I'm fairly new to the Milwaukee market and am aiming to buy a duplex but am wondering what to expect for the competitiveness of the market in the trendier Bay View/ Brady st / Shorewood areas? For instance, I relocated from Boston where coming with an all cash deal at 10% over asking is common. I would be using an FHA loan and obviously don't believe Milwaukee will be at the same fenzied level as Boston but would like to gauge the market as I begin to plan.
Happy to connect with local resources to discuss options.
Bay View/ Brady st / Shorewood are all extremely competitive markets and much higher price points. Are you planning on living in the duplex? If so, you may want to target owner occupant REO duplexes.
@Tim LaBelle You are correct, we are not quite as agressive as most of the costal cities, but like Rebecca said the North Shore is one of the most desirable neighborhoods in Milwaukee, properties in good condition go fairly fast, typically in days and we have seen some solid appreciation in the last years. Looking at solds, about a third goes at or over list, the rest is under. Fall and winter are definitley slower and a better time to buy than spring and summer.
I have been watching the MLS for the same for a few months now. Those areas are higher price points for Milwaukee, given they are on the coast. We just saw a condo go for above ask in a few days.
If you are looking for a better deal, you might want to consider Walker's Point. The area is a bit cheaper, but appears to be on it's way up, has restaurants/bars, is near the river and other areas like Bay View and 3rd Ward.
Best of luck
@Tim LaBelle Welcome to Milwaukee!
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