingo Casino - June 17
Enter The Haggis - Shank Hall - June 17
Florentine Opera Chorus Members - Italian Community Center - June 17
Matt MF Tyner - The Estate - June 17
Propagandhi - Turner Hall Ballroom - June 17
Wednesday Night Live Podcast - Bad Genie Rock Lounge - June 17
Anderson and Roe Piano Duo - Marcus Center for the Performing Arts - June 18
Florentine at the Lake - Alterra at the Lake - June 18
Matt Hendricks Trio - The Estate - June 18
Oldies But Goodies Spectacular - Italian Community Center - June 18
Scott Rockit Band - Flannery's Bar and Restaurant - June 18
Sex With No Hands, The Polkaholics, The Squeezettes - Shank Hall - July 18
Doc Severinsen: El Ritmo de la Vida - Pabst Theater - June 19
Jim Paolo Quartet - The Estate - June 19
Laurence Juber - Shank Hall - June 19
Naked Boys Singing - Turner Hall Ballroom - June 19 & 20
MSO: Music of Billy Joel w/ Michael Cavanaugh - Marcus Center - June 19-21
Maxwell - The Riverside - June 20
Maze, The Vega Star, The Ragadors, Magic Black Pumas - Shank Hall - June 20
Michael Sean of Bellevue Suite - Potawatomi Bingo Casino - June 20
Sierra Leone's Refugee All-Stars - The Pabst Theater - June 20
West of East - Art Bar - June 20
Cafe Sopra Mare - Villa Terrace Decorative Arts Museum - June 21
Paul Van Dyk - The Rave - June 21
Ballini/Ogburn - The Estate - June 22
Jeanne Woodall with the Tom Sorce Band - Italian Community Center - June 22
Larry Lynne with Bootlegger - Italian Community Center - June 23
The Church, Adam Franklin & Bolts of Melody - Shank Hall - June 23
The Erotic Adventures of the Static Chicken - The Estate - June 23
The Orb - Turner Hall Ballroom - June 23
Angelo Castronovo - Italian Community Center - June 24
Eric Jacobson Quartet - The Estate - June 24
Hey Monday - The Rave - June 24
The Acoustix - Potawatomi Bingo Casino - June 24
Wednesday Night Live Podcast - Bad Genie Rock Lounge - June 24
Nabori - Alterra at the Lake - June 25
Phil Norby - Potawatomi Bingo Casino - June 25
Steve Cohen and the Riccos - The Estate - June 25
Dr. Science - The Estate - June 26
Old School Duo - Potawatomi Bingo Casino - June 26
King's X - Shank Hall - June 26
Al White - Potawatomi Bingo Casino - June 27
Van der Graaf Generator, The Acoustic Strawbs - Shank Hall - June 27
Warzone XV - The Rave - June 27
Cafe Sopra Mare - Villa Terrace Decorative Arts Museum - June 28
Diana Krall - Riverside Theater - June 28
Michael Schenker Group, Doug Doppler - Shank Hall - July 28
Zachary Wade - Potawatomi Bingo Casino - June 28
Ballini/Ogburn - The Estate - June 29
Geoff Landon & Friends - Potawatomi Bingo Casino - June 29
West of East - Henry Maier Festival Park - June 29
The Erotic Adventures of the Static Chicken - The Estate - June 30
Wednesday Night Live Podcast - Bad Genie Rock Lounge - July 1
Cafe Sopra Mare - Villa Terrace Decorative Arts Museum - July 5
Ballini/Ogburn - The Estate - July 6
Frank DeMiles All-Stars - Italian Community Center - July 6
Jeff Winard Polka Band - Italian Community Center - July 7
The Erotic Adventures of the Static Chicken - The Estate - July 7
VNV Nation - Turner Hall Ballroom - July 7
Wednesday Night Live Podcast - Bad Genie Rock Lounge - July 8
Wisconsin Conservatory of Music Faculty Members - Italian Community Center - July 8
Florentine at the Lake - Alterra at the Lake - July 9
Jonas Brothers - Bradley Center - July 9
Those Good Intentions - Italian Community Center - July 9
Yellowman - The Rave - July 9
Summer Slaughter Tour - The Rave - July 10
Tom Jones - Riverside Theater - July 10
Fountains of Wayne - Turner Hall Ballroom - July 11
Lacuna Coil - The Rave - July 11
Cafe Sopra Mare - Villa Terrace Decorative Arts Museum - July 12
Hollywood Undead - The Rave - July 12
Ballini/Ogburn - The Estate - July 13
Candlebox - The Rave - July 13
Sandra Mandella with Tom Sorce Band - Italian Community Center - July 13
George Clinton and Parliament/Funkadelic - The Rave - July 14
The Erotic Adventures of the Static Chicken - The Estate - July 14
Tom Anthony Group - Italian Community Center - July 14
Kathy Pyeatt & Metropolitan Opera Audition Singers - Italian Community Center - July 15
Wednesday Night Live Podcast - Bad Genie Rock Lounge - July 15
Rumbrava - Alterra at the Lake - July 16
Left On Sunset - Milwaukee Ale House - July 17
The National - The Pabst Theater - July 17
Gende's Giant - Shank Hall - July 18
KoRn - The Rave - July 18
Cafe Sopra Mare - Villa Terrace Decorative Arts Museum - July 19
Dave Koz & Brian Culbertson: Side by SIde Tour - The Pabst Theater - July 19
Peter Murphy - The Rave - July 19
Ballini/Ogburn - The Estate - July 20
Blitzen Trapper - The Pabst Theater - July 20
Chuck Hedges & The Milwaukee Connection - Italian Community Center - July 20
Sonic Youth - Turner Hall Ballroom - July 20
Bill Sargent's Big Band - Italian Community Center - July 21
Lyle Lovett & His Large Band - Riverside Theater - July 21
The Erotic Adventures of the Static Chicken - The Estate - July 21
The Walkmen - Turner Hall Ballroom - July 21
Angelo Castronovo and Friends - Italian Community Center - July 22
Wednesday Night Live Podcast - Bad Genie Rock Lounge - July 22
Florentine at the Lake - Alterra at the Lake - July 23
Oldies But Goodies Spectacular - Italian Community Center - July 23
Bottle Rockets - Shank Hall - July 24
Hurt - The Rave - July 24
Kings Go Forth - Turner Hall Ballroom - July 24
Dr. Manhattan - The Rave - July 25
Cafe Sopra Mare - Villa Terrace Decorative Arts Museum - July 26
Andy LoDuca's World Jazz Band - Italian Community Center - July 27
Ballini/Ogburn - The Estate - July 27
Sam McCue with the Midwest Blues All-Stars - Italian Community Center - July 28
The Erotic Adventures of the Static Chicken - The Estate - July 28
Some Sopranos, A Piano, & Friends - Italian Community Center - July 29
Wednesday Night Live Podcast - Bad Genie Rock Lounge - July 29
De La Buena - Alterra at the Lake - July 30
Doo Wop Daddies - Italian Community Center - July 30
Jamie Foxx: The Intuition Tour - Milwaukee Theatre - July 30
Polkafinger, The Blackholes Power Polka Machine - Shank Hall - July 31


