Milwaukee Condo & Real Estate Scene

Weekly Real Estate Update - January 6, 2012

2012-01-06T10:19:00.007-06:00

MKE Real Estate Market: 2011 Analysis. 2012 Outlook. Interested in Milwaukee’s Real Estate Market? http://ht.ly/8f8di

My wife and I believe this is a good time to buy. Looking at a few condos next week. Great post: http://ht.ly/8bcXK

Mortgage rates continue to bounce around 4%. Have you considered refinancing your loan to lock-in at a lower rate? Leave a comment for more information.

Bicycling magazine’s Top 50 bike-friendly cities includes Madison #7, Milwaukee #25 | http://ht.ly/7qB2B

Kiplinger: 2012 Predictions - Home prices stabilize, rates remain low, sales increases, foreclosures remain an issue. http://ht.ly/8cD5y

Most affordable 2 BR condos in/around Downtown MKE (w/ Parking) | Indoor parking, #2 is a deal | http://ht.ly/8ksr1

Most to least expensive metro areas for homeownership - Q3 '11: #46 Madison, #90 MKE, #130 Green Bay, #170 Appleton. http://ht.ly/82zCa

Homeowners facing default on their mtg likely to become renters. Expand your portfolio of income-generating properties. http://ht.ly/7iZP7

Leave a comment if you need assistance w/ a real estate need. I can put you in touch with a quality agent...almost anywhere. http://ht.ly/7qBg4

Please share a comment if you have any questions regarding the real estate market.

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Downtown Milwaukee Condo Market: Looking Back on 2011

2012-01-01T12:28:00.010-06:00

The real estate market continues to keep me on my toes. The word I would use to describe the real estate market in 2011: Encouraging.

In this year-in-review analysis, I will explore fair market values, inventory levels, sales activity, and mortgage rates. I will also share my thoughts on the real estate market for 2012.

To begin, I will analyze fair market values (FMV) in the Downtown Milwaukee condominium market. Although this analysis pertains to one specific segment in Milwaukee Metro, this analysis can be used to review other segments.

Downtown Milwaukee is comprised of several neighborhood markets: Bay View, Brewers Hill, East Town, Halyard Park, Lower East Side, Riverwest, Third Ward, Upper East Side, Walker's Point, and Westown.

Since January 2008, Average Fair Market Value or AFMV (on a price-per-square-foot basis) declined during two distinct periods throughout Downtown Milwaukee: March 2009 - March 2010 and January 2011 - December 2011. The real estate market experienced a short-term spike between March 2010 and June 2010. If you recall, the final deadline for the First-Time Home Buyer Tax Credit expired in April 2010 (closed no later than June 30, 2010) which accelerated sales transactions in 2010.

Location, Location, Location: Not surprisingly, the affordability index increases the further away you move from the center of Downtown Milwaukee. The AFMV is highest in Milwaukee's East Town, Lower East Side, Third Ward, and Walker's Point neighborhoods. The AFMV is lowest in Milwaukee's Bay View, Brewer's Hill, Halyard Park, Riverwest, Upper East Side, and Westown neighborhoods. The Third Ward remains one of the most desirable neighborhoods in Downtown Milwaukee (hence, the highest AFMV).

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During 2011, AFMV declined slightly for all neighborhoods in Downtown Milwaukee. This slight decline suggests that AFMV is beginning to level off. Why are fair market values leveling off?

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One factor that influences FMV is supply. In real estate, supply includes "Active Listings". In this analysis, I researched the condominium market in the 53202 zip code (includes East Town, Lower East Side, and Third Ward neighborhoods). Between January 2010 and September 2010, Active Listings was holding steady around 500 per month. Since September 2010, inventory of condominium units in 53202 has been steadily declining. Since June 2011, fewer sellers entered the market which is limiting our available inventory.

Another factor affecting supply is sales activity. Since January 2010, condominium units have been selling at a constant rate each month (between 15-25 units per month). Flat sales activity during this analysis (January 2010 - December 2011) suggests that buyers are purchasing condominium units regardless of mortgage rates, first-time home buyer credits, etc. Notice that "Sold Listings" matched "New Listings" in December 2011. This suggests that the pendulum is moving closer to a balanced market.

Sales activity remains constant. New listings are decreasing. Based on these two factors, overall supply is decreasing which is causing FMV to level off. Why are listings decreasing? Based on my knowledge of this market segment, prospective sellers are either staying in their condominium units and waiting for prices to improve or are choosing to rent their condominium units and waiting for prices to improve. Either way, today's prospective seller is choosing to wait for the market to improve.

At one point in time, inventory levels for condominium units in 53202 peaked at 58 months worth of inventory (November 2010). This is a highly-skewed Buyer's Market. In other words, it would take the market 58 months to sell off the inventory levels reported at that point in time. The market experienced a dip in FMV during this period as supply significantly outweighed demand. Since December 2010, inventory levels have declined between 14 and 30 months of inventory. This is still a Buyer's Market; but much more balanced than 2010 levels.

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Suggestions for Buyers: Keep an eye on mortgage rates. With FMV leveling off, buyers should focus on the stock market, bond market, and mortgage rates. Mortgage rates were fairly flat between January 2009 and March 2010; declined between April 2010 and November 2010; increased quickly in December 2010; remained flat between December 2010 and April 2011; and decreased steadily since May 2011 to our lowest level reported in December 2011.

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Since August 2011, rates have been bouncing around 4.000% - showing greater instability. Fluctuations in mortgage rates are due to economic conditions - here and abroad. Keep an eye on economic situations in Europe. Is consumer confidence showing strength here in the U.S.? Are investors moving money from bonds to safer investments like stocks? If investors choose to move money into stocks, look out for mortgage rates to increase.

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What can we expect in 2012?

Supply: I expect inventory levels will increase during our traditional "busy season". I expect banks will add more foreclosures to our inventory levels. I expect more Short Sales will appear on our books as well.

Demand: I expect that sales activity will remain constant throughout 2012.

Fair Market Values: I expect FMV will decline slightly in 2012 - continuing to show signs of leveling off. Distressed properties (i.e. foreclosures, Short Sales) will continue to keep FMV flat during 2012.

Wildcard: Mortgage rates. Buyers who are in the market to purchase real estate should be cognizant of mortgage rates. Historically, mortgage rates spike high and fast once consumer confidence returns. For those who are timing the market, I expect mortgage rates will remain fairly flat during the first half of 2012.

Do you have any questions regarding the real estate market? Feel free to leave a comment? May you and your family enjoy a prosperous 2012!

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Why Home Sellers Should Give December A Chance

2011-12-01T11:52:00.002-06:00

During my morning analysis of the real estate market in Milwaukee County, I noticed that many sellers decided to let their listing contracts expire as of midnight on November 30. This tells me that sellers aren't confident that a market exists during the month of December.

Does the real estate market shut down in December?

I reviewed Metro Multiple Listing Service data covering 2008, 2009, 2010, and year-to-date 2011. This analysis doesn't indicate those deals that closed in a particular month. I'm more concerned about those months when offers were accepted. In other words, are buyers less likely to write offers in December than any other month during the year?

The 2008 and 2009 years indicated "normal" activity. I wasn't too surprised to see that we experienced slower activity during the winter months. Our peak months includes May (2008) and June (2009). In 2010, we encouraged first-time home buyers to act earlier in the year; which explains why our market peaked in April.

In every case, December was our slowest month of the year. However, 455 buyers were successful in negotiating an acceptable offer in December 2007, 475 in December 2008 (5.68% of 2008 Sales), 453 in December 2009 (4.95% of 2009 Sales), and 447 in December 2010 (5.89% of 2010 Sales).

Below, please find a chart showing Pending Activity for all of Milwaukee County between the years 2008 and November 2011.

For those sellers who decided to give the market a rest last night, why wouldn't you try to attract a buyer in December?

