For Sale Inventory Up 50% - Lower Prices?? Milwaukee Market Update - June 2024

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Marcus Auerbach
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About Marcus:
Marcus Auerbach is a top 1% agent in the Greater Milwaukee Area. He lives in Mequon, an engineer by trade, corporate management background, real estate investor, he is the owner of On Point Realty Group / Keller Williams North Shore.
Service areas include most of the Milwaukee metro area: Mequon, Cedarburg, Grafton, Port Washington, Shorewood, Whitefish Bay, Wauwatosa, Milwaukee, West Allis, Brookfield, New Berlin and more.
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[@MrSuburbguy4249]

Your monthly updates on the Milwaukee real estate market are appreciated.

[@marcusbluedanubeproperties5964]

Thank you!

[@dianaingles3019]

Appreciate your video updates.

[@MarcusMKE]

Thank you! Your comments and likes really help the channel!

[@marcusbluedanubeproperties5964]

Solid data, very level headed analysis

[@LookitsRiley]

Doesn’t it make the most sense for builders to keep building slowly & keep demanding max dollars for their builds? Why should belinski put up a 2000 home subdivision? They would start getting less money per home with all the new supply added.

[@MarcusMKE]

You are right, it does. Builders are mostly interested in keeping their business steady, builders flip between too much work and not enough, very hard to manage for them in cash flow and very hard on their crews: they can flex only 10-20% up or down in work hours. The Milwaukee metro area could easily absorb a housing stock growth of 5000 units per year, which would only be about 1%. In order to dig ourselves out of the (housing shortage) hole we are in, we could use probably 2% for the next 5 to 10 years. We are nowhere near that level, which keeps upward pressure on home prices. The other issues is zoning. We would need land zoned for smaller houses, closer together with city sewer and city water to build homes for under 400k, so they are affordable. If the zoning project Growing MKE (see video from a couple weeks ago) is successful, we might actually see the construction of townhomes in Milwaukee , which cost much less to build than a big single family on 3 acres and help create the walkable neighborhoods everyone loves..

[@marcusbluedanubeproperties5964]

But if they build 5 times more homes they would still make a lot more money, even on a smaller profit margin

[@LookitsRiley]

@@marcusbluedanubeproperties5964 You're right. However this is the classic example of fast nickel VS's slow time. Over the long run they stand to make MILLIONS more on NOT putting up 2000 homes in a year. Belinski homes in my area are $550,000 and up. It would be impossible to to ask that much if they built 10:1.

[@LookitsRiley]

@@MarcusMKE They should take all the money they want to spend on the new zoning project and make Milwaukee a safer city. This will make people want to actually live in the city and make builders want to invest time and resources building housing. Milwaukee (proper) is losing residents every single year and it's not because housing is unaffordable. It's because of all the crime and the ghettos spilling out into once nice neighborhoods. (glendale, tosa)

[@MarcusMKE]

@@LookitsRiley Crime, poverty, MPS, reckless driving etc... many issues that really need to be worked on for the reasons you describe. But I don't think it is one or the other, we need to do both. Fortunately it does not cost much to fix zoning, just rules on paper. We do have quite a few MKE proper neighborhoods that are very high in demand, take Brewers Hill, Riverwest and of course Bay View, downtowner the lower East Side and the Thrid Ward as examples. So, not easy but possible for individual MKE neighborhoods to be desirable. The reason why Tosa is so popular is because it is doing well/better in all the issues listed above - plus it is a walkable neighborhood, which is a function of historic zoning. You can actually walk to a restaurant, have a few drinks and walk home without worry. Of course people like that!

[@Dazcoolman]

Mr.Plinketts old property