SPORTS – MILWAUKEE IRON – BRADLEY CENTER

Quad City Steamwheelers - June 19
Green Bay Blizzard - June 26
Albany Firebirds - July 24


THEATER

Broadway: A Chorus Line - Marcus Center for the Performing Arts - June 23-28


VISUAL ARTS

Frederick Hart Exhibit - DeLind Fine Art - Thru June 20
Class Pictures: Photographs by Dawoud Bey - Milwaukee Art Museum - Thru July 12
Wisconsin Artists Exhibition - David Barnett Gallery - Thru July 18
Threaded Metaphors - Charles Allis Art Museum - Thru July 26
Wisconsin at Work: Thorsten Lindberg Paintings and Drawings - MSOE - Thru Aug 14
The Artistic Furniture of Charles Rohlfs - Milwaukee Art Museum - Thru Sep 23
The Eight and American Modernisms - Milwaukee Art Museum - Thru Sep 23
Treasures From Zimbabwe: Shona Stone Sculpture - David Barnett Gallery - Thru Sep 30
Whatever is There is a Truth: Robert Rauschenberg’s Prints - Haggerty Museum - Thru Oct 4
Schomer Lichtner Exhibition - DeLind Gallery - Thru Apr 24, 2010
Frederick Hart Exhibit - DeLind Gallery - Thru May 21, 2010
Everything French - DeLind Fine Art - July 1-25
Jon Michael Route: For the Love of Metal Opening - Villa Terrace - June 17 - Aug 23


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posted by David Ray @ 9:38 PM 0 comments