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Old March 10th, 2007, 08:40 AM   #61
brewcityfan
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Is the condo boom really near the end of the line??

From the JS:

Quote:
East side condo project 25% sold
Occupancy start set for fall '08
By TOM DAYKIN
[email protected]
Posted: March 9, 2007
A condominium development being built on Milwaukee's east side will have its underground parking structure completed by September, with construction of the development's twin towers to begin at that time, the developer said Friday.

Portions of the 291-unit Park Lafayette development should be available for occupancy by September 2008, said Warren Barr, president of Renaissant Development Group LLC.

The project, east of N. Prospect Ave. and north of E. Lafayette Ave., will feature twin 20-story towers.

Around 25% of the development's condos have already been sold, with buyers providing 10% down payments, said Lynn Buckley, director of sales and marketing for Park Lafayette.

Another 15% of the units are being reserved by prospective buyers, she said. Those reservations require a $2,500 refundable deposit.

Buckley said sales have been strong for the project, one of the largest condo developments in the Milwaukee area.

The marketing effort includes a full-size model of a two-bedroom condo at Park Lafayette's sales center, 2025 N. Summit Ave.

Park Lafayette's units start at $230,000 for a one-bedroom unit.

The development is aiming to fill a niche of offering high-quality units in a location overlooking Lake Michigan that are priced below other high-rises.

"It looks like we've hit that niche," said Barr, whose firm is based in Oak Brook, Ill.
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Old March 10th, 2007, 09:46 PM   #62
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Quote:
Originally Posted by brewcityfan View Post
Is the condo boom really near the end of the line??

how do u figure?????????? They've barely started construction and they are 25% sold, i'd say thats pretty good for this time in the construction.
25% of 291 = 73 units sold so far!
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Old March 10th, 2007, 10:38 PM   #63
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Quote:
Originally Posted by miltown View Post
how do u figure?????????? They've barely started construction and they are 25% sold, i'd say thats pretty good for this time in the construction.
25% of 291 = 73 units sold so far!
I said that because a few people on here suspect that the boom is about to end, or at least sloooow down. I was trying to make a point that it's not at all.

But hey, thanks for the calculations
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Old April 12th, 2007, 05:55 AM   #64
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I hate to bring this up again, but where is the link to the count of 6000+ condos under construction in downtown Milwaukee? I ask this because the entire four county region only had 140 new building permits in March and there were only 101 in February. This excludes condos I believe, but are downtown condos really being constructed at a 6x run rate versus all suburban housing? It doesn't seem realistic.

http://www.jsonline.com/story/index.aspx?id=587879
http://www.jsonline.com/story/index.aspx?id=575149

In the entire year of 2006, Milwaukee County issued building permits for 1443 total units. At that rate, it would take over four years to have 6,000 total units if Milwaukee County was building nothing but downtown condos.
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Old April 12th, 2007, 07:30 AM   #65
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Quote:
Originally Posted by arenn View Post
I hate to bring this up again, but where is the link to the count of 6000+ condos under construction in downtown Milwaukee? I ask this because the entire four county region only had 140 new building permits in March and there were only 101 in February. This excludes condos I believe, but are downtown condos really being constructed at a 6x run rate versus all suburban housing? It doesn't seem realistic.
You may have gotten something mixed up. There are not 6000+ units under construction. There are, however, 6000+ units that have been built, proposed, or under construction between 1997 and late-2006. This link to a residential development summary (for Downtown and near-Downtown neighborhoods) was posted earlier in the thread:

http://www.mkedcd.org/downtown/pdfs/Housing.pdf
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Old April 12th, 2007, 04:12 PM   #66
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Ah, thanks for the pointer.
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Old April 14th, 2007, 10:44 PM   #67
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From yesterday's Business Journal:
Quote:
Downtown condos: If you build them, they will come
Urban condo sales maintaining brisk pace
The Business Journal of Milwaukee - April 13, 2007by Rachel Mccormick-Jennings
Like people clamoring for Packers tickets on a fall Sunday, there's no shortage of buyers for area condominiums as sales continue to keep pace with the number of units being developed in Milwaukee's downtown, 3rd Ward and east side areas.

Condominium developers and real estate brokers say sales are going well and, unlike in the housing market, report steady interest from buyers. Spots in and around downtown remain hot because buyers like the idea of living close to work and being surrounded by an entertainment venue while escaping the maintenance that comes with owning a home, developers said.

"Milwaukee is seeing big growth in its downtown," said Tim Gokhman, director of sales and marketing for New Land Enterprises, Milwaukee. "Companies like GE Healthcare and Kohl's Department Stores are bringing in new employees who are used to living on the coast in urban environments. Downtown is perfect for them when they relocate to Milwaukee."

New Land Enterprises' latest condominium developments include the Sterling, 1550 E. Royall Place, and City Green, 1111 N. Marshall St., both near downtown Milwaukee.

The Sterling is a 112-unit project. There are 56 one-bedroom and 56 two-bedroom units that range from 1,357 to 1,842 square feet. New Land Enterprises had sold 101 units as of April 3, with selling prices between $170,000 and $425,000, Gokhman said.