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Great Location, High-End Finishes, Affordable Price @ Cambridge Terrace | Downtown Milwaukee, Lower East Side

2011-08-17T08:29:00.004-05:00

Great location, high-end finishes, affordable price! Located near the heart of the East Side. Appreciate the proximity to shops, dining, nightlife, bike paths, river, & lakefront. South-facing unit is one of the largest units in building with space for a dining room table. Kitchen is the focal point with many high-end finishes: Granite, stainless-steel, maple, ceramic tile, laminate floors, & additional work space. Bath features ceramic tile floors. Newer lighting fixtures & windows, & new carpeting. Never worry about parking with your one indoor parking space. Need a 2nd space? Lot next door offers parking for rent. Dues include heat! Video phone security, common patio overlooking the river, storage locker, & on-site laundry. Pet-friendly association.

FOR MORE INFORMATION (PIN: 49914)

* 24-Hour, Bi-Lingual Hotline: (262) 814-1400
* Mobile Site: http://goswr.com

LINKS

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Spacious Soft Loft @ Kane Place Lofts | Downtown Milwaukee, Lower East Side

2011-08-13T13:23:00.002-05:00

Located just north of Brady Street and near Milwaukee River, you will find Kane Place Lofts. Great room is warm and inviting with new maple hardwood floors, gas fireplace, and built-in shelves/cabinets. Sliding glass doors with Transom windows lead to your oversized balcony. The chef will appreciate the spacious, updated kitchen featuring granite, stainless-steel appliances and under-mounted sink, and breakfast bar with pendant lighting. Master suite features walk-in-closet and spacious master bath with ceramic tile floors, floor-to-ceiling tile surround in shower stall, and double-vanity. Ample storage throughout including utility room with full-size washer and dryer, and storage room (9x6) located directly across hall. One indoor parking space in heated garage. Free home warranty. Pet-friendly association.

FOR MORE INFORMAION (PIN: TBD)

* 24-Hour, Bi-Lingual Hotline: (262) 814-1400
* Mobile Site: http://goswr.com

LINKS

Property Website
Guided Home Tour

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CITY, STATE or ZIP

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Cooper Park Cape Cod | Updated & Well-Maintained (Near Mount Mary)

2011-08-13T13:05:00.003-05:00

Cooper Park Cape Cod has experienced a facelift for you. Nearly every window has been replaced (‘10), refinished hardwood floors (‘11), new carpeting and padding (’11), fresh paint (’11), new drywall (’11), additional insulation added (’10), water heater (’05), and security system (’09). Enjoy the afternoon sunlight through the bay window. The kitchen opens up to the bright dinette. The kitchen features recessed lighting, newer cabinets, and new refrigerator (’08). The second floor includes a spacious bedroom that features new carpeting, built-in cabinets, and skylights. Other amenities include: two-car garage plus parking slab for a third vehicle, electric garage door opener, and central air. Seller is offering a HSA Home Warranty at closing - Free!

FOR MORE INFORMATION (PIN: 29384):

* 24-Hour, Bi-Lingual Hotline: (262) 814-1400
* Mobile Site: http://goswr.com

LINKS

Property Website
Guided Home Tour

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CITY, STATE or ZIP

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Spacious, End-Unit Condo @ The Blatz | 2 Bedrooms, 2+ Baths, 2 Parking Spaces | Downtown Milwaukee, East Town

2011-02-07T13:36:00.005-06:00

Move right into this spacious, two-story end-unit that features neutral décor, open-concept floor plan, oversized windows, updated kitchen (features newer stainless-steel Frigidaire Gallery Series appliances, maple cabinets, pantry, breakfast bar), updated wood floors in foyer and kitchen, Kohler plumbing fixtures in all baths, and 2 covered parking spaces (1 VIP). Both bedrooms are spacious and feature spacious walk-in-closets and private baths. You will appreciate the vast services that The Blatz offers: 24-hour concierge, security, fitness center, game room, rooftop deck/terrace, 25-meter lap pool, sauna, whirlpool, private screening theater, Blatz Café, and Blatz Health Club. Walkscore: 88 (out of 100). The Blatz is a pet-friendly condominium association. This is a Short Sale.

FOR MORE INFORMATION (PIN: 75224):

* 24-Hour, Bi-Lingual Hotline: (262) 814-1400
* Mobile Site: http://goswr.com

LINKS

Property Website
Guided Home Tour

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CITY, STATE or ZIP

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BEDS

BATHS

SQ.FT.

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LISTING TYPE

OPEN HOUSE

Milwaukee Real Estate - Trulia

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Affordable, 2 Bedroom Private, End-Unit Condo With Parking @ Union Point | Downtown Milwaukee, Beerline

2011-01-19T22:31:00.002-06:00

Union Point provides an affordable downtown lifestyle with a contemporary look. Your private end-unit condo offers views to the south, west, and north. Located at the point of Union Point, you will appreciate unobstructed views of Milwaukee’s Beerline. The oversized balcony (16x5) provides you with enough space to spread out and relax while enjoying colorful sunsets. Enjoy the use of the fitness center, community room, and state-of-the-art electronic communications (dues include cable package). Whether you’re in the mood for a stroll along the Riverwalk, shopping along the streets of Milwaukee’s East Side, or dining in one of Historic Brady Street’s establishments, you will appreciate the convenient location of Union Point. Pet-friendly. Free HSA Home Warranty.

FOR MORE INFORMATION (PIN: 54704):

* 24-Hour, Bi-Lingual Hotline: (262) 814-1400
* Mobile Site: http://goswr.com

LINKS:

Property Website
Guided Home Tour

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CITY, STATE or ZIP

PRICE RANGE

BEDROOMS

BATHS

SQ.FT.

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OPEN HOUSE

Milwaukee Real Estate - Trulia

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Downtown Milwaukee Condo Market | Results for 2010

2011-01-01T19:04:00.004-06:00

In 2010, transactions involving 305 condominium units in Downtown Milwaukee and the surrounding neighborhoods closed. Here's how your neighborhood performed:

Bay View

Total Units Sold: 9
2010 Average Sold Price per Square Foot: $130.02 (Range: $84.57 - $174.62)
2009-2010 Change: - 2.24%

Brewers Hill (Including Beerline)

Total Units Sold: 37
2010 Average Sold Price per Square Foot: $160.61 (Range: $29.22 - $244.12)
2009-2010 Change: + 23.52%

East Town

Total Units Sold: 68
2010 Average Sold Price per Square Foot: $213.09 (Range: $99.29 - $367.11)
2009-2010 Change: - 11.13%

Halyard Park

Total Units Sold: 2
2010 Average Sold Price per Square Foot: $126.04 (Range: $119.70 - $132.38)
2009-2010 Change: Not Available (No Sales Data For Calendar Year 2009)

Lower East Side

Total Units Sold: 87
2010 Average Sold Price per Square Foot: $171.93 (Range: $81.27 - $300.00)
2009-2010 Change: - 5.29%

Riverwest

Total Units Sold: 11
2010 Average Sold Price per Square Foot: $126.90 (Range: $70.16 - $194.76)
2009-2010 Change: + 25.89%

Third Ward

Total Units Sold: 34
2010 Average Sold Price per Square Foot: $234.12 (Range: $167.70 - $275.36)
2009-2010 Change: + 3.34%

Upper East Side

Total Units Sold: 16
2010 Average Sold Price per Square Foot: $120.79 (Range: $74.88 - $183.76)
2009-2010 Change: - 22.38%

Walker’s Point (Including Fifth Ward)

Total Units Sold: 37
2010 Average Sold Price per Square Foot: $220.31 (Range: $101.99 - $377.63)
2009-2010 Change: - 0.18%

Westown

Total Units Sold: 4
2010 Average Sold Price per Square Foot: $130.32 (Range: $74.29 - $186.00)
2009-2010 Change: - 19.53%

Note: Information based on Metro MLS Data from January 1, 2010 to December 31, 2010.

