I recently analyzed responses from a survey which asked what downtown Milwaukee can do to bring more people into the city. Some of the most popular answers include:
(1) More affordable parking options
(2) More shops (many suggesting that more improvements needed to The Shops of Grand Avenue),
(3) More efficient mass transit
(4) More sports teams (e.g. MLS, NHL)
(5) A movie theater (e.g. iPic)
(6) Sponsor more events (e.g. street events, community events, family-friendly events)
(7) More restaurants and cafes (several responded that the Riverwalk needs more businesses - comparing it to other riverwalks in other cities)
(8) Adding a greater police presence to make their visit safer
As I have noted in the survey: "I
live downtown, but I am happy to share my thoughts on the topic. Downtown is a lifestyle. When we moved from the suburbs, we were
prepared to drive less and find other modes of transportation. Many of
the neighborhoods within downtown are walking neighborhoods. Parking is a
challenge, but no different than other major cities. Improved public
transportation could make it easier to get around. Higher-end large box
stores would allow us to shop downtown versus driving to the malls. So
much can be done to bring more people downtown."
MORE AFFORDABLE PARKING OPTIONS / MORE EFFICIENT MASS TRANSIT Advice: Get out of the car. For years, Milwaukee has had an identity crisis. It seems downtown Milwaukee wants to have a greater presence. Downtown wants to grow and flourish. In my opinion, mass transit is one of the answers. Many people responded to this question suggesting Milwaukee would benefit from rail (light rail, high speed, train). This actually surprised me as I have heard many people argue that rail would not add any value to the metro. When I visit other major cities that offer rail or subway, I use it frequently. It's fast, easy, and convenient. MORE EVERYTHING (SHOPS, RESTAURANTS, MOVIE THEATER, TEAMS) To respond to this issue, I looked at the tax records of every single-family and condominium unit located in 53202 (downtown Milwaukee's primary zip code). I found 4,934 dwellings (single-family and condominium units) within 53202. This doesn't include apartment units. That's a lot of families. The total tax base in 53202 is $1.2 Billion. The majority of these dwellings are assessed at $250,000 or less (73%). Over thirty-percent of the total number of dwellings is assessed at or below $150,000. Of the 4,934 units, nearly 130 are assessed between $750,000 and $13 Million. Therefore, it appears that downtown Milwaukee offers a diverse lifestyle. Attention: Kohl's, Target, & Others:
It seems to me that mid-to-high-end stores could succeed in downtown Milwaukee. Several people suggested they would like to see: Target, Trader Joe's, Nordstrom, T.A. Chapman, Niemen's, Saks, as well as more indie shops. It seems to me that Milwaukee could support an MLS team and an NHL team. It seems to me that Milwaukee could benefit from having a movie theater in downtown. ONE OTHER SUGGESTION FROM THE SURVEY An Entertainment District (e.g. Navy Pier and the Power & Light District in Kansas City): There was a plan to build an entertainment district along McKinley as part of a plan to improve the Bradley Center. Some respondents suggested that more commercial options should be added along the lakefront. Alterra seems to be a profitable business at the lakefront as it is always crowded. I think Milwaukee could benefit by adding a nice mix of businesses along Lincoln Memorial and still maintain the park-like image for all to enjoy. WHAT WASN'T MENTIONED Most people who follow my Facebook posts and tweets know that I am opposed to creating a special tax district which will financially impact a fraction of downtown dwellers to improve two downtown parks. Those who support this district suggest that improvements made to the two parks will draw more people to downtown. Out of the hundreds of posts I reviewed, not one indicated that they would come downtown if improvements were made to either Cathedral Square Park or Juneau Park. Alderman Bauman, Common Council, and Mayor Barrett should look at the posts to get a feel for what is most important to the people of Milwaukee. Disclaimer: All data and information provided on this site is for informational purposes only. The author makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. This is a personal weblog. The opinions expressed here represent my own and not those of my broker.
Feel free to leave a comment as I am happy to continue to discuss how downtown Milwaukee can improve to enhance the experience of all who visit. -----
An Analysis of Real Estate Inventory: Why Now Seems Like A Great Time To Sell
I recently analyzed inventory data for single-family homes located in Milwaukee County between November 2010 and October 2012 to determine if demand is keeping up with supply.
For the years that followed the peak in 2006, buyers have since left the market causing a glut of inventory of homes. The few buyers that remained in the market found plentiful options and great bargains during the Buyer's Market of that time.
