My goal is to help Visualize Milwaukee. In particular, I want to keep a pulse on some of the commercial and residential real estate in the area. I have a slant towards revitalizing underutilized properties and areas within the city of Milwaukee. Welcome to Visualize Milwaukee! Let me know what you think, or if there are any areas you want me to cover.
- Name: Pete
- Location: Milwaukee, Wisconsin, United States
I am software engineer by trade and enjoy real estate development as way to improve our community and always see something new each day.
Saturday, September 30, 2006
Friday, September 29, 2006
Northridge Mall Area
A few days ago I wrote about the prices on apartment buildings on Milwaukee's far NorthWest side. So, how did that all happen anyway - remember Northridge Mall? Well, the building is still there, it just doesn't have many shops in it anymore. Suprisingly, Brown Deer road between 76th and 91st street has had a big increase in commercial usage over the past couple years. Not much has gone on in Northridge, rather the new usage is right on the road. There are completely unused deep-set buildings along that stretch, but new buildings are going up in front of them! Walmart, Target, a brand new Enterprise car rental - all coming in recently. Most in new buildings though! Good for developers, bad for those unused buildings. But overall, good for the area as new businesses keep coming. Here is shot at the new out-building for Footlocker. So, what is going to happen to the deep-set large-box buildings? Sorry, I don't have an answer for that one!
Tuesday, September 26, 2006
Villard Avenue Business District
I have a photo here from last winter, showing some of the small businesses. The area between 34th street to 37th street is constantly busy. The businesses draw a steady stream of traffic. Finding parking on the street is usually tough, but the BID maintains a customer parking lot right in the middle of things. There is also a city lot just off the main drag on 35th street.
As you could imagine from the traffic, available retail space can be filled quickly. With a little effort, I had several businesses clamoring for available space. With strong lease rates! Offering to work with the potential tenants on layouts/renovation was a big plus, as many of them were expanding or just getting started. The residential units are easy to fill too. This neighborhood has a lot of pride in keeping things up and many residents are proud to have spent their lives here!
For a little history on this area and some of the efforts for revitalization check out these links:
1998: http://www2.jsonline.com/news/sunday/real/0104villard.stm “Villard Ave. making a comeback”
2003: http://www.jsonline.com/story/index.aspx?id=120379 “Revival on Villard”
Saturday, September 23, 2006
Bubble Burst - or Not? Far NorthWest Side Residential Multi-Units
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.
Friday, September 22, 2006
Starting Out - Condos on the Beach
Where should I start? How about this:
St. Francis. Who knew it was even here? Milwaukee is still in Condo-mania. But, how about a 2000+ square foot townhouse on Lake Michigan only 6 minutes from downtown. That is what I found in St. Francis when I stopped by the Park Shore development at Howell Avenue and Lake Drive. A great mix of entry level condo's to high-end townhouses. I found that 2000' townhouse for about $300,000: http://realtor.com/Prop/1066147716.com/Prop/1066147716 .
Welcome to Visualize Milwaukee! Let me know what you think, or if there are any areas you want me to cover.