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

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Sleek, Sophisticated, & Stunning | Corner Penthouse Loft | Downtown Milwaukee

2010-08-25T13:00:00.006-05:00

Sleek, sophisticated, and stunning! This impeccably-designed corner penthouse exudes quality upgrades throughout. Welcome your guests in the gracious foyer that features a dramatic curved wall. The foyer flows to the spacious great room which features a gas fireplace and built-in bookcases. The gourmet chef will appreciate the abundant counter space, pantry, and island (with built-in wine fridge). State-of-the-art, stainless-steel appliances complete the package. Whether you're watching a movie or playing ping-pong, the rec room provides additional space to relax. After a long day, unwind in the steam shower or Jacuzzi tub in the master suite. On those warm summer nights, relax on one of your three private balconies that overlook Milwaukee's East Side neighborhood.

FOR MORE INFORMATION (PIN: 75524):

* 24-Hour, Bi-Lingual Hotline: (262) 814-1400
* Mobile Site: http://goswr.com

LINKS:

Property Website
Guided Home Tour

View Larger Map

Find homes for sale

CITY, STATE or ZIP

PRICE RANGE

BEDROOMS

BATHS

SQ.FT.

PROPERTY TYPE

LISTING TYPE

OPEN HOUSE

Milwaukee Real Estate - Trulia

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Downtown Milwaukee Condo Market | Results for 2009

2010-07-20T21:17:00.003-05:00

In 2009, transactions involving 413 condominium units in Downtown Milwaukee and the surrounding neighborhoods closed. Here's how your neighborhood performed:

Bay View

Total Units Sold: 13
Number of Units Owned by Condo Developers: 1
New Development: UrbanView
Average Sold Price per Square Foot: $133.00 (Range: $88.89 - $204.43)

Brewers Hill (Including Beerline)

Total Units Sold: 21
Number of Units Owned by Condo Developers: None
Average Sold Price per Square Foot: $130.03 (Range: $57.66 - $190.20)

East Town

Total Units Sold: 138
Number of Units Owned by Condo Developers: 87
New Developments: 601 Lofts, BreakWater, Kilbourn Tower, & Lake Bluff
Average Sold Price per Square Foot: $239.79 (Range: $128.08 - $448.43)

Halyard Park

Total Units Sold: None
Number of Units Owned by Condo Developers: None
Average Sold Price per Square Foot: Not Available

Lower East Side

Total Units Sold: 113
Number of Units Owned by Condo Developers: 33
New Developments: Brady Bella Urban, Gallun Tannery, Landmark On The Lake, London House, Marshall Street, & The Flatiron
Average Sold Price per Square Foot: $181.53 (Range: $71.56 - $344.39)

Riverwest

Total Units Sold: 6
Number of Units Owned by Condo Developers: None
Average Sold Price per Square Foot: $100.80 (Range: $80.33 - $126.96)

Third Ward

Total Units Sold: 52
Number of Units Owned by Condo Developers: 11
New Developments: Cityside Plaza, River Renaissance, & Warehouse 525
Average Sold Price per Square Foot: $226.55 (Range: $142.12 - $366.30)

Upper East Side

Total Units Sold: 16
Number of Units Owned by Condo Developers: None
Average Sold Price per Square Foot: $155.62 (Range: $131.25 - $199.24)

Walker’s Point (Including “Fifth Ward”)

Total Units Sold: 51
Number of Units Owned by Condo Developers: 37
New Developments: The Point & Water Street Lofts
Average Sold Price per Square Foot: $220.71 (Range: $133.20 - $287.06)

Westown

Total Units Sold: 3
Number of Units Owned by Condo Developers: None
Average Sold Price per Square Foot: $161.94 (Range: $150.38 - $172.41)

Note: Information based on Metro MLS Data from January 1, 2009 to December 31, 2009.

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

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RISMEDIA: Obama Signs Homebuyer Tax Credit Extension

2009-11-15T07:36:00.005-06:00

I’m sure by now many of you have read that President Barack Obama has signed a law that extends and expands the first-time homebuyer tax credit.

Unlike the former tax credit, the new law provides a deadline for a binding purchase contract; not a closing date deadline. Structuring the law in this manner provides easy-to-follow guidance to the general public regarding what needs to be accomplished and when. The former law was somewhat confusing because it required real estate professionals to back-into the binding purchase contract deadline to ensure deals closed in time to take advantage of the tax credit.

FIRST-TIME HOMEBUYER TAX CREDIT EXTENDED

The new law recently signed by President Obama automatically and immediately extended the deadline from the original November 30, 2009 deadline to June 30, 2010 (if and only if a purchase contract is binding on or before April 30, 2010.). Therefore, a note to you prospective buyers, your target date for having an accepted purchase contract is April 30, 2010.

For the sake of this tax credit, a first-time homebuyer is defined as a buyer who has not owned a principal residence during the three-year period ending on the date of purchase. Therefore, if you have previously owned a principal residence prior to the start of this three-year grace period, you would still qualify for the first-time homebuyer tax credit.

The new law only extended the former law’s deadline. The amount of the first-time homebuyer credit is still limited to $8,000.

REPEAT BUYERS ARE NOW INCLUDED

The new law has also been expanded to provide financial assistance to existing homeowners who purchase another primary residence.

For the sake of this tax credit, an existing homeowner is defined as a buyer who has lived in their current home as a primary residence for a period of five consecutive years during the past eight years ending on the date of the new home purchase. The new home must also be used as their primary residence.

The amount of the existing homeowner credit is limited to $6,500.

OTHER TERMS AFFECTING THESE TWO CREDITS

U.S. Income-Tax Paying Individuals

The first-time homebuyer and existing homeowner credits are available to all United States citizens who file their annual income taxes.

Individual Income Limits

The amount of the credit you can claim for these credits are determined by your filing status and the amount of your computed Modified Adjusted Gross Income (MAGI).

Single or Head-Of-Household Filers: The full amount of the credit is available as long as your MAGI is at most $125,000. The credit is completely phased out with an MAGI of at least $145,000.

Married Filing Joint Filers: The full amount of the credit is available as long as your combined MAGI is at most $225,000. The credit is completely phased out with a combined MAGI of at least $245,000.

Property Type & Purchase Price Limits

Any home that is purchased with the intent of owner-occupying as a primary residence qualifies for the first-time homebuyer and existing homeowner credits. The purchase price for both credits is limited to $800,000. By definition, vacation homes and rental properties will not be treated as a primary residence and thus are not eligible for either credit.

Refundable Tax Credit & No Payback

Both the first-time homebuyer and the existing homeowner credits are refundable credits. Therefore, regardless of your tax liability, the amount of the credit that you can claim will reduce your liability. If you are expecting a refund before computing these credits, this will increase the amount of your refund.

These credits are also true credits. Unlike the 2008 version of the first-time homebuyer tax credit that requires homebuyers to repay their tax credits over a fifteen-year period, the new law extends the 2009 version that does not require repayment (general rule). There is one exception to the general rule: The homeowner must pay back their credit if and only if he or she sells the home or stops using the home as his or her primary residence during the three year period starting on the date of the new home purchase.

All qualified homebuyers can apply for the tax credit on either their 2009 or 2010 income tax returns.

Please contact me if you have any additional questions regarding the newly-extended first-time homebuyer credit or the newly-created existing homeowner credit.

The writers for RISMEDIA provide more details on the new homebuyer credits. Click here to read more about these credits>>>

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BizTimes Media: The Moderne ready to go | Business Journal of Milwaukee: Behind the deal - Downturn forced developer to turn to unusual money sources

2009-11-14T13:24:00.002-06:00

After three years of working on the $55.2 million Moderne, condo developer Rick Barrett has finally secured a financial deal involving the City of Milwaukee that will enable him to break ground on the latest luxury condominium highrise to be constructed on the southwest corner of Juneau Avenue and Old World Third Street in the Park East corridor.

The proposed 30-story Moderne will feature 203 apartments, 14 condominium units, and first floor retail. Of the 14 condominium units, half will be priced between $250,000 and $500,000. The other half will be priced between $900,000 and $2.5 million. As of this writing, Barrett has reported that four condominium units are reserved; three of which are priced between $900,000 and $2.5 million.

On November 4, Milwaukee’s Common Council voted in favor to provide Barrett with a $9.3 million loan for The Moderne. After receiving approval of the city’s loan, Barrett is expecting to break ground on The Moderne in December.