In 2012, the market shifted again toward a healthier, more balanced market. Today's buyer is still enjoying the benefits of historically-low interest rates and low housing values; but, have much fewer options than those buyers who purchased homes in 2011. Many real estate agents are noticing an increase in the number of bidding wars. Fewer inventory (i.e. competitors) may mean greater opportunities for you to sell your home during a market where demand seems to be keeping up with supply. Buyers are back!
My analysis includes four categories of inventory: (1) Active Listings (in Total), (2) New Listings, (3) Pending Listings (an indicator when offers were being written and accepted), and (4) Sold Listings.
Inventory levels peaked during Q2 2011 and have generally declined since. We typically experience a cycle during the course of the year which indicates that the market slows during the winter months and peaks during the spring/summer months. For this reason, our lowest point occurred during January 2012 and bounced back up in February. However, over time, inventory has declined since July 2011.
NEW LISTINGS:
Low: 520 Listings Entered the Market (December 2011) Peaked: 1,145 Listings Entered the Market (March 2011) Current: 734 Listing Entered the Market (October 2012)
As noted with Active Listings, inventory levels (along with new entrants to the market) tend to decrease during the winter months and increase during the spring/summer months. New entrants to the market dipped during Q4 2011, increased sharply during Q1 2012, and has tapered off since.
During the 24-month period analyzed, the frequency of real estate sales increased to its peak during Q2 2012 and has slightly tapered off since.
OVERALL OBSERVATION
Within a calendar year, there appears to be a cycle - peaking during the Q2 and dipping during Q4. The peak season appears to begin early each year (February 2012) and continues through the summer/fall. Despite the cycle, it is important to note that buyers are still submitting offers (196 offers accepted during October 2012) and deals are still closing during the quieter months (552 closed deals during October 2012).
Demand - as reflected by Pending and Sales - peaked during Q2 2012 and has decreased slightly since.
Supply - as reflected by Active and New - peaked during the first half of 2011 and has decreased since.
Supply of homes peaked approximately one year before demand peaked. For this reason...
"In 2012, the market shifted again toward a healthier, more balanced
market. Today's buyer is still enjoying the benefits of
historically-low interest rates and low housing values; but, have much
fewer options than those buyers who purchased homes in 2011. Many real
estate agents are noticing an increase in the number of bidding wars.
Fewer inventory (i.e. competitors) may mean greater opportunities for
you to sell your home during a market where demand seems to be keeping
up with supply. Buyers are back!"
Message for Home Owners Who Are On The Fence About Selling
This analysis seems to indicate that Buyers are back with limited number of options. It would seem likely that you will experience greater success in selling your home than those who attempted to sell their home since the peak of the housing market. If you are contemplating selling your home, then I suggest you beat the cycle and enter the market shortly after the new year begins.
Please leave a comment or send me an e-mail at dray@shorewest.com and let me know if you have any questions regarding my analysis or the real estate market in Metro Milwaukee. -----
2Parks NID: It's Impact on Milwaukee's East Town & Your Wallet
The 2Parks NID is a proposed plan that will tax the home/condo owners who reside within the East Town Association and business owners who operate a business within the East Town Association. The NID will put aside tax revenue to help enhance and improve two parks: Cathedral Square Park and Juneau Park.
I think we can all agree that everyone wants to have the nicest looking parks in the county. During the last City Plan Commission (CPC) meeting, the members who initiated the proposed NID hired a local architect to draft plans for the two parks. At first glance, the renderings looked very impressive.
The CPC ruled that further discussion among the members of the proposed NID needed to be done before it would approve such an idea. Topics for further discussion include:
(1) Is it fair and equitable to tax a few people for the benefit of many? One can assume that Cathedral Square Park draws more people in from outside the East Town Association during their weekly farmer's market, during their weekly outdoor jazz concert, or during their annual Bastille Days festival.
(2) Who are the likely candidates to receive any financial benefit of improved parks? It can be viewed that those entities that will see greater financial reward for improved parks are the businesses that surround them. As a condo owner who resides in the East Town, what financial benefit will I receive from paying this additional tax to improve the look of our neighborhood parks? In my opinion, this seems like an opportunity to shift money in our savings account to local business owners as well as the firms that will be hired to improve the look of our neighborhood parks.
