NOTE: This is a shameless plug for Perfect Harmony Men’s Chorus Spring Cabaret….

Time is running out. You only have 2 chances yet today (3 p.m. and 7 p.m.) to see Perfect Harmony Men’s Chorus’ production of “Dark Mirror” at the West Side Club.

It’s an odd show but many of the performances more than make up for the concept. It’s worth the price of admission alone (it’s a fundraiser) to hear and see Terrence Gilles perform the great Sondheim number “I’m Still Here”. Never has it been done in such a way.

Another highlight of the show is Ed Anderson’s version of “Mr. Cellophane”. Truly brings down the house with his subtle interpretation of this classic number from “Chicago”.

The show builds to a fun ending with your’s truly performing “I Am What I Am” from La Cage Au Folles and a rousing rendition of “Keep it Gay” from The Producers performed by Keith Eccarius. All in all a fun 2 hours of entertainment.

Seats are still available for the last 2 shows today. 3 p.m. and 7 p.m. at the West Side Club.

Wisconsin Home Price Declines are Modest

Fourth Quarter 2008
Wisconsin Home Sales Fall Significantly but Home Price Decline is Modest

http://www.wra.org/online_pubs/press_releases/2009/pr0212_hsgstats.html

Date: February 12, 2009

MADISON, WI – There was good and bad news for Wisconsin's housing market in 2008. While housing sales fell significantly last year as a result of the national financial turmoil and recession, home prices remained stronger than in many parts of the country, falling only modestly according to the year-end analysis of existing home sales conducted by the Wisconsin REALTORS® Association (WRA).

Wisconsin home sales declined in 2008 by 19.2 percent as compared to 2007, whereas median prices fell 3.7 percent to $158,000 over that same time period according to the REALTORS® report. Home sales in the Midwest were down by 14.9 percent, which is slightly higher than the national decline of 13.1 percent.

“Wisconsin’s housing market is not immune from recessions,” said WRA President William Malkasian. “Combining this strong recession with the financial meltdown last fall, it’s not surprising that home sales suffered in 2008. But our prices seem to have weathered the storm thus far, falling just 3.7% below 2007 levels, and outperforming the nation and the Midwest region,” he said. Wisconsin home prices were much less volatile than markets like Arizona, California and Nevada, a fact Malkasian attributes to less exposure to subprime mortgages and much less speculative buying and selling in the Wisconsin housing market. “Most people buy homes here to live in, not flip,” Malkasian said.

WRA Board Chairman Michael Mulleady suggested that home buyers are taking a wait and see attitude when it comes to home purchases. “With consumer confidence at all-time lows and recent job losses making headlines, buyers are understandably timid about getting into the housing market,” said Mulleady. “Those who otherwise would be inclined to trade-up are waiting for the market to improve, and even credit-worthy first-time buyers are choosing to remain spectators for the time being,” he said. “There is no doubt that this is a buyer’s market and this could be a great time to get into the market, given that mortgage rates are now in the 5 percent range and Congress is currently debating a stimulus package that may offer some very favorable tax breaks for home buyers,” Mulleady said.

Malkasian struck a cautious tone, suggesting that the housing market will start to improve once there are signs of growth in the economy. “New tax breaks and low mortgage rates will get some buyers off the fence, but sustained growth in housing demand will only take place after buyers are confident that the economy is once again growing,” said Malkasian.


For More Information Contact: David E. Clark, Economist, C3 Statistical Solutions Inc. Office phone: 414-803-6537


About the WRA
The Wisconsin REALTORS® Association is one of the largest trade associations in the state, representing over 14,000 real estate brokers, sales people and affiliates statewide. Sales estimates for the state are provided by the National Association of REALTORS®, which seasonally adjusts quarterly sales figures. All county figures on sales volume and median prices are compiled by the Wisconsin REALTORS® Association and are not seasonally adjusted. Median prices are only computed if the county recorded at least 10 home sales in the quarter.

is excited to start coaching his Frame of Mind 52 groups today! This will be a great journey!

Variance Hearing on Arboretum Development Has Greater Impact

The variance hearing for the ‘arboretum’ lots owned by GCK and Dave Investments is going before the Board of Adjustment tomorrow Thursday, Feb 22, 2007 at 6:30 PM.

Just to bring some items to light based on the actions of the Board of Adjustments. If you have a substandard lot in the shoreland district you are now required to apply for a variance for anything your propose to construct or alter on your property. Your attendance at this hearing will provide you with first hand experience of the process, the costs, and the reasoning and justification you will have to provide to obtain a variance.

There are thousands of substandard lots in the unincorporated areas of Dane County that will require a variance, however, the Acting Zoning Administrator and Zoning Department made the decision to require only lots in the shoreland district to be subject to the variance process. While it's believed the Zoning Administrator can make this decision, it leaves many property owners in the dark about when this decision will apply to them.

An issue of concern is that these substandard lots need an environmental mitigation plan, yet there are no standards for these plans and the agencies that would review the plans have not agreed to do so yet. GCK and Dave Investments will be introducing plans that incorporate the principals of Limited Impact Development for the 2 lots they are proposing the variance approval. In addition, the Lakes and Watershed Commission and the Department of Land and Water Resources have not had input into what would constitute a protective mitigation plan. NR 115, the state law that is currently being drafted by some of the best scientists in the state are still working on standards for waterway protection and mitigation plans that promote infiltration of storm water. By their own admission, the BOA members are not experts in this area, yet an applicant is required to provide a mitigation plan that will be judged by a BOA without credentials and must meet undetermined standards.

A variance decision may be appealed to circuit court. This is expensive and time consuming. There is work underway by County Supervisor Eileen Bruskewitz along with some others to find a legislative solution to this BOA decision that could pass the County Board.