Barrett indicated that the loan from the city was necessary because the financial services industry has tightened their lending policies substantially during the recession. Since the recession began, real estate developers were finding it very difficult to obtain financial backing from investors.

Common Council is optimistic that this will be the first of many successful projects for the Park East corridor.

Common Council expressed reservations about providing a loan of this magnitude for a condominium development. Critics felt that approving such a loan would put the city’s taxpayers at risk. Many argued that the public sector should not provide financial support that the private sector wasn’t willing to assume. Also, supporting a new condominium development would only create more competition for downtown condominium housing that will continue to keep housing prices in check.

Those who supported the city’s loan indicated that the benefits outweigh the costs of this proposal. The strict lending policies of the financial services industry were preventing real estate developments from breaking ground which also prevented the creation of construction jobs. Common Council members who supported the measure argued that The Moderne would create construction jobs and increase the city’s tax base. I tend to think that this argument is very short-sighted and have expressed my opinion below under the section “My Thoughts”.

In addition to receiving a $9.3 million loan from the City of Milwaukee, Barrett has also secured financial backing from the AFL-CIO Investment Trust, which is serviced by Capmark Financial Group and guaranteed by the U.S. Department of Housing and Urban Development. Other financial supporters include Barrett and his partners.

Barrett expects to sell all of the condominium units within four years - which covers the term of the city’s $9.3 million loan.

My Thoughts

As a REALTOR®, I am happy to see that Downtown Milwaukee is continuing to grow and develop. As a REALTOR®, I am also concerned that the supply of downtown condominium units continues to remain high.

In recent weeks, I have read articles about the foreclosed actions against Park Lafayette and Wisconsin Tower. As I read these articles, I wonder if the market is telling real estate developers to back off. I also wonder if the market is telling our city officials to back off as well.

Those Common Council members who supported this loan argued that The Moderne would add to the tax base of the city. I disagree. The tax base is determined by the assessed values of real estate located in the city. Assessed values are determined, for the most part, by fair market values. As we continue to add more and more competition to our current housing stock, prices will continue to decline. As fair market values decline, so does the assessed values and city’s tax base. Simply adding a new development, such as The Moderne, may not necessarily add to the city’s tax base.

At the end of the day, we’re talking about the addition of 14 condominium units to the total number of condominium units already established in downtown Milwaukee. Will 14 new condominium units significantly influence the current market conditions in downtown?

I guess we will have to wait and see how The Moderne impacts the local economy.

If you were elected as Alderman, how would you have responded to the $9.3 million loan request?

The writers of BizTime Media and Pete Millard, writer for The Business Journal of Milwaukee, provides more details regarding the city’s loan to Barrett and The Moderne. Click here to read BizTime’s version of this story>>> Click here for Pete Millard’s position>>>

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Christmas In The Ward: Cityside Plaza Reception

2009-11-14T13:20:00.002-06:00

To my monthly e-newsletter and blog readers:

As a member of the Cityside Plaza Condominium sales team, I invite you and your guest(s) to attend our Christmas In The Ward Holiday Party.

We will be offering appetizers and beverages in our sales center as well as our model condominium units.

For a limited time only, we’re also offering six (6) months of condominium dues - free. To be eligible for this special offer, you must attend our holiday party and close on your purchase on or before April 30, 2010. Therefore, be sure to invite your family, friends, and colleagues if you think they will be in the market for a downtown condo between now and April 30. You never know what will happen.

Address: 239 East Chicago Street
Date: Friday, December 4, 2009
Time: 5-7:30pm

Please RSVP by sending me a note at dray@shorewest.com.

I hope to see you at Cityside Plaza on Friday, December 4.

Best regards,
David Ray

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Available Downtown Milwaukee Condos!

2009-11-06T13:24:00.013-06:00

Accepted Offer! Western Leather Lofts #321- $82,000

Step back in time in this century-old warehouse located one block away from Historic Brady Street’s boutiques and fine restaurants. Surrounded by residential homes, this five-story Cream-City Brick warehouse features concrete-heated floors (dues include heat), post construction, and soaring windows and ceilings. Kitchen features solid-surface countertops, Grohe kitchen faucet, custom birch cabinets, and under-cabinet lighting. After a long day, relax and unwind in the jetted tub as your towel warms up on the heated towel rack. Other amenities include: Central air, central vacuum, recreation room, and common laundry (never step outside to wash your clothes, etc.). Western Leather Lofts is a pet-friendly condominium association. Seller is offering a HSA Home Warranty at closing - Free! Click here to read more about this warehouse-style studio>>>

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Accepted Offer! Lofts on Broadway #407 - $215,000

Live in the heart of the Historic Third Ward! Cream-City brick, exposed wood-beamed ceilings, maple hardwood floors, and oversized windows complete the package. Entertain guests in the open-concept floor plan and balcony. Kitchen boasts stainless-steel appliances. Both bathrooms feature ceramic tile and vanities with vessel sinks. Other amenities include full-size side-by-side washer and dryer, spacious storage locker, and central air. Wake up to the morning sun with views of the Historic Third Ward. Lake Michigan, Milwaukee River, Milwaukee Public Market, restaurants, nightlife, theaters, art galleries, and boutiques are all located just outside of your front door. There are several parking options available to rent within a block of this loft. For more information on where to park, check out http://www.historicthirdward.org/parkinginformation.php. Lofts On Broadway is a pet-friendly condominium association. Click here to read more about this Third Ward loft>>>

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New Price! Park Terrace Row Houses - $225,000

Welcome home to Vetter Denk’s Park Terrace! This three-story townhome offers a private entrance, private attached garage, and two French balconies. The elevated first floor features an open-concept floor plan with Great Room and Kitchen. The Great Room boasts Brazilian Cherry hardwood floors and concrete walls. The chef will appreciate the stainless-steel appliances, under-mounted stainless-steel sink, gas range, and spacious breakfast bar. Second floor features two bedrooms and two-full bathrooms. Tile floors, tile tub surround, and Kohler fixtures complete the bathrooms. Spread out in the master bathroom that features a double vanity. Enjoy the views of the Beerline neighborhood from the French balcony of the top-floor den. Park Terrace is a pet-friendly condominium association. Click here to read more about this townhome-style condo>>>

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Cityside Plaza - New Warehouse Loft Conversion in the Historic Third Ward - Condos Start at $244,900

Cityside Plaza is a brand new condominium association offering luxury living in the heart of the Historic Third Ward. Several unique floor plans are available offering a combination of one bedroom with one bathroom, two bedrooms with two-full bathrooms, and two bedrooms plus den with two-full bathrooms and one-half bathroom. Kitchen boasts granite countertops, GE stainless-steel appliances, Grohe faucets, Oliveri stainless-steel sink, and your choice of satin nickel or stainless-steel hardware. Bathrooms feature Kohler sink, soaking tub, and toilet, natural stone flooring, and ceramic tile shower surround. You will find oak hardwood floors not only in the main living areas of our condo units, but you will also find hardwood floors in the bedrooms. All units feature in-unit laundry hook-ups and at least one indoor parking space. Most units feature a balcony. Cityside Plaza is a pet-friendly condominium association. Click here to read more about this brand new warehouse association in the Historic Third Ward>>>

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Riverbridge #304 - $250,000

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 hardwood 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>>>

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Wisconsin Tower #702 - #269,900

Welcome home to Wisconsin Tower! At nearly 2,000 square feet, you’ll appreciate the open-concept floor plan and spacious rooms. Notice the fine details of this condo: Custom-built cabinets, millwork, wood panels, built-in bookcases, and custom shelves. French doors offer privacy. Maple hardwood floors are found in nearly every room. The gourmet chef will appreciate the granite countertops, under-mounted stainless-steel sink, stainless-steel appliances, abundant counter space and spacious breakfast bar. The best part…the views! This unit occupies half of the floor - so, you’ll enjoy skyline views to the east, north, and west as well as the garden rooftop terrace. Wisconsin Tower offers many amenities and services for its owners including private party room, fitness room, rooftop garden terrace, courtyard, barbeque area, dog walk, and guest suites. Wisconsin Tower is a pet-friendly condominium association. This property includes a preferred financing package with a below market interest rate and lower monthly payments. Click here to read more about this spacious condominium unit located in a beautifully preserved art deco building>>>

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Accepted Offer! Van Buren City Lofts #501 - $319,900

This loft was designed with an Arts & Crafts home in mind. The moment you walk in, a sense of warmth and comfort will set in. From the custom all-brick fireplace to the oak hardwood floors and millwork - you will soon appreciate the quality of the craftsmanship that this unique loft offers. Entertain guests in the Great Room and spacious 24-foot balcony. The incredible wall of windows provides amazing panoramic views of the East Side. The open-concept kitchen features granite countertops and gas range. French Doors and clerestory windows allow light to pass through to the bedrooms without compromising privacy. Relax and unwind in your Jacuzzi. Seller is offering a home warranty at closing. Click here to read more about this unique Arts & Crafts style condominium unit>>>

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For more information about Western Leather Lofts, Lofts on Broadway, Park Terrace Row Houses, Cityside Plaza, Riverbridge, Wisconsin Tower, Van Buren City Lofts, and other downtown-area condominiums, please contact me at (414) 412-7980 or e-mail at dray@shorewest.com.

