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, say local Realtors.

"Some sellers are finding that they must offer a "little something more" to catch that higher asking price," says Realtor Kristin Noll. "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," she says, "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, she explains, are in demand, 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," advises Noll. "Buyers may find great deals on condos in the future. Older buildings have much competition and are seeing a slowdown in sales. However, updated units in these buildings are selling quickly as they offer many of the amenities of the new condos without the high price tag. High-priced luxury condos on the lake continue to see quick reservations for new construction. Mid-range buildings are finding a need to reduce prices or offer incentives if they don't offer everything that today's condo buyer desires. 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 51^st Street and the Brady Street area. Well priced properties seem to fly off the market in these areas. The "hot" secret area for investors these days is Harambee, just north of Brewer's Hill. A pioneering spirit will get you a lot of historic details and a lot of work for a bargain price. 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."

Say Realtors Betsy and Ken Head, "Our market is very active with all price ranges selling very quickly. 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."

"The local real estate market has recently undergone changes, slowing down from the feverish pace earlier this year," sums Realtor Donna Bell. "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."

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Published: January 13, 2004

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