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August 31, 2009 at 09:14 AM · Posted under Brookfield, Steve Bauman
Back in the day, Buyers who based an offer on assessed value had the credibility of the local weather forecaster. Their chances of hitting the mark were slim.
This was particularly true for Brookfield properties. Generally, assessments were 10 to 20 percent below market values. However, as market conditions have changed I thought it might be interesting to see if an argument could be made for connecting purchase prices and assessed values.
I compared the sale price to the assessed value for all homes sold in Brookfield in July 2006 and July 2009. I used 2006 as a benchmark because Brookfield did a citywide reassessment then and the assessor certainly did an exceptional job.
Sales prices for the month of July 2006 on average were 102 percent of assessed value. There were 43 sales for the month and 27 sold for more than the assessed value. Sale prices ranged from 88 percent of assessed value to 119 percent.
For July 2009 the number of sales was surprisingly higher, while the average price to assess value difference was considerably lower. There were 52 sales in 2009, yet only 15 were at or above assessed value. The average difference between sale price and assessed value was 91 percent. The differential ranged from 79 percent to 114 percent.
One point of interest is the impact on houses assessed for more than $500,000. In July 2009 there were seven such homes sold and only one of those sold for more than the assessed value. The differential represented the extremes for the year, 79% and 114%.
In July 2006, there were nine sales in this category and only three sold for less than assessed value. The range between sale and assessed value was tight…99% to 103%.
I’m not prepared to say your Brookfield home assessed for $400,000 would have sold for $408,000 in 2006 and is now worth $364,000. However, I am now more inclined to work with a buyer who bases an offering price tied to assessed value than, say, carry an umbrella the next time I hear rain in the forecast.
Hope this chart helps.
Posted by:
Steve Bauman
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August 21, 2009 at 01:04 PM · Posted under Area Attractions & Events, Pat Tasker
Take a walk on the wild side!
Looking for something interesting, cultural, fun and tasty to do this weekend? Take a walk on the wild side at Zoo Ala Carte!
Through Sunday August 23rd, you can visit the Milwaukee County Zoo, and at the same time sample great food from over 28 different local restaurants. With a wide range of cuisines, there is something to tempt anyone’s tastebuds.
Live entertainment will continue through the weekend, with Aaron Neville highlighting Saturday evening at 8pm.
Advanced discounted tickets are available at Tri City Banks. The Zoo is celebrating it’s 25th Zoo Ala Carte, if you haven’t been there in years past, this would be a great year to try it out.
The crazy market we are in right now, can seem like a zoo at times. If you know anyone needing help navigating this market, whether buying or selling, contact Pat Tasker at 262-437-5853. Having grown up in Milwaukee, and now living in one of the Suburbs of Greater Milwaukee, Pat is perfectly suited to help with your real estate needs. She knows the market!
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Pat Tasker
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August 14, 2009 at 09:25 AM · Posted under Area Attractions & Events, Pat Tasker
According the Dictionary, a Cream Puff is defined as:
- Main Entry: cream puff
- Function: noun
- Date: 1880
1 : a round shell of light pastry filled with whipped cream or a cream filling
2 : an ineffectual person
3 : something trifling, inconsiderable, or easily dealt with
4 : a property listed for sale that is in especially good condition
This is the last weekend of our great Wisconsin State Fair, and your last chance for a year to get one of those famous Cream Puffs! As of this writing, over 214,000 cream puffs have been sold, and we have a big weekend left. This sweet treat is sold at the south west corner of the fair at the Cream Puff Pavillion - yes they have their own Pavillion!
Don’t have a chance to spend a day at the fair and partake in this sweet tradition? You can use the Cream Puff Drive Through Service! No Kidding!!! Just call in the night before to order, your order will be ready for pick up the next morning between 6am and 8am!
If you are adventurous, you could try making them yourself with the original fair recipe. And if you are totally in love with them, try the Cream Puff Eating contest at the fair!
If you are trying to take advantage of this market, and looking for a CREAM PUFF for your new home, call Pat Tasker at 262-437-5853. With 20 years experience in the real estate industry, I know the market and which ones are cream puffs. Call and get yours today!
