New Subdivision in 53225 (Milwaukee, Menomonee Falls, Mequon: real estate market, houses, buying)

[rick_1980]

Today I went to see a house in a brand new sub-divisions in milwaukee...It is very near to Good hope Rd & N 91 st.
I am having tough time making my decision..This is house is in approx 350K in this sub-division where as most of the houses near are between 250K - 300K...

I am trying to make a decision based on several factors..

The schools near to this area are below..but none of the schools have a good ratings...Do you think its worth investing that much money when the school dirsticts are not that good ones near to this sub division?


Elementary: Bruce Elementary
Middle: John Burrroughs
High: Vincent High School
District: Milwaukee

[Milwaukee City]

I would that whole area is seeing a huge influx of very big upscale homes. Schools I would say private or Rufus King High School, it was rated the best public high school in the state.

[rick_1980]

Any idea .......what elementary/middle schools are good in this area...

I have a small family --me and my wife..with no kids..but want to do an investment which can get me the returns....

[trmpd]

Never a good idea to buy the most expensive house in a sub-division - buyers tend to want to trade up to a higher subdvision instead. Will be difficult to sell.

Better to be at mean or below..

[Milwaukee City]

No idea, I would ask the neighbors. Where is this subdivision exactly ? My wife and I were looking in the 111th and villa area and the beautiful Heritage Heights area.

[rick_1980]

There is only one house left in that subdivision...that too the model house..I am trying to cut a deal in a way that I think builder is ready to give 40-50K discount off the house value...

that is why I am little confused ..what to do. because when I did my resarch on the schools it wasnt very impressive..another thing is the similar house in menomee fall will cost me close 375-400K...

[EnjoyEP]

My wife and I owned a house in the 94th and Bradley area...very, very close to 91st and Good Hope...thus, while maybe it is just nostalgia, I have quite a bit of pride and enthusiasm for that particular area.

Having said that, if you are making a judgement on buying in that area based upon the schools, then yes, I would look elsewhere.

I don't care if I catch flack from the die-hard Milwaukee / MPS contingent on this board. If it were me, there is no way in hell I would send my little ones to the schools you listed - no way in hell.

Would that prohibit me from buying in that area? Not at all! I would just have the assumption of sending my little ones to a private school then. "Private school" doesn't necessarily have to be a mega-investment like a University HS. It can be a rather affordable religious school (like a Catholic or a Lutheran school) with a great educational factor to boot.

I really like that particular area of Milwaukee. Would I pay $350K to live there? That's a tough one. If you consider a resale factor, you have to trust your judgement and your outlook for buyers' future perspectives. Whether it is warranted or not, areas like 76th and Good Hope don't have a shining reputation in the current MKE area home buyer's market. Again, I lived in a home fairly near this area too, so I am not saying a rep should preclude you from buying there. But resale is something to consider.

I guess to me, if I could buy the same house at 91st and Good Hope for $350K and in Menomonee Falls for $390K, at that point, I would probably just opt for the Falls. Not because I am "anti city" or anything...just because of factors like schools and resale.

However, if you could talk down that price to more in the ballpark of $320 or so (this is still a pretty depressed real estate market), then I would think it would be even more lucrative, with again, the realization that should schools be an issue for you, you probably would want to pursue other options in the area other than the conventional MPS routes you'd be slotted into.

[2HHI]

When making any decision in a home purchase, the only thing that should be formost in your mind is location and then resale. They dont say location, location, location for nothing. It would be a cold day in hell before I would ever invest 350k in the area that you are describing...even if the school where the best, which of course, they are not.
Remember, buying for resale is also paramount in terms of retaining your equity...homes in the area you describe do not appreciate as fast...regardless of what is going up because there is simply not enough of the high end stuff to make up for the abundance of low end garbage...and again...its based on location...the area is not desirable to enough people. Thats not to say some dont like it, but you want to appeal to the most amount of people possible...and there is simply not enough people that want to live where you are speaking of. This area is most popular with city employees that must live in Milwaukee...so they are still in the city...but almost in Meno. Falls to the west or Mequon to the north.
Regardless of anything...Location can never be changed when you go to sell...keep that first in your mind.