City Green is expected to be ready for occupancy by July. Considered a high-end boutique condominium, the project has 44 units with only five units per floor; the units range from 1,400 to 2,200 square feet. So far, 11 units have been sold for between $350,000 and $700,000 each, Gokhman said,

Gokhman said City Green's sales may appear slow but are on par with condo sales at other buildings that aren't complete.

"We expect to see a surge in sales in the City Green property once it's built," Gokhman said. "There's no doubt in my mind that this building will sell out."

Rod Engel, owner of Legacy Real Estate Development L.L.C. in Deerfield, Ill., is also selling area condo units as fast as they're being built.

At his current development, The Flatiron, 1541 N. Jefferson St., 55 of the 72 units have been sold and another five are under contract to be purchased, Engel said.

The Flatiron has a mix of one- and two-bedroom units ranging from 750 to 1,400 square feet. They're selling from $149,900 to $329,900.

"Sales have been going really well," Engel said. "When it was cold in February sales dropped, but since the weather broke more buyers have been out to see the condos and are making offers."

Cass Stephens, owner of Cassidy Realty, Milwaukee, is preparing to break ground on his first condominium development -- Cambridge River North Condominiums -- on Milwaukee's east side.

The project is located on North Cambridge Avenue, just south of North Avenue along the Milwaukee River. Stephens said he expects construction to begin on the $14 million project in June and that it will be ready for occupancy by the summer of 2008.

The five-story building will have 36 two-bedroom and 12 one-bedroom units. Each unit will have a private patio or deck, stainless steel appliances, granite kitchen countertops and a natural gas fireplace.

Presales on the building began in October 2006. As of April 3, Stephens had presold 14 units, he said.

"Spring and summer are when leases on apartments expire typically and those people will be looking to buy," Stephens said. "There's no doubt that the building will sell out."

ALL ABOUT LIFESTYLE
Those developers interviewed by The Business Journal said the buyers purchasing condo units in their developments primarily are Milwaukee-area young professionals and baby boomers. Only a few of the buyers have been from the Chicago area.

"There's definitely a lifestyle shift happening in Milwaukee," Stephens said. "The whole walking to work instead of driving and being entertained where you live is a new and exciting concept for young professionals."

Engel said it's also about the maintenance-free lifestyle.

"Whether you're young or old, both of these groups are on the go constantly and don't have time to maintain a home's lawn or gutters. When you buy a condo, someone takes care of all that for you," Engel said.

Condos are also selling well because they provide young professionals with opportunities to establish themselves, said Jim Schleif, a broker and associate with Shorewest Realtors' north shore office.

"Owning a condo gives young professionals a chance to establish credit, a mortgage and earn equity. A condo is a great first step. Why rent when you can buy?" he said.

Schleif said he sells about four condos a month and has seen no indication of a slowdown of purchases in the condominium market.

"I think that builders are listening to the market and creating developments that work well for today's lifestyle," Schleif said.

With summer on the horizon, Schleif estimates that condo sales will begin to surge because buyers tend to emerge from their shells and look for places to live.

"There's a limited amount of new condominiums available if you're planning to move in the next few months. People are going to be on the hunt," Schleif said.
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Old April 15th, 2007, 04:29 AM   #68
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City Green:
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Old April 15th, 2007, 04:17 PM   #69
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I don't suppose you got any pictures of the Cass St. side of City Green did you MMark? I can't quite put my finger on why, exactly, but I am just in love with the glass on this building!
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Old April 16th, 2007, 01:01 AM   #70
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Originally Posted by ClarkWGriswald View Post
I don't suppose you got any pictures of the Cass St. side of City Green did you MMark? I can't quite put my finger on why, exactly, but I am just in love with the glass on this building!
Sure did.



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Old April 18th, 2007, 07:07 PM   #71
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Downtown condos: If you build them, they will come
Urban condo sales maintaining brisk pace
The Business Journal of Milwaukee - April 13, 2007by Rachel Mccormick-Jennings

Like people clamoring for Packers tickets on a fall Sunday, there's no shortage of buyers for area condominiums as sales continue to keep pace with the number of units being developed in Milwaukee's downtown, 3rd Ward and east side areas.

Condominium developers and real estate brokers say sales are going well and, unlike in the housing market, report steady interest from buyers. Spots in and around downtown remain hot because buyers like the idea of living close to work and being surrounded by an entertainment venue while escaping the maintenance that comes with owning a home, developers said.

"Milwaukee is seeing big growth in its downtown," said Tim Gokhman, director of sales and marketing for New Land Enterprises, Milwaukee. "Companies like GE Healthcare and Kohl's Department Stores are bringing in new employees who are used to living on the coast in urban environments. Downtown is perfect for them when they relocate to Milwaukee."

New Land Enterprises' latest condominium developments include the Sterling, 1550 E. Royall Place, and City Green, 1111 N. Marshall St., both near downtown Milwaukee.