(3) Does the existence of a NID create a two-tier park system in the county? This argument suggests that residents who live in more affluent sections of the county will enjoy a higher-tier park versus those that are not in the best financial position to create a NID (thus, only relying on county tax dollars to maintain the parks). Again, is this fair for the residents of Milwaukee County?
(4) More transparency, more accountability, and city representation. Who are the members of the proposed NID? Alderman Bauman argued during the last CPC meeting that a representative from the city should receive voting rights on the Board so that the NID doesn't make improvements to our parks that may not be in the best interest of the city and our neighborhood.
I encourage all of my readers (especially those that live in Milwaukee's East Town) to attend both the information session and the CPC meeting. Don't know much about the 2Parks NID? Now is a good time to dive in and explore its impact on the East Town Association and its residents.
Disclaimer: This is a personal blog. The opinions expressed here represent my own, those providing comments are theirs alone, and none of which reflect the opinions of Shorewest, REALTORS(R) or any employee thereof. Shorewest, REALTORS(R) is not responsible for the accuracy of any of the information supplied by me or those who provide comments on this blog.
Medicare Surtax in 2013: Impact on Real Estate Transactions
Do you own real estate as an investment? Are you looking to sell any of your investment properties during the next 12 months? You may wish to consider selling them in 2012 as it may be more expensive to do so beginning in 2013.
According to the National Association of REALTORS® (NAR): "Beginning January 1, 2013, a new 3.8 percent tax on some investment income will take effect. Since this new tax will affect some real estate transactions, it is important for [you] to clearly understand the tax...Understand that this tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals when an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI."
A short video from Putnam explains how the tax works:
The NAR prepared the following PDF to provide additional information regarding the Medicare Surtax as well as case examples under various situations:
Please leave a comment and let me know if you have any additional questions or concerns regarding the Medicate Surtax and its impact on your next real estate transaction.
If You're Not Selling In This Market, Then You're Doing It Wrong
There are many factors in real estate that determine value. Zestimates are not one of them. Some of the key components for successful valuation include: Location, condition, size, room count, floor plan, age of home, view, builder/developer reputation, unemployment, mortgage rates, consumer confidence, etc. For units located in condominium associations, you can also add the financial strength of the association. Every property will excel in a few areas; but, it is unrealistic to think that every property will excel in all.
I recently analyzed inventory levels of condominium units located in the 53202 zip code (which is the main zip code of downtown Milwaukee). I wasn't looking at any particular price point during this analysis; therefore, this analysis includes units as small as efficiencies and units as large as penthouse units in luxury high-rise buildings. (Disclaimer: The results discussed throughout this blog was supplied by Metro Multiple Listing Service ("MLS"))
If you are attempting to sell your unit in today's market and you're not successful in attracting a buyer to your unit, then you're not doing something right. It might be that you incorrectly valued your unit. It might be that you implemented inappropriate negotiating skills when you received an offer and it failed to come together.
A condominium owner who attempted to sell his or her unit in 2010 was twice as likely to fail than an owner in today's market.
July 2010
* 53 new listings entered the market during the month
* 10 owners were successful in closing their deal
* An owner who was trying to sell his or her unit joined 537 other owners who were trying to attract a buyer
Metro MLS computed 53.80 months of inventory in July 2010. In other words, based on our inventory levels in July 2010, it was projected that our inventory levels would have cleared in roughly 54 months assuming that none of the other owners entered the market.
July 2011
* 34 new listings entered the market during the month (36% fewer new listings than reported in July 2010)
* 20 owners were successful in closing their deal (twice as many as reported in July 2010)
* An owner who was trying to sell his or her unit joined 410 other owners who were trying to attract a buyer (23% fewer competitors than reported in July 2010)
Metro MLS computed 20.55 months of inventory in July 2011 (four-plus years of inventory to less than two years in one year's time).
June 2012
* 27 new listings entered the market. Typically, the summer months are considered the "busy season" for real estate. Encouraging condominium owners to enter the market has been a challenge during the past 12 months. Financially, many owners will be taking a loss on the sale of their units. On the other hand, condominium unit owners are likely to succeed in selling their units in today's market as there are fewer owners to compete.
* 33 owners were successful in closing their deal. During the past two years, there were three months when closed deals exceeded new listings (December 2011, April 2012, and June 2012). Although, supply of available condominium units are decreasing, units sold are increasing. Today's buyers have fewer options available to them than buyers who were in the market in July 2010. The key difference is that today's buyers are buying.