It is troubling that many property owners with lots less than 100 feet wide at the setback line, don't have lot area square footage required (20,000 sq. ft. if unsewered, 15,000 if sewered) are not aware of the impact the BOA decision will have, or even that the shoreland district is 1000 feet (about 2.5 city blocks) from a lake or 300 feet back from a river, stream, or any navigable waterway.

There are many sub-issues here and I know you will learn a lot about your property rights at the Board of Adjustment hearing It is an open meeting to the public and it will be held on Thursday, February 22, 2007 in Room 309 (third floor) of the city county building.

Many of you attended the hearing on Ordinance Amendment 10. Your attendance is needed again and it is our hope you will take time to be present. You do not need to speak unless you wish to address issues that are before the Board of Adjustment. Please invite others who are affected by this decision.

Governor to Attack Affordability in Tax Increase

REALTORS Oppose Doyle’s Tax on The American Dream

Statement from the Wisconsin REALTORS® Association
February 13, 2007


Madison –Governor Doyle’s budget proposal to increase the real estate transfer tax is a tax increase on the American Dream of homeownership according to the Wisconsin REALTORS Association (WRA). “This is a tax increase of $140 million on homeownership that will hurt housing affordability in Wisconsin,” said Roger Rushman, Chairman of the WRA. “Raising the price of housing will turn some ‘could be’ homeowners into ‘won’t be’ homeowners overnight,” Rushman said. He said the Realtors will vigorously oppose the Governor’s plan.

The Realtors also questioned why Governor Doyle proposed the tax increase after promising not to raise taxes. “The Governor said he’s against raising taxes,” said Rushman, who is the Executive Vice President of First Weber Group Realtors of Milwaukee. “This is a tax increase pure and simple. I think homeowners across Wisconsin will not be happy.”

According to WRA President Bill Malkasian, the current transfer tax is $498 on a median priced $166,000 home in Wisconsin. Under the Governor’s plan, this tax will increase to $830. “These costs cannot be financed through a mortgage,” says Malkasian. “This tax must be paid in full, up front, right when a new homeowner must incur numerous other closing costs. This will price many families out of their American Dream.”

In addition to its adverse impact on housing affordability, the Realtors also argue the tax is regressive and discriminatory since lower income households pay a larger percentage of their incomes on housing. “Young families need affordable housing and a thriving housing market needs first time home buyers,” Malkasian said. “When you raise this tax you raise the barrier to buying a home for thousands of Wisconsin families. This is a bad idea for Wisconsin families, Wisconsin’s real estate market, and Wisconsin’s economy.”

The Bubble and the Local Market

Has the real estate "bubble" burst in South Central Wisconsin?

Is this a Buyer's market and are Sellers desperate to move property?

How are interest rates affecting the markets?

Is real estate still a good investment?

These seem to be the questions we are getting as we move into the fall of 2006 and adjust to the shifting real estate market in the greater Madison area.

Have sales declined? Yes.

Yes sales have declined from the pace set in 2005. Bear in mind, 2005 was an all time record setting year. Never in history of organized real estate had there been as many units sold or dollar volume in sales as there was in 2005. Prior to the 2004 had set the benchmark. Prior to that 2003 was the all time best. Do you see the pattern here?

Let's take a look. In every example I compare actual numbers for the first 3 quarters of each year (January-September). In 2004 there were 6631 residential properties listed in the South Central Wisconsin MLS within Dane County. 4614 of those sold in 2004 which equates to 69.58% sold with and average sale price of $239,529 and average days on market (list date to accepted offer) of 47 days.

In 2005 there were 7486 residential properties listed, 4768 of those sold for an average sale price of $256,529 with average days on market of 55. That's 63.69% of those listed sold. Through the end of September 2006 there have been 8111 properties listed, 4129 properties sold which equates to 50.91% of those listed sold. The average sale price of those sold is $266,676 with an average days on market of 66.

Is this a buyer's market? In Dane County statistics would indicate we've moved more to a "balanced" market where the supply of homes for sale almost equals the demand for homes sold. There has been only a 13% shift from the percent of those listed sold in the current period of 2006 vs. that same time in 2005.

Let's look a little further out. For the year end 2005 there were 9194 residential properties listed. 5811 of those sold giving us a list to sell ratio of 63.20%. The average sale price of those houses and condominiums that sold was $259,736 and an average days on market of 56.

Is a balanced market healthy? I believe it's essential the long term economic viability of Dane County.

Wisconsin Real Estate Market is Heating Up

The real estate market is really starting to heat up! I'm the broker for 5 offices of the Keller Williams Realty franchises here in Wisconsin. My first office opened in January 2003 on the far west side of Madison. We have grown that office to 106 as of today including 1 branch office in Columbus, WI with 5 agents in that location. In January 2005, we opened our 2nd large office on the far east side of Madison. This office includes a branch office in the quaint village just east of Madison called Cambridge. Between these 2 office we have 54 agents to date.

I've recently been asked to become involved in the Greater Wausau Keller Williams office located in the central part of Wisconsin. This office has 32 agents at this time. Our goal is to grow this office, in a small market, to 46 this year.

Our real estate market statewide hit a wall in late 2005. We don't have a "bubble" so there was nothing to "burst". Simply a market correction occured whereby the average time it took for a listing to sell extended from approximately 30-42 days in mid 2005 to roughly 90-120 days in late 2005. There are some market segments that have remained strong, but as a general rule, the market slowed a bit.

This correction, in my opinion, is healthy and was needed. When demand was far outpacing supply our market value pricing of most homes was beginning to climb at record levels. This was great for a seller in that market but pricing was beginning to outpace a buyer's ability to purchase. The correction in late 2005 will help bring this market phenom back in to check.

Just my thoughts for what they're worth.