Milwaukee Post
Issue link: https://www.ifoldsflip.com/i/863148
6 • Milwaukee County Post • August 18, 2017 Metro Milwaukee home sales tumble in July By KATHERINE MICHALETS Conley News Service MILWAUKEE — In recent history, home sales have been strong every month, but this July they took a downturn in the metro Milwaukee area. According to a report released Aug. 11 by the Greater Milwaukee Association of Realtors, home sales for the four- county metro Milwaukee area consisting of Milwaukee, Ozaukee, Washington and Waukesha counties declined 5.2 per- cent in July compared with July 2016. Washington County took the biggest tumble at 14.8 percent, followed by Ozaukee County at 6.3 per- cent, Milwaukee County went down 5.2 percent and Waukesha County dropped 1.6 percent. Mike Ruzicka, president of the GMAR, said in the report the decline was not due to a slowing down of the market, but because there weren't enough homes for sale to meet the demand of would-be buy- ers. "There is no concern about the decrease among Realtors. The underpin- nings of the local economy are solid, with employ- ment, interest rates, and lending all performing well. The strong economy is producing interest in home buying, particularly among first-time buyers, who brokers estimate com- prise about 40 percent of the market this summer," according to the report. Through July, the four- county market is 0.8 per- cent ahead of sales in 2016, 12,083 in 2017 versus 11,983 unit sales in 2016, accord- ing to the GMAR. July was the fifth month of 2017 that had a decrease in property listings for the four-county area. Milwaukee and Washington counties increased listings, but there were not enough units available in Waukesha and Ozaukee counties to satisfy buyer demand; particularly homes under $350,000, according to the GMAR. In Washington County, home listings increased 7.6 percent and in Milwaukee County they went up 2 per- cent, whereas in Ozaukee County they declined 11.4 percent and 5.3 percent in Waukesha County. "Based on a GMAR con- sumer survey conducted in May, sellers stated they were holding off on listing because of concerns about policy changes in Washington, D.C. (i.e. mort- gage interest deduction, taxes, health care), recent remodeling to their cur- rent home, and some are holding out for higher prices," according to the report. Email: kmichalets@conleynet.com BUSINESS Katherine Michalets/Conley News Service Home sales in all four counties in the metro Milwaukee area decreased in July from a year ago. 4-county region drops 5.2 percent due to lack of inventory MILWAUKEE — For nearly four decades, the corner of North and Farwell avenues has been the home of the German-centric bar Von Trier. In early 2018, Von Trier will undergo major reno- vations to better serve the evolving East Side neighborhood and reopen as an upscale, classic cocktail lounge with a mid-century vibe. Prior to 1978, when German-born Karl Lotharius first purchased the bar and transformed it into a German-inspired pub, the Von Trier location was home to Rieder's — a high-end, East Side institu- tion. Current Von Trier owners John and Cindy Sidoff are looking to once again re- invent the site with a nod to the bar's mid- century roots. "The North Avenue neighborhood has been going through a period of change for the last five years," John Sidoff said. "While our original intent was to main- tain Von Trier through retirement, the reality is, despite discussions with many Milwaukee bar/restaurant owners, there is little interest in taking over the bar and continuing the tradition. "This new evolution of the bar will bet- ter support the evolving clientele and businesses of the North Avenue district." Mike Vitucci, East Side Business Improvement District board member and owner of a number of downtown estab- lishments, also sees promise in the next generation of North Avenue residents and businesses. "North Avenue is definitely going through a transition. Luxury apartments and more amenities are bringing in a new population looking for new experiences," Vitucci said. "They are spending more on their homes and are loving the area for its vibrancy, the theater and the proximity to Lake Michigan. I believe area businesses are already witnessing an upswing in foot traffic and sales." Von Trier will remain open through the holiday season, showcasing its popu- lar Christmas Village one last time. Von Trier will host an online auction with Gerlach Auctions listing the bar's collec- tion of memorabilia, including authentic beer steins, one-of-a-kind wood carvings and the historic Colnik chandelier. For more information on the Von Trier auction,visit www.vontriers.com. MILWAUKEE — The Milwaukee Bucks and Marquette University have signed a seven-year agree- ment in which Marquette's men's basketball team will play its home games at the new Bucks sports and entertainment arena, beginning with the 2018-'19 season. The announcement was made Tuesday on the main concourse of the new Bucks arena that is under construction. Milwaukee's new arena is scheduled to open in fall 2018 and will serve as the Bucks' new home as well as being a major venue for concerts and other special events. "Marquette basketball is a staple of Milwaukee and we are proud to wel- come the Golden Eagles to their spectacular new home," Bucks President Peter Feigin said in a news release. "As Marquette continues to grow as a national basketball power, we expect a lot of exciting college hoops to be played at the new arena for years to come." The Bucks and Golden Eagles have each played their last 29 seasons at the BMO Harris Bradley Center, and will play one more season at the facility before moving into the new arena. "This is a time of unprecedented growth for Milwaukee. So much of that excitement is centered on this remarkable arena, and we are proud to call it our home," Marquette University President Michael R. Lovell said. "When the doors open and the lights go on in this building, we believe it will be the best basketball arena in the world," Marquette Vice President and Director of Athletics Bill Scholl said. "The construction of the new arena has generat- ed a tremendous amount of excitement within our pro- gram and we are thrilled by today's announcement," Marquette men's basket- ball coach Steve Wojcie- chowski said Tuesday. Von Trier eyes reinvention amid changing East Side Marquette signs seven-year deal to play at new Bucks arena