* An owner who was trying to sell his or her unit joined 285 other
owners who were trying to attract a buyer (nearly half as many competitors than
reported in July 2010)
Metro MLS computed 8.67 months of inventory last month (four-plus
years of inventory to less than a year's worth in two year's time).
If you were one of the 33 unit owners who succeeded in closing your deal last month, then congratulations!
If you're still on the market, then you should review your marketing plan and pricing strategy to determine if any changes are needed.
If you're on the fence about selling your unit, then the results of this report should provide you with a sense of cautious optimism. We're not out of the woods yet, but it appears that we're moving in the right direction and leveling the playing field. The balance of power shifted slightly in favor of sellers during the past few years. It is still a buyer's market and buyers are still influencing the direction of negotiations. However, with an aggressive marketing plan and implementing an appropriate pricing strategy, you may find that you're more likely to sell in today's market than your counterpart a year ago. With buyer demand on the rise, you may even experience a bidding war.
This analysis looks at one particular sub-market in Metro Milwaukee. The downtown condominium market has experienced some significant swings in values over the past decade. Your sub-market may reflect different results.
Please contact me at dray@shorewest.com if you have any questions regarding the real estate market in Metro Milwaukee.
Based on most recent mortgage rate sheet from Wisconsin Mortgage Corporation
(www.wimort.com).
Disclaimer: Posted rates are subject to adjustments based on Customer Credit
Score and Loan-To-Value. Terms are subject to change without notice. This is
not an advertisement to extend consumer credit per Sec. 226.2 of Regulation Z.
Please leave a comment if you need any additional information.
Attention Parents of College-Aged Children! Is your son or daughter working toward a degree at Marquette University, UW-Milwaukee, or Milwaukee School of Engineering?
Compare your dorm expenses to Unit 211 of Cambridge Terrace:
Details:
* 2 Bedrooms
* 1 Indoor Parking Space
* Common Area Laundry
* Near Heart of Milwaukee's East Side
* Near Public Transportation
Financial Information:
Asking Price:
$116,000
80% LTV: $92,800
Estimated Mortgage Rate:
4.000%*
Amortization Period:
30 Years
Monthly Real Estate Taxes: $284.65**
Monthly Homeowners Insurance: $25 (Estimate)
Monthly Condominium Dues:
$236
TOTAL MONTHLY PAYMENT:
$988.69***
* Posted rates are subject to adjustments based on
Customer Credit Score and Loan-To-Value (LTV).
Terms are subject to change without notice. This information is provided to assist the
Real Estate Professionals, and is not an advertisement to extend consumer
credit as defined by Section 226.2 of Regulation Z. Blog post published June 25, 2012.
** Monthly Taxes are based on 100% of 2011 Paid Taxes of
$3,415.75
*** Total Monthly Payment includes: (1) Initial Principal and Interest based on
the above assumptions, (2) Real estate tax escrow, (3) Homeowners insurance
escrow, and (4) Monthly condominium dues.
Please contact me at (414) 226-4761, Ext. 132 or dray@shorewest.com for more information
regarding Cambridge Terrace.
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2 BA, Parking | #mke #realestate | http://ht.ly/9hNyX
* Still looking for our next home. Anyone have a condo in
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allow dogs, among other features. Please
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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
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Please share a comment if you have any questions regarding the real estate market.
Downtown Milwaukee Condo Market: Looking Back on 2011
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).
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?
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.
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.
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.
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!
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?
Downtown Milwaukee Condo Market | Results for 2010
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.
Blog dedicated to news and information about Milwaukee's growing condo market. Information maintained by David Ray of Shorewest Realtors, specializing in condos in Milwaukee's downtown, East Side, Third Ward, Brewer's Hill, and Walker's Point. For more information about buying or selling real estate in Milwaukee, please contact David Ray at 414.961.8314 X148, dray@shorewest.com, or DavidKnowsDowntown.com.
Real Estate Broker Associate / Realtor® / CSRS / CPA ***** I am a lifetime resident of metro Milwaukee Area. I enjoy the restaurants, activities, events, and nightlife in Milwaukee's downtown and surrounding areas including the East Side, Third Ward, and Walker's Point. I am a Real Estate Broker Associate, Realtor®, and Certified Shorewest Relocation Specialist specializing in the downtown Milwaukee condominium market, although I represent buyers and sellers through the greater Milwaukee area. When not listing, showing, or selling real estate, I enjoy walking my two Shiba Inus (a Japanese breed) and relaxing with family and friends.