Posted by:Pat Tasker
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August 06, 2009 at 09:21 AM · Posted under Colleen Kuchta
As a born and raised SOUTH SIDER, I must admit I am more than a bit drawn to this area. After all, it is the greatest place on earth! Think about it, there are hundreds of restaurants: Leon’s Custard, Ned’s Pizza & Mazos Fine Foods just to name a few. There is a great little shopping center called Southgate Marketplace, too.
Parks abound in this area as well. In just a 5 mile radius you have Humboldt, Jackson, Wilson, Zablocki & Pulaski Parks. As well as the Kinnickinnic River Parkway. There is plenty of green space to kick or throw a ball, swing, slide & climb. You can play a round of golf, or swim in a local pool.
Other points of interest include The Mitchell Park Domes, Miller Park and General Billy Mitchell Field (the airport). There is even a place where you can laugh till you cry if that’s something you enjoy: Comedy Sportz on 1st Street is just what the doctor ordered.
Speaking of doctors, there are 2 great hospitals in the area as well. I have been to both so I know first hand the great treatment you can expect. St. Francis is on 16th Street (2 of our children were born here) & St Luke’s (had surgery here) up on 27th Street.
Why am I telling you all this? Because it is getting to the end of the summer, and school starts in a matter of weeks. It’s time to buy a house & get your family settled. If you’re a first time home buyer, time is running out to get your $8,000 tax credit. So, what are you waiting for?
Get out there and buy a new house. Make an investment in your future! I hope to see you at my Open House this Sunday on 15th Place. Need directions? Go to: thekuchtas.shorewest.com or send me an email at ckuchta@shorewest.com - hope to see you there!
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Colleen Kuchta
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August 05, 2009 at 03:09 PM · Posted under Steve Bauman
No, this is not some late-summer horror flick. I’m talking about adjustable rate mortgages and how they are now an attractive alternative to fixed rate mortgages.
If you are thinking about buying or refinancing, you owe it to yourself to take a look at an ARM. The interest rate on a 5-year ARM is currently about 4 percent. Four percent! That is incredibly cheap money.
In fact, I don’t recall ARM rates ever being this low.
The savings can really add up quickly or you can use the lower rate to increase your buying power. Current 30 year fixed rate home mortgages are running around 5.375 percent. On a $200,000 mortgage, that’s a savings of about $165 per month.
Or, use that $165 per month for a larger mortgage. That translates into more than $34,000 of additional borrowing power. So, your $240,000 search ceiling becomes $274,000.
If it’s likely you will move again within the next five years then you have no need to worry about a rate hike at the end of the initial rate term and you are saving almost $2,000 per year in principal and interest payments.
That’s a much better ending than any summer horror film.
Posted by:Steve Bauman
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August 03, 2009 at 09:44 AM · Posted under Brookfield, Lisa Rossetto-Glowacki
Yes! That little phrase we’ve heard so many times still holds true, even in this market–Location, Location, Location! This Realtor® has her own location story to tell!
Being stuck in a parking lot with a car that wouldn’t start on Friday evening at 5:30 p.m. wouldn’t have been so bad, except for the fact that a 6:30 p.m. appointment was on the calendar.
Luckily, there was a local towing service, and a local auto parts store. A new battery was installed with time to spare to arrive on time to the appointment.
What would have happened if the location of my residence was different?
Brookfield is an upscale suburb west of Milwaukee. You can drive to Downtown Milwaukee in approximately 20 minutes. Miller Park Baseball Stadium in 15. Milwaukee County Zoo in 10. Major shopping mall in 10.
There are countless ‘big box’ home improvement stores, independent hardware stores, auto dealerships, appliance, furniture, decorating, tile, paint, glass stores.
Not to mention a local hospital, fantastic library, Wirth Park with great pool/picnic area/skate rink, Fox Brook Park with lake/beach, Sharon Lynne Wilson Center for the arts. Great restaurants abound!
Gorgeous subdivisions with mature landscaping, hilly streets, and top-notch school system. It’s better in Brookfield! Consider Brookfield when searching for your new home or condo!
Posted by:
Lisa Rossetto
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