House Hunters - Milwaukee: Downtown Condo Search
Condo 1:
Southwest Corner Unit
Hardwood Floors
Private Balcony
Gas Fireplace
1 Parking Space (w/ Option to rent a second space)
Condo 2:
Northwest Corner Unit
Under Construction
High-End Finishes
2 Parking Spaces
No Balcony
Condo 3:
Indirect Views of Lake Michigan
Spacious Private Terrace
Crown Molding
2 Parking Spaces
Condo 4:
Southeast Corner Unit
16' Ceilings
Gas Fireplace
Private Balcony
Loft Overlooking Great Room
Condo 5:
Northwest Corner Unit
Gas Fireplace
Private Balcony
No Parking - With Option to Purchase
Condo 6:
Indirect Views of Lake Michigan
Private Balcony
2 Parking Spaces
Condo 7:
Top-Floor Unit
New Condo Development
Private Balcony
2 Parking Spaces
Which Condo Did We Choose?
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Labels: Real Estate, Shorewest
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.
Labels: Real Estate, Shorewest
Weekly Real Estate Update - June 2, 2012
* Open
Sunday | Noon-1:30p | Spacious 1 Bedroom Loft | Heart of Historic Third Ward | #mke
#realestate | http://ht.ly/biGI2
* Please
contact me if you need assistance with a real estate need. I can put you in touch with a quality
agent...almost anywhere. http://ht.ly/7qBg4
* Coming
Up | South-Facing Condo @ The Sterling | Impressive City Views | Near Brady
Street | #mke #realestate
* Live/Work Downtown MKE? Please join Milwaukee’s Downtown Neighbors’
Association. Receive our periodic e-newsletter, updates: http://ht.ly/97iRU
* Downtown
Milwaukee Condo | High-End Finishes & Affordable Price | Cambridge Terrace
| 2 BR, Parking | #mke #realestate | http://ht.ly/9hNFB
* Downtown
Milwaukee Condo | Historic Water Tower District @ Wyoming Place | 169K | 2 BR,
2 BA, Parking | #mke #realestate | http://ht.ly/9hNyX
* Still looking for our next home. Anyone have a condo in
Downtown Milwaukee they want to sell? Must
allow dogs, among other features. Please
contact me with information. Thanks!
* Downtown
Milwaukee Condo | Sleek, Sophisticated, Stunning: Luxurious, Well-Appointed,
Corner, Penthouse | #mke #realestate | http://ht.ly/9hNJJ
* Whitnall
Park Condo | Spacious, Top-Floor Unit: Open-Concept,
Cathedral Ceilings, Fireplace | 155K | #mke #realestate | http://ht.ly/asYEg
* Mortgage
rates continue to bounce around 4%. Have
you considered refinancing your loan to lock-in at a lower rate? Contact me for more information.
Labels: Real Estate, Shorewest
Weekly Real Estate Update - February 25, 2012
Please contact me if you need assistance with a real estate need. I can put you in touch with a quality agent...almost anywhere. http://ht.ly/7qBg4
NEW LISTING | Historic Water Tower District Condo @ Wyoming Place | 2 BR, 2 BA, Parking, Top-Floor | #mke #realestate |
http://ht.ly/9hNyX
Downtown MKE Condo Market: Inventory levels are half of what they were two years ago. Buyers are back. Contact me for market info. http://ht.ly/95geKNEW PRICE | Great Location & High-End Finishes @ Cambridge Terrace | $120K | 2 BR, Indoor Parking | #mke #realestate |
http://ht.ly/9hNFB
MKE Real Estate Market Observation: Bidding wars, fewer listings to choose from. Tide shifted? No longer the Buyer's Market of the past few years.NEW PRICE | Sleek, Sophisticated, Stunning: Well-Appointed Penthouse Condo @ Van Buren City Lofts | #mke #realestate |
http://ht.ly/9hNJJ
Live/Work Downtown MKE? Please join Milwaukee’s Downtown Neighbors Association. Receive our periodic e-newsletter, updates: http://ht.ly/97iRU
Open Sunday | Noon-3p | High-End Finishes & Affordable Price | Cambridge Terrace | 2 BR, Parking | #mke #realestate |
http://ht.ly/9hNFBMortgage rates continue to bounce around 4%.
Have you considered refinancing your loan to lock-in at a lower rate?
Contact me for more information.
This Weekend’s Open House Listing | From Bay View to East Side / Riverwest | I'll be at #4 | #mke #realestate | http://ht.ly/9hO8k----
Labels: Real Estate, Shorewest
Weekly Real Estate Update - January 6, 2012
Open Sunday | 2p-3:30p | High-End Finishes & Affordable Price | Cambridge Terrace | 2 BR, Parking | http://ht.ly/627gY
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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Labels: Finance, Real Estate, Shorewest
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.
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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Labels: Finance, Real Estate, Shorewest
Help me choose a new tagline and win a free tank of gas!
"Lives Downtown. Knows Downtown." No more.After six-plus years of living in a downtown condo, Sarah and I have decided to give Shorewood a shot. Since I began my career in real estate, I have aggressively marketed my services as a downtown condominium specialist. Although we will no longer call downtown home, I am planning to continue to work and specialize in the downtown community. Downtown is a vibrant, dynamic area and I will miss being a part of it. Therefore, I will no longer be David Ray, "Lives Downtown. Knows Downtown."
This is where you come in. I will continue to "Knows Downtown" and will maintain my website, DavidKnowsDowntown.com. However, I will need your help in coming up with a new tagline. Clearly, I can no longer advertise that I live downtown.
How to register:To register to win a $50 gas card, please e-mail me suggestions for my new tagline. Entries will be accepted up until midnight on August 31. On or around September 1, Sarah and I will review all of the entries and pick our "Top 3." I will present the "Top 3" during my September 15th edition of my e-newsletter. Between September 15 and September 30, you will have a chance to vote for the "Best Tagline." The person who suggests the "Best Tagline" will win the $50 gas card. It's that easy. There is no limit for the number of entries. I will announce the winner in the October 15th edition of my e-newsletter.
E-mail me at dray@shorewest.com with your suggestions. Good luck!
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Labels: Shorewest
