I upgraded my blog. Please go to MadisonRealEstateDeals.com to see my current blog. Thank you.
Friday, November 18, 2011
Wednesday, November 25, 2009
1904 Tower Dr, Pleasant Springs
1904 Tower Dr is a beautiful 10 acre farmette located just outside Stoughton - only about 20 minutes from Madison. It has 7 tillable acres that you can use yourself, or lease out to a local organic farmer. The property includes a barn, machine shed & workshop/garage - all freshly painted. The house is 3bed, 1.5 bath, 1371 sq ft. The family/rec room in the basement could easily be converted to a 4th bedroom. New roof, newer water heater, remodeled bathrooms. It is rare to find a 10 acre hobby farm under $300,000 this close to Madison. And now with the $8,000 and $6,500 home buyer credits available, plus incredibly low interest rates - don't miss your chance!
Check out more pictures and details of 1904 Tower Dr at www.1904tower.com.
1904 Tower Dr, Pleasant Springs - $289,500. Contact me if you would like to schedule a showing.
Seth Peterson
Cooper Spransy Realty
608.320.9612
seth@cooperspransy.com
Tuesday, November 24, 2009
Madison WI Real Estate News
In Business: Madison magazine has a great section called "The Business Report." It's a bunch of bullet points with various economical and business notes - mostly locally related. Here are the best real estate related notes from the November magazine issue:
- The Wisconsin Housing and Economic Development Authority (WHEDA) will soon be able to make mortgage loans again to low and middle income homebuyers, thanks to a US Treasury announcement of a new bond purchase program. More than a year ago, WHEDA suspended its practice of lending to potential homebuyers when the bond markets froze.
- Nationwide, construction spending increased 0.8% in August, compared to July, though the August figure of $941.9 billion was 11.6% lower than August of 2008. Single-family home construction rose by 4.5%, but multifamily construction dropped by the same amount. On the flip side, current estimates show over one million construction workers remain out of work.
- Apex Enterprises, one of Madison's largest owners and managers of rental properties, is proposing a $30 to $50 million retail and housing development on East Mifflin St in downtown Madison that could affect homes in its path, including one built in 1903 by famed architect Frank Lloyd Wright. The developer has offered several options for the tract of land, including building around or moving the Wright property, but is facing opposition from neighborhood and historical preservation groups. Apex is working with local plan-design firm, Iconica, on the proposals, which include a 12-14 story tower with lower-level retail and between 110-120 condominiums that could first be rented as apartments. Apex already has a $100 million mixed-use and hotel project proposed for the Lake Monona-Monona Terrace area.
- Preliminary site plans for a Target store to fill the gaping hole next to Hilldale Mall (left vacant after plans for a Whole Foods fell through) were to be presented to Madison's Urban Design Commission in late October. A neighborhood meeting about the proposed store attracted 300 in October.
- Wisconsin foreclosures increased again in September. With 4,159 properties now in foreclosure, the state had the 19th highest foreclosure rate in the country, with an increase of 4.8% over August, up 169% over last year, according to RealtyTrac Inc. Nevada leads the list, as it has for almost three years, with one in every 23 homes in foreclosure. Two-thirds of nationwide foreclosures are occorring in Arizona, California, Florida, Illinois, and Michigan.
Monday, November 23, 2009
Madison WI Homes for Sale - Deal of the Week
201 Kearney Way #305, Waunakee - $75,000
&
201 Kearney Way #306, Waunakee - $79,900
These are 2 condos currently for sale in the condo development Creekside of Waunakee. Both of these are foreclosures and priced below market value. All of the condos in this development have sold for at least $94,000 (see here). Most recently, one sold for $100,000 in September (see here). These specific condos - 201 Kearney Way #305 & #306 - each sold for $109,900 in 2007! See the details from those sales here.
In the past 2 years, only 8 condos have been listed under $100,000 in all of Waunakee - all of them in Creekside of Waunakee. And all of them listed $98,000-$100,000, except for these two recently listed foreclosed condos that are under $80,000.
Click here to see the details of 201 Kearney Way #305 & #306. Based on the pictures and comments, it doesn't appear that much TLC is needed on either of these condos.
So...it seems that getting a condo at Creekside of Waunakee for under $80,000 is a very good deal!
Also of note, the condo fee is $194/month, but it includes heat!
FYI: If you want to search all the current Madison WI Homes for sale, visit my website at www.SethPetersonHomes.com
Sherman Village Market Statistics
Sherman Village is a nice neighborhood in a great location on Madison's north side. It is located a few blocks north of Warner Park, where you can see the Madison Mallards baseball team, Rhythm & Booms, and other activities&events each summer. It's also far enough away from Sherman Ave & Northport Dr, so there is not a high amount of traffic. There is easy access to downtown, just head south on Sherman Ave about 10 minutes or so to get to E. Johnson and the downtown area. Or for a quieter setting, head northwest 5-10 minutes to Governor Nelson State Park on Lake Mendota.
Sherman Village connects to Northland Manor and Wheeler Heights, and they are all essentially the same neighborhood. Most of the homes are small ranches built in the 60's. It is a great neighborhood for first-time home buyers and young families. There is even an elementary school (Gompers), middle school (Black Hawk), and 3 parks (Sherman Village, Northland Manor & Wheeler Heights) located right in the neighborhood.
Here is a market update for the Sherman Village area (Sherman Village, Northland Manor & Wheeler Heights neighborhoods):
These are market statistics from the MLS for January-October each of the past 5 years. As you can see, and as expected, the average sale price has seen a decline this year. Dane County as a whole has seen a 9% decline in average sale price over the same time period (see Dane County Market Statistics). So Sherman Village area's decline of 5.5% is actually better than the Dane County average. The recession is obviously one reason for the decline. Also, the fact that there was 89% appreciation in home values from 2000-2006 is cause for decline in values the past couple of years. (see Home Value Depreciation was Inevitable). Another factor, which is connected to the recent recession we have seen, is the large number of foreclosures. For example, there are 12 active listings in the Sherman Village area, and 2 of these listings have accepted offers - both are foreclosures with an average list price of $142,400. One of these is 4414 Maryland Dr, which needs A LOT of work, and will probably be worth around $200,000 when fixed up.
Here is a link to the 10 current houses for sale in the Sherman Village area: View Properties.
Tuesday, November 17, 2009
Madison WI Homes for Sale - Deal of the Week
1416 Prairie Rd, Madison - $80,000
1416 Prairie Rd is located on the west side of Madison. Perhaps not the most desirable area of Madison, but certainly not the worst area. This 1/2 duplex is a foreclosure and currently listed at $80,000. It has a newer roof & siding on the exterior. The interior has all new carpeting, paint, cabinets & fixtures! Washer and dryer are included. There are cathedral ceilings in the living room. The basement walks out to the backyard. Total of 1313 finished sq ft (888 above grade, and 425 in the exposed basement). The 2009 assessment is $136,300. You can have this property for less than $80,000. See the MLS data sheet here: 1416 Prairie Rd details
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