The Sterling is a 112-unit project. There are 56 one-bedroom and 56 two-bedroom units that range from 1,357 to 1,842 square feet. New Land Enterprises had sold 101 units as of April 3, with selling prices between $170,000 and $425,000, Gokhman said.

City Green is expected to be ready for occupancy by July. Considered a high-end boutique condominium, the project has 44 units with only five units per floor; the units range from 1,400 to 2,200 square feet. So far, 11 units have been sold for between $350,000 and $700,000 each, Gokhman said,

Gokhman said City Green's sales may appear slow but are on par with condo sales at other buildings that aren't complete.

"We expect to see a surge in sales in the City Green property once it's built," Gokhman said. "There's no doubt in my mind that this building will sell out."

Rod Engel, owner of Legacy Real Estate Development L.L.C. in Deerfield, Ill., is also selling area condo units as fast as they're being built.

At his current development, The Flatiron, 1541 N. Jefferson St., 55 of the 72 units have been sold and another five are under contract to be purchased, Engel said.

The Flatiron has a mix of one- and two-bedroom units ranging from 750 to 1,400 square feet. They're selling from $149,900 to $329,900.

"Sales have been going really well," Engel said. "When it was cold in February sales dropped, but since the weather broke more buyers have been out to see the condos and are making offers."

Cass Stephens, owner of Cassidy Realty, Milwaukee, is preparing to break ground on his first condominium development -- Cambridge River North Condominiums -- on Milwaukee's east side.

The project is located on North Cambridge Avenue, just south of North Avenue along the Milwaukee River. Stephens said he expects construction to begin on the $14 million project in June and that it will be ready for occupancy by the summer of 2008.

The five-story building will have 36 two-bedroom and 12 one-bedroom units. Each unit will have a private patio or deck, stainless steel appliances, granite kitchen countertops and a natural gas fireplace.

Presales on the building began in October 2006. As of April 3, Stephens had presold 14 units, he said.

"Spring and summer are when leases on apartments expire typically and those people will be looking to buy," Stephens said. "There's no doubt that the building will sell out."

ALL ABOUT LIFESTYLE
Those developers interviewed by The Business Journal said the buyers purchasing condo units in their developments primarily are Milwaukee-area young professionals and baby boomers. Only a few of the buyers have been from the Chicago area.

"There's definitely a lifestyle shift happening in Milwaukee," Stephens said. "The whole walking to work instead of driving and being entertained where you live is a new and exciting concept for young professionals."

Engel said it's also about the maintenance-free lifestyle.

"Whether you're young or old, both of these groups are on the go constantly and don't have time to maintain a home's lawn or gutters. When you buy a condo, someone takes care of all that for you," Engel said.

Condos are also selling well because they provide young professionals with opportunities to establish themselves, said Jim Schleif, a broker and associate with Shorewest Realtors' north shore office.

"Owning a condo gives young professionals a chance to establish credit, a mortgage and earn equity. A condo is a great first step. Why rent when you can buy?" he said.

Schleif said he sells about four condos a month and has seen no indication of a slowdown of purchases in the condominium market.

"I think that builders are listening to the market and creating developments that work well for today's lifestyle," Schleif said.

With summer on the horizon, Schleif estimates that condo sales will begin to surge because buyers tend to emerge from their shells and look for places to live.

"There's a limited amount of new condominiums available if you're planning to move in the next few months. People are going to be on the hunt," Schleif said.
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Old April 18th, 2007, 07:40 PM   #72
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Great News for Milwaukee economy and population
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Old April 24th, 2007, 07:41 AM   #73
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Yesterday a proposal came out for a 30-story high-rise in downtown Milwaukee with an Element Hotel (Starwood Hotels owned) and condo/penthouse units.

Thanks to exit_320 and the Journal Sentinel.
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Old April 25th, 2007, 01:16 AM   #74
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It's a cross between UCT and Kilbourn.
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Old April 25th, 2007, 03:25 AM   #75
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It's a cross between UCT and Kilbourn.
it sure is
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Old April 26th, 2007, 04:24 AM   #76
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Originally Posted by MilwaukeeMark View Post
It's a cross between UCT and Kilbourn.
Wow, it is. That's really creepy.
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Old April 26th, 2007, 05:05 AM   #77
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Now let's make it a different color!
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Old April 26th, 2007, 04:11 PM   #78
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Now let's make it a different color!
i like the white but I am open to different colors I'd just have to see them...

Ruvin's building will be black across the street from this one so it will have good contrast, being white....
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Old April 26th, 2007, 07:03 PM   #79
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Let's make it more European by changing it to a bold color like bright yellow or red. OR even better, make it the same blue color as the Reuss Federal Plaza, so the two can be companions.
NOTE: I'm kinda half serious with these suggestions.
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Old April 27th, 2007, 01:34 AM   #80
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Let's make it more European by changing it to a bold color like bright yellow or red. OR even better, make it the same blue color as the Reuss Federal Plaza, so the two can be companions.
NOTE: I'm kinda half serious with these suggestions.
That's funny... I was just talking with a friend of mine about the proposed tower and she said she was "okay with white... It could be a hell of a lot worse... think Reuss Federal Plaza downtown."

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