Housing markets are steady in Milton, Edgerton
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Best Realty Agent Roxie Auck lets Jim and Emma Weibel of Baraboo into a home for sale on Road 1 in Newville. The Weibels want to move closer to their daughter Cathy Sill and her husband John who live on Road 3 in Newville.
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Eric Kim, right, an agent with Best Realty of Edgerton, shows a condo that backs up to the first hole at the Edgerton Towne Country Club to first time home buyers John Ozga and Lacey Appel of Edgerton.
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The Fulton Square project in Edgerton.
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The Fulton Square project in Edgerton.
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Paula Carrier
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Andrew Weberpal
EDGERTON — Playing your music as loud as you want.
Painting your room any color that catches your fancy.
Knowing you’re not throwing money away on rent.
Those are the factors that encouraged Melissa Williams and her boyfriend Bryan Robbins to buy a brand-new house in Edgerton.
The housing market “crisis” didn’t even enter their thinking, Williams said.
“We just looked at our finances and decided we could definitely do it, and that was it,” the 23-year-old said.
Paula Carrier, owner of Best Realty, points to people such as Williams and Robbins when she says the Edgerton housing market is steady.
“Media in general painted this picture that said, ‘Don’t buy, prices are still bottoming out,’” Carrier said. “They’re not here.”
National media reports have offered a dour view of the housing market: Record numbers of homes in foreclosure, housing prices plunging, and people having trouble getting credit and selling their homes.
But that’s not the case in Wisconsin, especially in small communities, said Morris Davis, a professor of real estate at UW-Madison’s Wisconsin School of Business.
Housing prices are dropping quickly in places such as California, Florida and Nevada because they rose too quickly there, Davis said.
“The fact is, that the boom that we had in small towns in Wisconsin is just nothing like the boom that was experienced in many places in the country,” he said. “In small communities, house prices just aren’t going to fall that much.”
The Edgerton area saw a 6 percent decline in the average home-selling price in 2007, but Carrier believes that’s because many buyers were buying their first homes and looking for less expensive options.
Young adults, such as Williams and Robbins, are taking advantage of low interest rates, she said.
“Why would you wait until the rates are high and the prices are high?” she asked.
The number of homes sold in the Edgerton School District dropped 8 percent in 2007.
Sellers are waiting a little longer to unload their homes—three to six months now as opposed to 30 days a few years ago—but the wait is nowhere near what it was in the mid-1980s, Carrier said. Then, homeowners expected to wait at least a year to sell their homes.
Andy Weberpal, a Realtor with Century 21 Affiliated, sees a good balance among buyers and sellers in Milton, he said. He works out of Janesville but deals with many properties in the Milton area.
“(In) Milton in particular, the market has been decent lately,” he said. “It’s not outstanding, it’s not what it was a couple of years ago, but there has been very good activity.”
The number of home sales dropped from 90 to 81 in the city of Milton in 2007, but the average selling price rose more than 1 percent.
Weberpal contrasted the Milton market with the Janesville one, which has a lot of properties for sale, he said.
Smaller communities don’t see the fluctuations of urban areas because there are fewer homes to buy and sell, he said.
“(Milton) is a smaller community, and it doesn’t take a big increase in demand to tighten up supply there,” he said.
But even though nationwide housing problems aren’t having a big effect on local housing markets, they can affect the economy of small communities, Davis said.
“When prices fall nationally, consumers spend less, and that means sales of all products, or at least some products, fall,” he said.
As sales fall, wages drop, and unemployment rises everywhere, Davis said.
“That’s the sense in which the small towns of Wisconsin are vulnerable,” he said.
Fulton Square project
Paula Carrier isn’t worried about nationwide housing problems affecting sales of condos in Edgerton’s Fulton Square project.
The $6.1 million project is on target to be completed in August or soon after, Carrier said. It will include 26 condominiums and 16,000 square feet of retail space.
Carrier, owner of Best Realty, and Chris Sweeney, broker with Pat’s Realty, are selling the condos for Keller Development of Madison.
No one has bought a condo yet, but Carrier and Sweeney have heard plenty of interest, especially from “snowbirds” who spend summers in Wisconsin and winters down South, they said.
Carrier believes the sales will start once the building gets closer to being finished, she said. Right now, it’s just a wood frame.
“We’re small, midtown U.S.A., and we need to touch it, we need to see it” before we buy, Carrier said.
Prices for the condos range from $112,000 to $165,000, Carrier said. The developer is targeting “empty-nesters,” professionals and childless couples.
Carrier and Sweeney plan to start hosting monthly forums this month to update residents on the project, Carrier said.
“It’s going to make our downtown just sparkle,” she said.
May 13, 2008 at 2:08 p.m.
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oh, and yes...momof1 is correct in that both parties sign all the closing papers and are equally responsible for the debt.
May 13, 2008 at 1:59 p.m.
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yes, any and all applicants on a mortgage application are equally considered. That means income, debt, fico's, etc. In fact, it is the lower of the median credit score that is used to qualify the borrowers. Also, to be clear, the higher rate comment I spoke to, I saw posted by 'attorneyatlarge'. I simply wanted to clarify that point so unmarried folks considering purchasing a home together would have accurate facts. Additionally with such high divorce rates, it's silly to assume that married applicants are a safer risk than unmarried applicants.
