Any reason why Milwaukee Home prices soared? (West Allis: for sale, house prices)

[city414]

Now some county hack says its because of Demand but as i look there are still tons of homes unsold on the market. Before the DNC was scheduled to come to Milwaukee alot of homes were not as high as they are now. So it seems they are trying to recoup the losses they county was going to gain alleged for the convention.

It seems that the rest of the city is paying for Downtown development.
https://urbanmilwaukee.com/pressrele...tate%20markets.

https://www.jsonline.com/story/news/...kee/100985686/

https://www.fox6now.com/news/doesnt-...ue-assessments

[sub]

Originally Posted by city414

Now some county hack says its because of Demand but as i look there are still tons of homes unsold on the market. Before the DNC was scheduled to come to Milwaukee alot of homes were not as high as they are now. So it seems they are trying to recoup the losses they county was going to gain alleged for the convention.

It seems that the rest of the city is paying for Downtown development.
https://urbanmilwaukee.com/pressrele...tate%20markets.

https://www.jsonline.com/story/news/...kee/100985686/

https://www.fox6now.com/news/doesnt-...ue-assessments

The price of the homes themselves are driven by market forces. The problem of low supply and high demand is everywhere right now.
Regardless of what you see for sale currently, it's probably no where near the number you'd see in a normal year.
I'm not happy about it, but it is what it is.

As far as tax assessments go, yeah, they'll find any excuse to gouge, but they're two different issues.

[Empidonax]

Free-standing houses in certain metro and city neighborhoods are in very high demand now. A couple of friends of mine just sold their house in the Water Tower district near UWM--just minutes after they listed it, they started getting phone calls from realtors and prospective buyers. That night, they had received 45 inquiries and messages of interest, and also received preliminary papers from a couple intending to purchase. The house was listed at around $550,000, but the buyers offered $610,000. They knew there could be a bidding war.

Another couple of friends have been looking for a house in Milwaukee in the $200,000-$300,000 range, but so far have been outbid on 5 different attempts. They were really hoping to find something on the East Side or in Bay View, but have expanded their search to Enderis Park and other points west, hoping that maybe the scene out there is a bit less crazy and competitive.

There will be a lot of consequences from all of this: higher assessments coming to a neighborhood near you.

Some neighborhoods aren't getting much love at all, though, but maybe that will change as prospective homebuyers are forced to look away from the usual high-demand neighborhoods.

[brrabbit]

Covid + BLM.

+ Government printing money and keeping interests low.

[mrkool]

Not sure where these "tons of unsold houses" are. Northside, or other very undesirable area? Houses are selling quickly here on the east end of West Allis, which is just an ordinary working class area with older homes.


As for the city of Milwaukee, the mayor wasted a huge amount of money on the cutesy little trolley that runs around downtown, with little ridership from what I've seen. He had better not dare raise taxes, fees, or anything. He blew 600 MILLION bucks that could have been used fixing streets, helping the homeless, etc.

[Bondurant]

My friend had a hell of a time buying a home in Milwaukee proper a few months ago. Finds house, 4-5 offers already made. It is the nature of the market nationwide. Even homes in rural Indiana are sold as soon as they hit the market. Here in Phoenix the prices are skyrocketing.

[brrabbit]

Originally Posted by mrkool

Not sure where these "tons of unsold houses" are. Northside, or other very undesirable area? Houses are selling quickly here on the east end of West Allis, which is just an ordinary working class area with older homes.


As for the city of Milwaukee, the mayor wasted a huge amount of money on the cutesy little trolley that runs around downtown, with little ridership from what I've seen. He had better not dare raise taxes, fees, or anything. He blew 600 MILLION bucks that could have been used fixing streets, helping the homeless, etc.

He is loved by residents of Milwaukee (gets constantly reelected), so he probably can double their taxes. Why would I care? I never lived in the City proper )


Any place voting for democrats deserves higher taxes!

[GraniteStater]

Originally Posted by Bondurant

My friend had a hell of a time buying a home in Milwaukee proper a few months ago. Finds house, 4-5 offers already made. It is the nature of the market nationwide. Even homes in rural Indiana are sold as soon as they hit the market. Here in Phoenix the prices are skyrocketing.

There is no supply of houses for sale on the market. The scarcity and lots of buyers are also causing prices to skyrocket. The value of my house is up $75K from what I paid in 2019.

[MortonR]

Originally Posted by GraniteStater

There is no supply of houses for sale on the market. The scarcity and lots of buyers are also causing prices to skyrocket. The value of my house is up $75K from what I paid in 2019.

I bought a new house in Indiana in November. Decided last month I didn't want it. Sold it the second day it was listed to the first buyer for $10k more than I paid. I've already closed on it.

When has the market been so crazy that you could flip a house in under six months and make a profit? 2008?

RM

[ccjarider]

Historically, when house prices and/or stock prices are discussed in Lame stream and Social media, a top is near.