Capitol West, Downtown Madison's Newest Offering

One of the most ambitious residential construction projects in the cities history has just finished it's first phase of construction and the first residents have moved in. Capitol West is an agressive redevelopment project by developer Randy Alexander and it proves to be a winner.

According to today's Wisconsin State Journal, almost 50% of the first multistory condo tower is sold. Very good numbers for this housing economy.

You can read the WSJ article here.

The Best time to Lock in Your Mortgage Rate

“What do you think about rates … should I lock in now or wait to see if they fall further?” Think I’ve been asked that a time or two over the past 18 years? You better believe it. It’s a good question—one that goes through every single buyer’s head at some stage.

A quoted interest rate is no good unless you’ve confirmed, in writing, that your loan is indeed “locked,” or guaranteed for a designated period of time. You need to be proactive with your locked rate as well and don’t assume that your loan officer already locked you in. In fact, your loan officer shouldn’t lock in your rate without your specific instructions. If it was locked in and rates went down you’d be pretty mad, wouldn’t you?

While neither real estate agents nor loan officers are in the business of predicting the future, it’s still possible to make a prudent choice in the face of uncertainty. Would you rather lock in your rate and watch rates fall or not lock in your rate and see rates go up?

If you decided to lock and rates go down, you’ve secured the market rate that you were happy with. But if rates went up and you didn’t lock, you’d be paying for that mistake for the rest of the loan.

There is an even worse possible scenario: After not locking in your rate, rates shoot up and you no longer qualify for the loan. So it’s important to ask yourself: “Which way would I rather be wrong?”

If you are comfortable with the rate you’ve been quoted, talk to your real estate agent about the possible consequences of waiting to lock it in.

Written by David Reed, author of Mortgage 101 and Mortgage Confidential.

Keller Williams Listings Now On Zillow

Thanks to a newly formed business relationship between eAgentC, the technology arm of Keller Williams Realty, and Zillow, all Keller Williams Realty listings are now searchable on the popular search engine, increasing our agents’ and home sellers’ exposure to potential buyers.
Each listing Keller Williams Realty feeds to Zillow includes a description of the property with multiple photos and contact information for the listing agent. Also included are links back to the Keller Williams Website where Zillow users can find more information and connect with a Keller Williams associate to guide them through the home buying and selling process.

“We know that over 80% of all homebuyer’s use the internet for their real estate searches” states Keller Williams Realty Madison West Team Leader, Jessica Fox. “This increased exposure only means our home seller’s are increasing their chances of getting their home sold in a challenging market.”

Keller Williams Madison’s offices increased online exposure seems to be working. The company is posting a 13% increase in sales through April 2008 vs. the same period of time in 2007. According to South Central Wisconsin Multiple Listing Service (SCWMLS) the overall real estate market is down nearly 30% in sold units.

“The constant training of our agents as well as keeping on the cutting edge of all the technology tools is truly driving our success in early 2008” states Madison Crossroads Team Leader, Brett Boettge.

Keller Williams Realty Madison has 2 locations with over 200 real estate agents. The company started operations in the greater Madison area in January 2003.

155 E. Wilson-Union Transfer Living!

Unit L3

List Price: $499,800

Watch the sunrise over Lake Monona in the large condominium in Union Transfer. With 2100+ sqft contemporary finishes mixed w/ some exposed loft features, there is plenty of room for entertaining in the unit or out on the huge deck. Kitchen has stainless appliances & lots of counter space. Both baths & entry hall have extensive use of granite & glass tile. There is a lrg storage space inside the unit & seperate office/den/craft room. Complex also has large excercise facilty.

To see more photos of this great downtown offer visit our website.

333 W. Mifflin- Great Downtown Getaway

In Metropolitan Place

Unit 209

2 Bedroom

High End Finishes

Come see this downtown condo that was finished out with granite countertops, stainless steel appliances, flat maple cabinetry, maple flooring throughout the entire unit, ceramic tile in the bathroom, wide baseboard trim and even a fireplace shared between the living rooma and the bedroom. An additional bonus area will be great for an office or to utilize as a 2nd bedroom. The complex has a large excercise facility and even a 1 acre outdoor park above the parking garage. Just 2 blocks from Capitol Sq.

List Price: $204,900

Visit Our Website for More Photos and a Virtual Tour.

Real Estate Market Comment

The Federal Reserve captured headlines again today, as it tried to stave off another potential credit-market seizure. In an unprecedented Sunday meeting of the Federal Reserve they took the following action: they pledged to lend, in return for no saleable mortgage-backed securities, $200 billion of Treasury notes to banks and investment firms that trade directly with the central bank. The scuttlebutt suggests the Fed acted to save investment banking behemoth Bear Stearns, which had been unable to secure credit against its massive portfolio of mortgage backed securities.

These securities matter to Main Street as much as to Wall Street; they provide the source funding for the mortgage market, which is why Fed Chairman Ben Bernanke and his colleagues are trying mightily to halt a cycle in which the losses on mortgage investments cause banks to cut their lending, possibly sending the economy into a recession.

Unfortunately, the turbulent housing market isn't cooperating. Home foreclosure filings in February edged down from January, but were a whopping 60% higher than a year earlier, according to real estate data firm RealtyTrac. Unfortunately, the mortgage-backed securities market can't improve until the housing market improves.

And as for the recession, some believe the fight is over – and the Fed lost. Separate surveys by Bloomberg and the Wall Street Journal show the majority opinion believes we are in a recession. The opinion isn't without merit: The Commerce Department reported that retail sales fell 0.6% in February. The decline reflects a sharp slowdown in consumer spending, which accounts for more than 70% of U.S. economic activity, as Americans grapple with high fuel and food costs and declines in home values and other asset prices.

The good news is that inflation appears to have abated, which seems improbable given soaring oil prices. Nonetheless, it has. The consumer price index showed no increase in consumer prices for February. The benign CPI reading gives the Fed wiggle room to again cut interest rates – a likely event after Tuesday's Federal Open Market Committee meeting (where the Fed sets the federal funds rate).

Finally, I’m curious where the Presidential candidates stand on all of this. It seems there’s too much rhetoric on the war in Iraq and truly not enough about the U.S. economy, the housing struggle and the price of gasoline.

I guess time will tell when these items become part of the national debate. Guess I’ll just have to walk more.

360 W. Washington Ave. Metropolitan Place Phase I

We just listed this great resale unit in Metropolitan Place Phase I. This unit is impeccably maintained and tastefully updated. Nice warm colors on the walls, contemporary lighting, solid surface kitchen countertops, maple cabinetry, 10' ceilings and a gas burning fireplace. The bedrooms are generously sized and the master has walkin closet with closet system. Large bathrooms with tiled floors, large storage unit on main level and same level parking. Treetops provide a very private atmosphere for this 3rd floor unit. Large community excercise facility in the building.

To get more information and a virtual tour, click here.

100 Wisconsin Ave. Living in the center of it all

Now being offered:

100 Wisconsin Ave. #904

On the capitol square in the center of Madison. This building offers only 42 living units with commercial space on the lower 4 floors.

Unit 904 is over 2000 sq. ft. of high end finishes including 2 bedrooms plus den, 1 3/4 baths and a gourmet kitchen with subzero and wolf appliances.

To get a virtual tour and more information on this great offering, click here.