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Downtown Milwaukee Events – Through December 31, 2009

2009-11-06T12:11:00.003-06:00

CLASSES & WORKSHOPS

Good Karma Sundays - Invivo - Thru Dec 16
Holiday Side Dishes - The Tool Shed - Nov 17
Ale Through the Ages - Discovery World - Dec 2

COMEDY

Tom Clark with Patrick McGann - Woodland Dreams Ballroom - Nov 21
Cheech & Chong: Light Up America - Northern Lights Theater - Nov 24
The Stand Up - Mikey's - Nov 24
Tony Boswell with Carlos Valencia - Woodland Dreams Ballroom - Nov 29
Lisa Lampanelli - Riverside Theater - Dec 4
Lewis Black - Riverside Theater - Dec 5
Mike McCarthy with Lisa Carrao - Northern Lights Theater - Dec 12
Bruce Mickelson and Brian Hicks - Northern Lights Theater - Dec 19
The Stand Up - Mikey's - Dec 22
Peter Hefty with Brian Milanowski - Northern Lights Theater - Dec 26
Jim Gaffigan - The Pabst Theater - Dec 30-31
Spoon - Riverside Theater - Dec 31

DANCE

Danceworks School Day Off Workshops - Danceworks - Dec 4
The Nutcracker - Marcus Center for the Performing Arts - Dec 11-27

FAMILY EVENTS

Children & Family Weekend - Villa Terrace Decorative Arts Museum - Nov 15
1-2-3 Imagine! With Elmo & Friends - Bradley Center - Nov 27-29
Playhouse Disney Live - Milwaukee Theatre - Dec 4-5
Holiday Time with Uncle Andy (Warhol) - Milwaukee Art Museum - Dec 6

FILM

Not Necessarily a Christmas Movie: Stowaway (1936) - Charles Allis Art Museum - Nov 18
The FOCUS Film Society presents Casablanca - Church in the City - Nov 28
Not Necessarily a Christmas Movie: Holiday Inn (1942) - Charles Allis Art Museum - Dec 9

FUNDRAISERS

20th Annual Women and Public Policy Luncheon - Italian Community Center - Nov 17
Star of Hope Foundation Holiday Fashion Show and Luncheon - Wisconsin Club - Nov 19
Milwaukee Air & Water Show Fundraising Party - Major Goolsby's - Nov 19
Meta House Changing Lives, Changing Milwaukee Gala - Milwaukee Grain Exchange - Nov 21

HOLIDAY EVENTS

Milwaukee Holiday Lights Festival Kick-Off Extravaganza - Pere Marquette Park - Nov 19
Milwaukee Holiday Lights Festival - Downtown Milwaukee - Nov 19 - Jan 10, 2010
The Milwaukee Holiday Parade - Downtown Milwaukee - Nov 21
A Very Vintage Christmas - Villa Terrace Decorative Arts Museum - Nov 21 - Jan 10, 2010
A Holiday Celebration of Diversity - Italian Community Center - Dec 3
The European Holiday Village Comes Alive - Milwaukee Public Museum - Dec 4
Christmas in the Ward - Historic Third Ward - Dec 4-5
The European Holiday Village Comes Alive - Milwaukee Public Museum - Dec 5
Holiday Artisan Market - Discovery World - Dec 5-6
15th Annual Alternative Christmas Market - Immanuel Presbyterian Church - Dec 6
Holly Days - Historic Brady Street - Dec 11-13
Beauty of the Ugly Holiday Sweater Art Competition - East Side - Dec 12
New Year's Eve Trifecta Dinner - Bistro/Bar 333 - Dec 31
Harlem Globetrotters - Bradley Center - Dec 31

MUSEUM EVENTS & EXHIBITS

Ice Worlds - Milwaukee Public Museum - Thru Dec 11
Les Paul's House of Sound - Discovery World - Thru Dec 31
Cabinets of Curiosity - Milwaukee Public Museum - Thru Apr 5, 2010
Milwaukee City Hall Restoration Exhibit - Milwaukee County Historical Society - Thru July 31, 2010
Scheutzenfest Von Milwaukee - Milwaukee Public Museum - Thru Aug 31, 2010
Annual Lighting of the Whale - Milwaukee Public Museum - Nov 27
Mystery of the Christmas Star - Milwaukee Public Museum - Nov 27 - Jan 3, 2010

