Bubble Burst - or Not? Far NorthWest Side Residential Multi-Units

It seems to be the in thing now to tell everyone how "I predicted the bubble burst in Real Estate." I'm not sure I'm ready to do that. Sure, its near impossible to get someone to buy a home around here, but so far it seems to be stopping there.

Rental properties are still going strong. From the listings I've been seeing, prices have still been appreciating this year. I was just looking at an 8 family on Milwaukee's NorthWest side at 97th and Brown Deer Road. Rents were around $540/month and the property was listed at $400k. Last year around this time, prices were about $370k-$385k.

As for the neighborhood, that is a couple blocks west of the North Meadows condo complex. Unfortunately, North Meadows is still pretty rough (check out this old article for a bit of history: http://www.findarticles.com/p/articles/mi_qn4196/is_20000218/ai_n10581894). It seemed like a long summer, with a rash of graffiti in the area during August. The worst of the problems seem to stay in the North Meadows, but problems do sometimes fall into the surrounding area. Rents are still strong though, and that seems to be helping keep prices going strong.