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Keeping Pace With The Real Estate Market Slowdown

Posted by: Nate Berg

1 January 2008 - 11:00am

Condo developers in Milwaukee are responding to the slowdown in the housing market by slowing down development.

"Across the metro area, developers spent the last half of 2007 adjusting sales projections and marketing plans to reflect the realities of the housing market: lots of houses on the market, buyers slow to commit and chaotic credit conditions. The coming year will bring, some believe, a gradual absorption of the units on the market, thanks to slow but steady sales and fewer new projects."

"Benson calculates that the downtown Milwaukee market saw only 206 condo sales from July through November - lower than expected in this market. Lake Bluff's sales totaled 33 in 2007."

"But Benson, like other condo developers of all sizes around Milwaukee, decided not to slash prices but to enrich the offering."

Full Story: Developers keep plugging away
Source: Milwaukee Journal Sentinel, December 29, 2007
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In the long term, removing major urban freeways should be part of a more comprehensive approach to reduce automobile dependency by promoting public transportation and transit-oriented development.
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