MUSIC

Bruce Springsteen and the E Street Band - Bradley Center - Nov 15
R Kelly - Milwaukee Theatre - Nov 15
Cristian Castro - The Rave - Nov 15
Frankly Music Concert- The World of Dmitri Shostakovich - Wisconsin Conservatory of Music - Nov 16-17
Ballini/Ogburn - The Jazz Estate - Nov 16
Megadeth - The Rave - Nov 17
Bruce Hornsby & The Noisemakers - Northern Lights Theater - Nov 17
The Erotic Adventures of the Static Chicken - The Jazz Estate - Nov 17
Jim Brickman - Riverside Theater - Nov 18
Brendan Benson - Historic Turner Ballroom - Nov 18
Saosin - The Rave - Nov 18
Willy Porter - Shank Hall - Nov 18
Evan Christian - The Jazz Estate - Nov 18
Wednesday Night Live Podcast - Bad Genie Rock Lounge - Nov 18
John Fogerty - Riverside Theater - Nov 19
Rob Zombie - The Rave - Nov 19
Dinosaur Jr. - Turner Hall Ballroom - Nov 19
Savoy Brown - Shank Hall - Nov 19
We Six: Music on the Screen - Helen Bader Hall - Nov 19
Miller Braun Ensemble - The Jazz Estate - Nov 19
Prophetic's Big Dreamer Video Release Party - Moct Bar - Nov 19
Swing-O-Matics - Wherehouse - Nov 19
Widespread Panic - Riverside Theater - Nov 20-22
Medeski, Martin & Wood - The Rave - Nov 20
Mason Jennings - Historic Turner Ballroom - Nov 20
The Sweet - Northern Lights Theater - Nov 20
Cross Canadian Ragweed - Shank Hall - Nov 20
Jim Paolo Trio - The Jazz Estate - Nov 20
5 Card Studs - Milwaukee Ale House - Nov 20
Peaches - Historic Turner Ballroom - Nov 21
Honor Society - The Rave - Nov 21
Paul Cebar Tomorrow Sound - Shank Hall - Nov 21
Steve Einerson Trio - The Jazz Estate - Nov 21
Suzanne Grzanna - Hotel Metro - Nov 21
The Heiz - Zad's - Nov 21
Martina McBride and Trace Adkins - Bradley Center - Nov 22
Steve Forbert - Shank Hall - Nov 22
Perform-a-thon 2009: Song and Dance - Helen Bader Hall - Nov 22
Present Music Thanksgiving Concert - Cathedral of St. John the Evangelist - Nov 22
Ballini/Ogburn - The Jazz Estate - Nov 23
The Jesus Lizard - Turner Hall Ballroom - Nov 24
The Erotic Adventures of the Static Chicken - The Jazz Estate - Nov 24
The White Tie Affair - The Rave - Nov 25
Reverend Raven and the Chainsmoking Altar Boys - Shank Hall - Nov 25
Evan Christian - The Jazz Estate - Nov 25
Wednesday Night Live Podcast - Bad Genie Rock Lounge - Nov 25
Sharking Hour - Art Bar - Nov 25
The Cranberries - Riverside Theater - Nov 27
All Time Low - The Rave - Nov 27
Johnny Cash Tribute with Liam Ford - Shank Hall - Nov 27
Kevin Hayden Group - The Jazz Estate - Nov 27
Camera Obscura - Historic Turner Ballroom - Nov 28
Pat McCurdy - Shank Hall - Nov 28
Frank Catalano Quartet - The Jazz Estate - Nov 28
5 Card Studs - County Clare - Nov 28
The Books - Historic Turner Ballroom - Nov 29
Brett Dennen - Historic Turner Ballroom - Nov 30
Ballini/Ogburn - The Jazz Estate - Nov 30
The Erotic Adventures of the Static Chicken - The Jazz Estate - Dec 1
BoomBox - Historic Turner Ballroom - Dec 2
Evan Christian - The Jazz Estate - Dec 2
Wednesday Night Live Podcast - Bad Genie Rock Lounge - Dec 2
Weezer - The Rave - Dec 3
Festive Soiree with Robin Pluer - Helen Bader Hall - Dec 3
Como No - The Jazz Estate - Dec 3
Cafe Tacuba 20th Anniversary Tour - The Rave - Dec 4
Linda Eder - Northern Lights Theater - Dec 4
Holiday Pops! with Marvin Hamilsh - Marcus Center for the Performing Arts - Dec 4-6
The Blow Pops - Shank Hall - Dec 4
Festive Soiree with Robin Pluer - Helen Bader Hall - Dec 4
Brian Ritter Quartet - The Jazz Estate - Dec 4
Tom Vollman and the Band - Art Bar - Dec 4
Chuchito Valdés' Afro-Cuban Quartet - Latino Arts, Inc - Dec 4
Underoath - The Rave - Dec 5
Spiral Trance - The Rave - Dec 5
Issa - Historic Turner Ballroom - Dec 5
Think Floyd USA - Shank Hall - Dec 5
Suzanne Grzanna - Hotel Metro - Dec 5
Festive Soiree with Robin Pluer - Helen Bader Hall - Dec 5
The Irish Tenors - Riverside Theater Dec 6
Ballini/Ogburn - The Jazz Estate - Dec 7
Emilie Autumn - Historic Turner Ballroom - Dec 8
The Erotic Adventures of the Static Chicken - The Jazz Estate - Dec 8
Festival City Symphony's Holiday Pajama Jamboree - Marcus Center for the Performing Arts - Dec 9
Evan Christian - The Jazz Estate - Dec 9
Wednesday Night Live Podcast - Bad Genie Rock Lounge - Dec 9
Chris Duarte Group - Shank Hall - Dec 10
UWM Jazz Combos and Faculty - The Jazz Estate - Dec 10
Shinedown - The Rave - Dec 11
Halestorm - The Rave - Dec 11
The Subdudes - Historic Turner Ballroom - Dec 11
The Buckinghams - Northern Lights Theater - Dec 11
Bones of Contention - Shank Hall - Dec 11
Hatebreed - The Rave - Dec 12
Shannon Curfman - Shank Hall - Dec 12
Julie Thompson - Hotel Metro - Dec 12
Janice & Joe - Wisconsin Cheese Mart - Dec 12
Mike Kubicki Trio - The Jazz Estate - Dec 12
Trans-Siberian Orchestra - Bradley Center - Dec 13
Ballini/Ogburn - The Jazz Estate - Dec 14
The Erotic Adventures of the Static Chicken - The Jazz Estate - Dec 15
Evan Christian - The Jazz Estate - Dec 16
Wednesday Night Live Podcast - Bad Genie Rock Lounge - Dec 16
Breaking Benjamin - The Rave - Dec 17
30 Seconds To Mars - The Rave - Dec 17
Greg Koch Trio - Shank Hall - Dec 18
Tim Whalen Quartet - The Jazz Estate - Dec 18
5 Card Studs - Shank Hall - Dec 19
Tim Whalen Quartet - The Jazz Estate - Dec 19
The Sleighriders - Shank Hall - Dec 21
Ballini/Ogburn - The Jazz Estate - Dec 21
The Erotic Adventures of the Static Chicken - The Jazz Estate - Dec 22
Evan Christian - The Jazz Estate - Dec 23
Wednesday Night Live Podcast - Bad Genie Rock Lounge - Dec 23
Pat McCurdy - Shank Hall - Dec 26
Rick Germanson Quartet - The Jazz Estate - Dec 26
Ballini/Ogburn - The Jazz Estate - Dec 28
Rusted Root - The Rave - Dec 29
The Erotic Adventures of the Static Chicken - The Jazz Estate - Dec 29
Big Head Todd & The Monsters - The Rave - Dec 30
Evan Christian - The Jazz Estate - Dec 30
Wednesday Night Live Podcast - Bad Genie Rock Lounge - Dec 30
Stellar Spark 7 - The Rave - Dec 31
Benny Benassi - The Rave - Dec 31

SPORTS - MARQUETTE MEN’S BASKETBALL - BRADLEY CENTER

Maryland-Eastern Shore - Nov 17
Grambling - Nov 21
South Dakota - Nov 24
University of Wisconsin-Milwaukee (UWM) - Dec 8
Presbyterian - Dec 27

SPORTS - MILWAUKEE ADMIRALS - BRADLEY CENTER

Peoria Rivermen - Dec 2
Texas Stars - Dec 4
Manitoba Moose - Dec 5
San Antonio Rampage - Dec 11
San Antonio Rampage - Dec 20
Grand Rapids Griffins - Dec 28
Rockford IceHogs - Dec 29

SPORTS - MILWAUKEE BUCKS - BRADLEY CENTER

Dallas Mavericks - Nov 16
New Jersey Nets - Nov 18
Charlotte Bobcats - Nov 20
Orlando Magic - Nov 28
Chicago Bulls - Nov 30
Cleveland Cavaliers - Dec 6
Toronto Raptors - Dec 9
Portland Blazers - Dec 12
Los Angeles Lakers - Dec 16
Sacramento Kings - Dec 19
Washington Wizards - Dec 23
San Antonio Spurs - Dec 26

SPORTS - MILWAUKEE WAVE - U.S. CELLULAR ARENA

La Raza de Monterrey - Dec 6
Philadelphia KIXX - Dec 12
Baltimore Blast - Dec 31

SPORTS - UWM MEN’S BASKETBALL - U.S. CELLULAR ARENA

Hillsdale - Nov 21
University of Illinois at Chicago (UIC) - Dec 3
Loyola - Dec 5
Miami (Ohio) - Dec 19

THEATER

Bunk Bed Brothers - Marcus Center for the Performing Arts - Thru Nov 15
Happy Now? - Milwaukee Repertory Theater - Thru Nov 15
A Midsummer Night's Dream - Helfaer Theatre, Marquette University - Thru Nov 22
Moon Over The Brewery - Chamber Theatre - Thru Dec 13
Holmes and Watson: A Musical Mystery - Milwaukee Repertory Theater - Thru Jan 3, 2010
If You Give a Mouse a Cookie - First Stage Children's Theater - Nov 15, 21-22
Tosca - Marcus Center for the Performing Arts - Nov 20-22
Broadway Presents: Rent - Marcus Center for the Performing Arts - Nov 24-29
The Lady With All The Answers - Milwaukee Repertory Theater - Nov 24 - Dec 20
Desperate 4 Love - The Humphrey Theater - Nov 27
The Best Christmas Pageant Ever - First Stage Children's Theater - Nov 27 - Dec 24
A Christmas Carol - The Pabst Theater - Nov 27 - Dec 27
Plaid Tidings - Skylight Opera Theatre - Nov 27 - Jan 3, 2010
Annie - Milwaukee Theatre - Dec 18-19

