Dane County/Madison area, WI Real Estate
Hey BP,
Thought I would start a forum to hear what people are seeing and hearing in the greater Madison, Wi area in Dane County. Below are some of my thoughts and observations.
Construction continues for both single family and many multi family projects who were entitled before the pandemic. Lumber is still high. Drywall is being allocated because costs increases are coming next year and manufactures don’t want vendors stockpiling. Insulation is on backorder. A slow entitlement process just got slower.
Interest rates are still low and we still have more buyers than inventory. Veridian is the only construction company touching affordability on new construction, but they build 4/5 homes in the county and are vertically integrated which helps immensely!
During the pandemic we saw our MF portfolio vacancy rates double from 1% to 2% on 1500 market rate West Madison-ish units, and we are having strong lease up on a new construction project coming on line in the Spring.
We have 2 units remaining on a 9 unit condo we developed in Middleton School District that first got occupancy 5/1-early pandemic (Bearclawtownhomes.com). Both remaining units are townhome style 2BR/2.5BA 1500SF for $350k+.
What are you looking for that you can’t find? What are you seeing? What can I do to help?
Andy