May 13, 2008 at 1:40 p.m.
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LongTimeGone: yes both sign the papers and both have credit history reviewed, etc. Why is that so hard to understand? It is signed applicant; co-applicant. We both will equally own the home. It has nothing to do with any relationship. If I wanted to purchase a home with a friend, it would be the same thing. As long as the credit is fine, and you have all your "ducks in a row" there is no issue.
May 13, 2008 at 1:31 p.m.
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justathought - do both boyfriend and girlfriend sign the mortgage papers? Do BOTH incomes, credit history, etc receive combined consideration during pre-qualify and pre-approval process?
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Everyone dances here, but no one answers the nitty-gritty.
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And I reviewed my own posts, and did not claim co-habitants get stuck with higher interest rates based soley on their non-married, status. In fact, it is illegal to do if they were same sex co-habitants. But that is a whole 'nother thread.
May 13, 2008 at 12:55 p.m.
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Justathough!! Thank you!
May 13, 2008 at 12:20 p.m.
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As a local mortgage lender, I can speak to how a person does or does not qualify for a mortgage. We do not consider your marital status as a means of approval or denial. There is also absolutely NO truth to the fact that unmarried couples are charged higher interest rates than married couples. That would be discrimination. We qualify you primarily on credit history, job stability and assets. In any case, it seems that the point of the article is to show that our local real estate market niether rapidly booms nor busts as may have been implied by recent 'national' AP articles.
May 13, 2008 at 9:08 a.m.
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Actually the papers are signed by myself and my boyfriend. Why would a parent be involved? I am a professional in my mid 30's.
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Lydia, yes I have back copies, which one was it in?
May 13, 2008 at 9:01 a.m.
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"Painting your room any color that catches your fancy. I would dare say you could do that in a rental, just repaint before you leave"
Mikey - in most rentals you can't paint the walls any color that you want. Landlords will allow renters to apply a fresh coat of paint, but it must be a white or shade of off-white. No colors.
May 13, 2008 at 8:58 a.m.
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"This story references a boyfriend and girlfriend buying a house together.
I'll never understand why people will enter a lifelong, expensive agreement without the benefit of marriage. The rate of breakups for boyfriend/girlfriends is so much greater than married couples. "
Attorneyatlarge -- that's quite a blanket statement that you're making. My boyfriend and I have been together for 7 years, we're getting married in July and are putting his house on the market so that we can buy something together. The purchase of the new house may or may not happen before we're married...depends upon how fast the existing one sells. But, I wanted to comment on your statement about boyfriend/girlfriend couples -- in the 7 years that my boyfriend and I have been together, we've seen almost all of our best married-couple friends enter into divorces. Our friends that are non-married couples are all still together after 7 years. Hmmm....
May 13, 2008 at 8:57 a.m.
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You keep ALL the copies of back issues???
WOW....what can I say.
May 13, 2008 at 8:46 a.m.
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momof1 - not that you need to explain, but, I am curious who signed the loan papers, you, you and your girlfriend, or, perhaps, you and a parent??
May 13, 2008 at 8:24 a.m.
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Lydia, I keep all back copies of the Reporter. I would like to know what week paper that is so I can re=read it and report the facts correctly, as stated in the paper.
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LongTimeGone ~ I am glad you don't care of my personal relationship status. The bank is fine with it, and we have a very good credit rating and will be purchasing soon!
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The schools in Edgerton are very good. I am proud to have my child attending there.
May 12, 2008 at 8:38 p.m.
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toolman - you are correct, stats tell you what happened in the past, which is exactly one of the factors that approvals are based on. Let's save the causes of the housing/financing mess for another thread, but I do hear you on that.
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LydiaR - I could not find the Edgerton Reporter online. But if you say Edgerton is loaded with people loaded, then at least the tavern businesses must be thriving. It seems like a pretty bold statement though, from both you and the local newspaper.
May 12, 2008 at 7:42 p.m.
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My alcohol claim was publihed in Edgerton's own...The Reporter. Does this mean that "The Reporter" is bogus? My,,my
May 12, 2008 at 7:19 p.m.
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If lenders didn't take bad bets we wouldn't be in such a housing mess. Why are foreclosures so high? Obviously because banks took a few bad bets and lost.
Statistics can only tell you what happened in the past.
May 12, 2008 at 7:16 p.m.
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Re the following comments (sounding like an add for NAR) -
Playing your music as loud as you want.
It's great to aspire to be the person who is referred to in such a way as "the neighborhood was nice until THEY moved in." An occasional loud night is okay, but depending how often this is occurring, the cops may quickly have them on a first name basis.
Painting your room any color that catches your fancy.
I would dare say you could do that in a rental, just repaint before you leave or divide your security deposit by your lease length and figure that along with monthly rent as the true cost of rent. Also, buying new construction in Edgerton more than likely mean also buying in to a homeowner's association - can you still paint your house any color you want?
Knowing you’re not throwing money away on rent.
