News

HUD awards $30M to redevelop Milwaukee’s Westlawn public housing

U.S. Department of Housing and Urban Development (HUD) Deputy Secretary Nani Coloretti visited Milwaukee on Monday, September 28th to announce the city of Milwaukee and the Housing Authority of the city of Milwaukee were awarded a $30 million "Choice Neighborhoods Implementation Grant." The money will be used to redevelop the Westlawn public housing development and revitalize the surrounding Westlawn neighborhood.

Mayor Tom Barrett

"This is a great, great day for the city and I couldn't be happier to have you all here today," Milwaukee Mayor Tom Barrett said.

The "Transformation Plan" at Westlawn includes the redevelopment of 708 new mixed-income housing units, including 394 replacement units, both on the Westlawn site and in the surrounding neighborhood. In addition, officials say the plan includes strategic investments to improve the entire neighborhood by reducing the negative effects of foreclosures, improving access to retail and transportation, and strengthening families’ health and employment.

September 28, 2015

Endless Supply of Pre-Approved Home Buyers

We have just teamed up with a local firm that assists 1st time home buyers through the home buying process. These home buyers are already

pre approved and ready to move forward and make a purchasing decision. Since our properties must pass a vigarous inspection before they are put on the sales market, this means that for the buyer the property is "move-in ready" and many of the high repair cost items have already been addressed. This is appealing to many home buyers who don't want to enter into a home purchase with questionable conditions of the home that may lead to future expensive repairs like plumbing, furnace, roof, etc.

Placing pre-approved buyers into turnkey properties means a significantly less amount of time on the market to sell the home and a quicker ROI for the investor.

March 3, 2015

Article courtesy of Fox6News

Survey: Single-Family Renters More Likely to Stay Longer

Renters who opt for single-family homes over apartments are more likely to live in those homes for five years or longer and more interested in ultimately becoming a homeowner, according to a study released Monday.

Some 26% of single-family-home renters said they planned to live in their current rental for five years or more, compared with 22% for renters in multifamily buildings. Three out of every five single-family renters also said they planned to become a homeowner within five years, compared with just 44% of apartment renters.

More than 14 million renters live in single-family homes in the U.S., but over the past year the sector has received much more attention from private-equity funds and other institutional investors looking to build large pools of rental homes by purchasing foreclosures and other distressed properties at fire-sale prices.

While some critics have questioned the ability of these firms to effectively manage hundreds or thousands of single-family homes scattered across a city, the lower turnover of single-family tenants could help reduce costs for landlords.

The survey, conducted by ORC International for Premier Property Management, also found that a majority of apartment and single-family renters indicated that they rent because they enjoy the lifestyle, and not because they’re unable to get a mortgage. Less than one third of renters cited an inability to get a mortgage as the reason they won’t become a homeowner within five years.

Compared with apartment tenants, tenants of single-family homes are twice as likely to have kids. They also tend to have higher median household incomes and value neighborhood amenities such as good schools and parks more than apartment dwellers.

ORC conducted the survey of 1,006 adults between Jan. 10 and Jan. 13.

Corrections & Amplifications: The ORC survey found that some 26% of single-family-home renters said they planned to live in their current rental for five years or more, compared with 22% for renters in multifamily buildings. A previous update to this blog post, based on a statement from an ORC spokesman, incorrectly cited the percentages as 30% and 24%.

Article courtesy of WSJ Online Feb. 25, 2013

Wisconsin housing property values up for first time since 2008

For the first time since 2008, the combined value of Wisconsin’s residential properties increased this year, according to the Wisconsin Department of Revenue.

Wisconsin’s housing properties were worth a combined $336.8 billion as of January 1. That is an $8.1 billion increase compared with the start of 2013. The previous year, values fell 1.43 percent.

Milwaukee County experienced a 1 percent increase in residential real estate value, and Waukesha County increased 4 percent.

All of the real estate in Wisconsin increased to $479 billion as of January 2014, a 2.6 percent increase. Commercial properties increased 3.2 percent to $91 billion total. The only decline was for agricultural land, which fell 2.1 percent to $2 billion total.

