Milwaukee housing sales are slowing down for the season, say local Realtors, but the city's location on Lake Michigan make anytime the right time to buy.

"Milwaukee is a big city with a small town feel," says Realtor Kristin Noll. "Right on Lake Michigan, you can enjoy plenty of green space with the extensive parks system spread about the city. Milwaukee has managed to keep much of its downtown history intact and is enjoying a renaissance in downtown condo living. There are smaller communities nestled along the lakeshore which are highly sought by families for the quality of life and exceptional educational systems. The abundance of cultural activities surprise many a visitor, with critically acclaimed theater, ballet, symphony, art museums, historical museums, public zoo and gardens available. Every summer, the city comes alive with the numerous lakefront ethnic festivals, some are the largest of their kind in the world! Milwaukee is a city that is constantly changing with the times, but still holds tight to it's rich history."

About the market, Noll explains, "Like other areas of the country, Milwaukee recently had a boom in real estate values. Although multiple offers and over asking prices are still happening in many areas, many buyers are now finding that they have more time to contemplate their purchase. Some sellers are finding that they must offer a "little something more" to catch that higher asking price. Incentives may include home warranties, pre-inspections, closing cost credits and the like. In some cases, buyers and sellers are finding themselves at a standstill, neither party able to compromise. However, due to record-low interest rates and high activity with the first-time buyer market, the real estate market is still clipping along nicely. A well-cared-for, updated home in a good location will sell quickly. Just as in any market, the right house at the right price will garner plenty of interest and top dollar, but Sellers can't just place any price on a home and expect it to sell.

"Exceptional homes in the higher-end market along Lake Michigan are in demand," she says, "however, the over $1 million homes are sitting a bit longer as sellers jumped on the bandwagon and saturated the market.The downtown condominium market continues to grow and may reach saturation quickly at this pace. Buyers may find great deals on condos in the near future. However, high-priced luxury condos on the lake continue to see quick reservations for new construction. Other 'hot' areas for new buyers include Brewer's Hill, just north of downtown; Riverwest, just north of Brewer's Hill; Wauwatosa; Bayview, just south of downtown; St. Joseph's Hospital area around Burliegh and 51st Streets and the Brady Street area. Well-priced properties seem to fly off the market in these areas. Whitefish Bay continues to be a leading destination for corporate tranferees and their families, keeping prices steadily increasing. Meanwhile, many current residents of Milwaukee are seeking move-up homes in Ozaukee and Waukesha counties to escape the escalating property taxes."

Says Realtor Donna Bell, "The local real estate market has recently undergone changes, slowing down from the feverish pace earlier this year. New home starts are slowing down, which means more opportunity for sellers of existing properties. Aggressive marketing is a must and sellers need to remember that buyers have more to choose from -- thus property condition and terms are important in addition to price. As in every market, homes in top condition attract the best offers, and the market is still brisk enough that these homes are attracting multiple offers."

"Our market is very active with all price ranges selling very quickly," say Realtors Betsy and Ken Head. "Prices over 1 Million are staying on the market a little longer but are still selling. When you find a home that you want you must be ready to act. You should align yourself with a real estate professional to help you with the entire process."

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Published: November 18, 2003

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