VISUAL ARTS

Día de Los Muertos Ofrendas - Latino Arts, Inc. - Thru Nov 20
Dia de los Muertos Exhibition - Walker's Point Center for the Arts - Thru Nov 24
When Animals Talk: a Group Exhibition of Animal Inspired Artwork - Tory Folliard Gallery - Thru Nov 28
Figurative Prints: 1980s Rewind - Milwaukee Art Museum - Thru Nov 29
Reconnection: An Exhibit of Alumni Work - Milwaukee Institute of Art & Design - Thru Dec 12
Artist-in-Residence Reginald Baylor - The Pfister - Thru Jan 1, 2010
Andy Warhol: The Last Decade - Milwaukee Art Museum - Thru Jan 3, 2010
Annette Foat and Tomasz Kiebzak - Danceworks - Thru Jan 5, 2010
Marilyn Annin - Villa Terrace Decorative Arts Museum - Thru Jan 17, 2010
UNSEEN Architecture: MKE - The Eisner Museum of Advertising & Design - Thru Apr 1, 2010
Schomer Lichtner Exhibition - DeLind Gallery - Thru Apr 24, 2010
Frederick Hart Exhibit - DeLind Gallery - Thru May 21, 2010
Contemporary Art Galleries Reinstallation - Milwaukee Art Museum - Thru June 1, 2010
Open Canvas - P.H. Dye House - Nov 21
Wisconsin Master’s Series – Emily Groom - Charles Allis Art Museum - Dec 2 - Feb 13, 2010
Cuban Artists' Books and Prints: 1985–2008 - Latino Arts, Inc. - Dec 4 - Feb 5, 2010

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Current Listings in Downtown Milwaukee!

2009-10-08T14:13:00.011-05:00

Western Leather Lofts #321- $90,000

Step back in time in this century-old warehouse located one block away from Historic Brady Street’s boutiques and fine restaurants. Surrounded by residential homes, this five-story Cream-City Brick warehouse features concrete-heated floors (dues include heat), post construction, and soaring windows and ceilings. Kitchen features solid-surface countertops, Grohe kitchen faucet, custom birch cabinets, and under-cabinet lighting. After a long day, relax and unwind in the jetted tub as your towel warms up on the heated towel rack. Other amenities include: Central air, central vacuum, recreation room, and common laundry (never step outside to wash your clothes, etc.). Western Leather Lofts is a pet-friendly condominium association. Seller is offering a HSA Home Warranty at closing - Free! Click here to read more about this warehouse-style studio>>>

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New Price! Lofts On Broadway #407 - $215,000

Live in the heart of the Historic Third Ward! Cream-City brick, exposed wood-beamed ceilings, maple hardwood floors, and oversized windows complete the package. Entertain guests in the open-concept floor plan and balcony. Kitchen boasts stainless-steel appliances. Both bathrooms feature ceramic tile and vanities with vessel sinks. Other amenities include full-size side-by-side washer and dryer, spacious storage locker, and central air. Wake up to the morning sun with views of the Historic Third Ward. Lake Michigan, Milwaukee River, Milwaukee Public Market, restaurants, nightlife, theaters, art galleries, and boutiques are all located just outside of your front door. There are several parking options available to rent within a block of this loft. For more information on where to park, check out http://www.historicthirdward.org/parkinginformation.php. Lofts On Broadway is a pet-friendly condominium association. Click here to read more about this Third Ward loft>>>

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New Listing! Park Terrace Row Houses - $235,000

Welcome home to Vetter Denk’s Park Terrace! This three-story townhome offers a private entrance, private attached garage, and two French balconies. The elevated first floor features an open-concept floor plan with Great Room and Kitchen. The Great Room boasts Brazilian Cherry hardwood floors and concrete walls. The chef will appreciate the stainless-steel appliances, under-mounted stainless-steel sink, gas range, and spacious breakfast bar. Second floor features two bedrooms and two-full bathrooms. Tile floors, tile tub surround, and Kohler fixtures complete the bathrooms. Spread out in the master bathroom that features a double vanity. Enjoy the views of the Beerline neighborhood from the French balcony of the top-floor den. Park Terrace is a pet-friendly condominium association. Click here to read more about this townhome-style condo>>>

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Riverbridge #304 - $250,000

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 hardwood 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>>>

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Wisconsin Tower #702 - #269,900

Welcome home to Wisconsin Tower! At nearly 2,000 square feet, you’ll appreciate the open-concept floor plan and spacious rooms. Notice the fine details of this condo: Custom-built cabinets, millwork, wood panels, built-in bookcases, and custom shelves. French doors offer privacy. Maple hardwood floors are found in nearly every room. The gourmet chef will appreciate the granite countertops, under-mounted stainless-steel sink, stainless-steel appliances, abundant counter space and spacious breakfast bar. The best part…the views! This unit occupies half of the floor - so, you’ll enjoy skyline views to the east, north, and west as well as the garden rooftop terrace. Wisconsin Tower offers many amenities and services for its owners including private party room, fitness room, rooftop garden terrace, courtyard, barbeque area, dog walk, and guest suites. Wisconsin Tower is a pet-friendly condominium association. This property includes a preferred financing package with a below market interest rate and lower monthly payments. Click here to read more about this spacious condominium unit located in a beautifully preserved art deco building>>>

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Cityside Plaza - New Warehouse Loft Conversion in the Historic Third Ward - Condos Start at $244,900

Cityside Plaza is a brand new condominium association offering luxury living in the heart of the Historic Third Ward. Several unique floor plans are available offering a combination of one bedroom with one bathroom, two bedrooms with two-full bathrooms, and two bedrooms plus den with two-full bathrooms and one-half bathroom. Kitchen boasts granite countertops, GE stainless-steel appliances, Grohe faucets, Oliveri stainless-steel sink, and your choice of satin nickel or stainless-steel hardware. Bathrooms feature Kohler sink, soaking tub, and toilet, natural stone flooring, and ceramic tile shower surround. You will find oak hardwood floors not only in the main living areas of our condo units, but you will also find hardwood floors in the bedrooms. All units feature in-unit laundry hook-ups and at least one indoor parking space. Most units feature a balcony. Cityside Plaza is a pet-friendly condominium association. Click here to read more about this brand new warehouse association in the Historic Third Ward>>>

View Larger Map

For more information about Western Leather Lofts, Park Terrace Row Houses, Riverbridge, Lofts On Broadway, Wisconsin Tower, Cityside Plaza, and other downtown-area condominiums, please contact me at (414) 412-7980 or e-mail at dray@shorewest.com.

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Downtown Milwaukee Condo Market Update: October 1, 2008 - October 1, 2009

2009-10-06T20:47:00.002-05:00

Around the first of the month, I review raw data from Metro Multiple Listing Service (MLS) that serves southeastern Wisconsin. I analyze data that covers a 12-month period that ends at the first of the current month which enables me to see how housing prices change from month-to-month.

My monthly analysis focuses on only those condos that have sold during the past 12 months. The sale price or fair market value provides the best information for determining market changes.

My monthly analysis specifically addresses the Sale-Price-Per-Square-Foot. By reviewing the price-per-square-foot, I am able to compare condos without factoring age, condition, upgrades, and other extraneous variables that impact the price of a condo versus another. By computing the average-sale-price-per-square-foot for a particular downtown neighborhood allows me to determine which neighborhoods offer the most affordable lifestyle as well as examine changes in housing prices from month-to-month.

Downtown & Surrounding Neighborhoods
My analysis includes condominium units located in Bay View, Brewers Hill (including Beerline), East Town, Halyard Park, Lower East Side, Riverwest, Third Ward, Upper East Side, Walker’s Point (including Fifth Ward), and Westown.

My Observations
We have noticed a slight increase in closed transactions during the past few months. Despite this positive trend, we’re still experiencing declining values. In comparison to September 2009 figures, of the 10 neighborhoods I analyze each month, half of them experienced further declining values in October 2009. Brewers Hill (including Beerline) and Riverwest experienced the sharpest price drop ($14.83 and $10.48, respectively). Halyard Park and Walker’s Point (including the Fifth Ward) experienced modest increases in value ($7.96 and $4.85, respectively).