Article courtesy of Sean Ryan

Reporter-Milwaukee Business Journal Aug 15, 2014

Home prices rise in state and region

The prices of homes sold in September rose in all of Wisconsin and also in the southeastern part of the state, according to the latest data from the Wisconsin Realtors Association.

Median home sale prices in southeastern Wisconsin were up 6.7 percent, compared to a year ago, to $160,000, during September. Statewide, median home sale prices were up 3.1 percent during the month to $148,700.

Year-to-date median home sale prices are up 4.6 percent in southeastern Wisconsin to $159,000, and prices are up 2.4 percent statewide to $148,500.

“Much like the rest of the U.S., median home prices have grown at a healthy, sustainable pace this year,” said WRA president and CEO Michael Theo.

However the number of homes sold in the state was down 0.2 percent in September and is down 3.4 percent year-to-date. In southeastern Wisconsin the number of homes sold in the region rose 1.0 percent in Setpember to 2,187, but year-to-date sales in the region are down 5 percent compared to the first nine months of 2013.

“Although home sales are slightly lower than last year, it’s important to recognize how far we’ve come since emerging from the Great Recession,” said Dan Kruse, chairman of the WRA board of directors. “To be only slightly lower than last year’s solid market suggests a relatively healthy market for housing in the state.”

Article courtesy of BizTimes; Milwaukee

Oct 21, 2014

Luxury apartments, housing proposed near Mayfair Collection

Two real estate firms are partnering to build up to 1,050 luxury apartments and other residential offerings next to Wauwatosa's Mayfair Collection shopping center.

The mixed-used residential development is part of a long-term plan to develop housing that capitalizes on the Mayfair Collection's growing retail and restaurant offerings.

Chicago's HSA Commercial Real Estateand Milwaukee's Fiduciary Real Estate Development will jointly construct and manage the proposed buildings, to be developed over the next seven to 10 years.

The development will be called "The District," and is scheduled to break ground on its first phase in 2015. It will include about 250 apartment units and 50,000 square feet of ground-level specialty retail space, ready for occupancy in 2016. Phase two is scheduled to break ground in 2016, and will also include 250 units.

Once the 500-apartment base and amenities are established, the firms will continue designing what Fiduciary partnerCraig Raddatz called a "whole community," which could include condominiums, row houses or possibly independent senior housing.

The initial luxury units will range from 500-square-foot studios up to 1,300-square-foot corner penthouse units. The average unit will rent for about $1,275 a month, designed to make the apartments affordable to younger, budget-conscious renters, according to developers.

"The District" is proposed off Highway 45 at Burleigh Street, and is designed to promote density and walkability with the Mayfair Collection.

The first phase of development for the Mayfair Collection opened this year, and includes Nordstrom Rack, Dick's Sporting Goods, Saks Fifth Avenue OFF 5TH, and TJ Maxx. Its second phase will be anchored by Whole Foods Market, with construction currently underway.

Article courtesy of:

Alison Bauter

Reporter-Milwaukee Business Journal

Posner Building near Grand Avenue sold for apartment conversion

The seven-story Posner Building is more than 100 years old.

The Posner Building in downtown Milwaukee sold for $3.4 million to an affiliate of HKS Holdings LLC that will convert it into 105 apartments.

The sale between HKS Holdings and a previous owner led by restaurateur John Vassallo closed on Friday, according to state records. The planned $23.5 million redevelopment will start “any day now,” said Joe Klein, a principal with HKS Holdings.

Rehabbing the Posner Building, 725 N. Plankinton Ave., will bring new residents to West Wisconsin Avenue and contribute to efforts to enliven the street.

The renovation project draws from a mix of public funding sources, including a Wisconsin Housing and Economic Development Authority first mortgage, a city grant, historic renovation tax credits and a Wisconsin Economic Development Corp. grant.

The Mo’s Irish Pub on the building’s first floor will remain. The project will rehab 11,500 square feet of retail space for new tenants on the Posner’s first floor.