Average-Sale-Price-Per-Square-Foot: October 1, 2008 - October 1, 2009 (Neighborhoods ranked from highest to lowest):
1) Third Ward: $236.51 - Down $3.47 from 12-month period ending 9/1/2009
2) Walkers Point/Fifth Ward: $225.72 - Up $4.85 from 12-month period ending 9/1/2009
3) East Town: $210.73 - Down $6.61 from 12-month period ending 9/1/2009
4) Lower East Side: $208.26 - Up $2.24 from 12-month period ending 9/1/2009
5) Brewers Hill/Beerline: $177.34 - Down $14.83 from 12-month period ending 9/1/2009
6) All Neighborhoods: $175.66 - Down $2.58 from 12-month period ending 9/1/2009
7) Westown: $168.18 - Up $2.56 from 12-month period ending 9/1/2009
8) Upper East Side: $155.41 - Up $0.12 from 12-month period ending 9/1/2009
9) Halyard Park: $147.58 - Up $7.96 from 12-month period ending 9/1/2009
10) Bay View: $131.63 - Down $8.15 from 12-month period ending 9/1/2009
11) Riverwest: $95.27 - Down $10.48 from 12-month period ending 9/1/2009

Average-Sale-Price-Per-Square-Foot: Year-To-Date-Change During 2009 ((Neighborhoods ranked from greatest, positive change to greatest, negative change):
1) Brewers Hill/Beerline: Up $8.04 since January 1, 2009
2) Halyard Park: Up $4.38 since January 1, 2009
3) Westown: Down $0.13 since January 1, 2009
4) Lower East Side: Down $6.43 since January 1, 2009
5) All Neighborhoods: Down $13.08 since January 1, 2009
6) Third Ward: Down $13.18 since January 1, 2009
7) Walker’s Point: Down $13.31 since January 1, 2009
8) Upper East Side: Down $17.54 since January 1, 2009
9) Bay View: Down $23.85 since January 1, 2009
10) Riverwest: Down $26.37 since January 1, 2009
11) East Town: Down $42.38 since January 1, 2009

Please call me at 414.412.7980 or e-mail at dray@shorewest.com if you have any questions regarding the Downtown Milwaukee condo market.

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Local Market Updates: Year-To-Date Progress Report (Thru August 2009)

2009-09-17T14:53:00.004-05:00

According to Metro Multiple Listing Service that services Southeastern Wisconsin, the City of Milwaukee has seen a decrease in inventory, home values are still becoming more affordable, and buyer’s appear to be taking advantage of the current Buyer’s Market.

Here’s how the City of Milwaukee has performed up until August 31, 2009 in comparison to the same period in 2008.

New Listings:

Year-To-Date (YTD) - 2008: 6.820
YTD 2009: 5,810
Change: -14.8%

Closed Sales:

YTD 2008: 2,527
YTD 2009: 2,660
Change: +5.3%

Between the decrease in new listings and the increase in closed sales, we’re offering today’s buyers fewer options than this time last year.

Median Sales Price:

YTD 2008: $137,000
YTD 2009: $107,500
Change: -21.5%

During the past five months, a number of articles have been published which suggested that sales activity is on the rise due to falling interest rates and housing prices. Here’s another example of why closed sales have increased this year by 5.3%.

Percent of Original List Price Received at Sale:

YTD 2008: 91.4%
YTD 2009: 87.8%
Change: -4.0%

This statistic stresses the importance of ensuring that homes are priced competitively and accurately at the very beginning of entering the real estate market. This statistic also illustrates that buyers are still taking full advantage of the current Buyer’s Market by finding success in negotiating the asking price.

All data provided by Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing.

Please call me at (414) 412-7980 or e-mail at dray@shorewest.com if you have any questions regarding the real estate market.

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Milwaukee Journal Sentinel: UWM drops plan to put freshwater school at lakefront site

2009-09-17T14:15:00.002-05:00

For months, it seemed certain that the University of Wisconsin-Milwaukee (UWM) was going to have a brand new School of Freshwater Sciences at the former Pieces of Eight restaurant site.

Almost immediately, the announcement of the site location drew criticism. Opponents argued that the site should remain available for public use and be turned into green space along the lakefront.

Apparently the opponents won this battle. In a surprise move, university officials announced that they are cancelling their plans to build the school on that site and will immediately resume their search for another location.

The university’s decision was made just one month after Michael Cudahy purchased the lease of the property for $1 million. Cudahy, a local philanthropist, was planning to donate the lease to UWM if the university won approval from city officials.

University officials cited several reasons for their decision including: (1) fight over the proper use of the site could adversely impact their ability to move forward with the new school, and (2) the restaurant site was not spacious enough to handle the needs of the school. Officials were concerned that the emotional battle over the use of the site would make it difficult for them to raise funds for the development. Officials also argued that a larger site is needed to accommodate classrooms as well as research labs.

Needless to say, the university’s decision upset Cudahy. The lesson to be learned is that when someone offers to give you $1 million in the form of a donation, you move forward with the proposed plans. According to Cudahy, “I just can't believe the university would cower under a few comments."

My Thoughts

Who knew that a parcel could cause so much controversy? There are certainly winners and losers in this battle.

Let’s start off with the losers - as there is a greater potential for a larger number of losers.

First, is the City of Milwaukee. University officials suggested that without building their school in such a prominent place as the site of the former Pieces of Eight restaurant, Milwaukee potentially loses its ability to be recognized as the center of water technology. Even Mayor Tom Barrett was hopeful that the school would have been built along Milwaukee’s lakefront. Now, Barrett’s biggest concern is that UWM chooses an alternative location that doesn’t have a city of Milwaukee address.

Second, is UWM. How likely is it that you will find another prominent, financially-able, individual who is willing to donate money you need to build your school? You now have a history of going against a donor’s wishes of making the school a reality.

Third, is the region. For months we have been hearing the buzz about how Southeastern Wisconsin could be the international center for freshwater technologies. With the current economic climate and historically-high rate of unemployment, the water technology industry would create jobs that will enable us to get through the recovery process faster.

I’m sure there are more losers, but it’s time to think of the winners in this deal.

For starters, the Cousins Center and the City of Port Washington appear to be on the university’s radar screen for the new school.

Milwaukee’s aldermen are quickly trying to find other alternative locations to keep the school in Milwaukee. One site that seems to make sense is in the Historic Third Ward. The city owns a parking lot that is being used by Maier Festival Park at the end of East Erie Street. This site has some appeal because of its accessibility to the harbor as well as offering sufficient space to meet the classroom and research needs of the university.

Let’s not forget that Cudahy still owns the lease to the former site of the Pieces of Eight restaurant. There’s still hope that this land will developed that will meet the needs of the city as well as its citizens.

Finally, Joe Bartolotta. His name and the Bartolotta Restaurant Group are being tossed around with the possibility of re-opening another restaurant on that site.

For those who have been following this story through my blog knows that I have always felt that using this site for a school did not make the most sense. One of my favorite dining experiences occurred at The Fish Market in San Diego. The food and service was very good. But, what really made the experience was looking out over the bay. The setting was beautiful. I have always wondered why Milwaukee could not have a successful restaurant that overlooked the lake, harbor, and downtown.

Tom Daykin, writer for the Milwaukee Journal Sentinel, provides more details regarding UWM’s decision and explains how both sides move forward. Click here to read more about the future of UWM’s School of Freshwater Sciences and the former site of Pieces of Eight restaurant>>>

Blogger’s Note: Is it right to call UWM a loser for backing out of this deal? I still think it was a foolish decision. However, Cudahy isn’t looking very good these days. According to Daykin, Cudahy would have controlled the design and construction of UWM’s school if his proposal was accepted by UWM (article titled “Cudahy wanted to control design, construction of UWM lakefront project”, September 17, 2009). Clearly giving up such control is not in the university’s best interest.

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