This really depends on the cost of equivalents rentals in Edgerton. There are quite a few people in Madison that felt the same way, put 1K down and moved in. Two years later they're lucky to sell without bringing money to closing. Rentals don't cost 6% to leave.
I have to admit, I like Edgerton better than Janesville, but I really have to stop and think about those condos....in Edgerton??? Besided the snowbirds are all coming to Madison and saving the Madison condo market.
Yes, Milton and Edgerton have fewer homes for sale than Janesville, but THEY"RE SMALLER TOWNS. Also, where are the jobs coming from to support those home purchases, especially in areas such as Fieldcrest. The houses look great there, but if I want to spend Madison prices on a Madison style house on a Madison sized lot, guess where I'll live? Yes, in Madison. Spec homes?? In Edgerton?
May 12, 2008 at 6:43 p.m.
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LydiaR -
I just googled Edgerton and their community ratings.
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You should do the same.
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The school district is rated among the highest in Rock County and SC WI. I see no reports on truancy. Creative Arts are ranked among the highest in the state. Could be higher as far as kids who go on to college, but for a rural area, they do graduate a good percentage who go to state colleges.
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Downtowns everywhere are dead or dying, so not sure where you live, but I am sure whereever it is, the downtown is crap or near crap.
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Your alchohol claim is just a wild bogus statement, but I would dare you to compare it to Hurley, or Sugar Camp, or Hayward.
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May 12, 2008 at 6:14 p.m.
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If Edgerton is such a "wonderful" place to live than why do they have the highest alcohol related incidents per capita in the state? Also why is truancy such a problem if the schools are so good. And why can't a town of 5000 support it's downtown....oh that's right they do...it has bars. I believe that there are a lot of rose colored glasses being worn in Edgerton.
May 12, 2008 at 5:16 p.m.
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toolman - they may indeed "do fine," they may not.
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Are you a gambling man toolman? Do you go with the odds?
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Lenders don't place bad bets.
May 12, 2008 at 5:12 p.m.
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momof1 - you really are thick. Married or single, gay or straight, whatever you are is irrelevent to everyone. But purchasing a home is a contractual agreement with the lender.
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If actuarial charts said lending money to unmarried co-habitants was good business, it would happen with much more frequency that in does.
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So, then, ask yourself, why lending to unmarried couples does not happen more?
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Duh.
May 12, 2008 at 5:07 p.m.
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Long_Time_Gone,
- There is no way to keep track of every time a boyfriend/girlfriend break up.
- Are there legal hassles if you get divorced?
- Banks don't care about marriage, they care about $$$, and if you have the $$$ they will give you the rate.
-Probably the same percentage that result from Divorce.
Of course I'm defensive, when someone comes on here and their first instinct is to assume the worst, and you agree 100%, what do you think is going to happen? I happen to know these people, and, I also purchased a house with my girlfriend (now wife) when I was that age. We planned to get married, but we saw a good deal on a house, and also happened to get the lowest rate on a 30yr mortgage our bank had seen in decades.
They will do fine, despite what you make think.
May 12, 2008 at 5:05 p.m.
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I build houses in Edgerton, some custom and mostly spec. We have had no problem selling our homes. We have two specs in the Fieldcrest developement off of Haine road now with an offer pending on one of them. Yes, they do sit a little longer compared to a few years ago but they still move. As for why live in Edgerton??? Your 15 minutes from Janesville and 20 minutes from the beltline!! Why not live in Edgerton.
May 12, 2008 at 4:57 p.m.
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my point is that you have no right to say who can and can't and who should and shouldn't buy a home. Just like you said, a married couple getting a divorce, after purchasing/building a home. I feel that society as a whole should have higher moral standards and fight to make a relationship work, but I refuse to be forced into marriage just because society thinks it is the right thing to do. I do have high moral standards, but choose not to get married again.
May 12, 2008 at 4:55 p.m.
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momof - I did not answer the questions because statistically speaking, the odds are against a boyfriend-girlfriend scneario qualifying for a home loan, then the odds favor one of the 2 parties leaving the financial arrangement, causing economic hardship for whichever party has their name on the mortgage.
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I am sure you are aware that WI is a marital property state - so by design, home ownership between co-habitants is discouraged as a matter of law, and difficult to contractually bind parties, as a matter of banking reality.
May 12, 2008 at 4:54 p.m.
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I think the whole point of why people are going off on the whole boyfriend/girlfriend buying a house is because it is their right to show that even though it is more common today, it doesn't necessarily mean it's the best way and does it really have to be exposed in a paper? When my friend lived with her boyfriend, her parents didn't exactly approve but they couldn't do anything about it. Guess what, there are still people with moral values. I think it would have been more newsworthy if the paper focused on a single person buying a house for the first time on their own!
I know a married couple who just built a house (she designed it and the husband built it) and they moved into the house in October. Guess what, now they are getting a divorce and the issue with the house is an absolute mess. Maybe the boyfriend and girlfriend ARE planning to marry (personally I would REALLY check on the issue of long term commitment, such as being engaged before doing such a thing). A lawyer friend of mine could have moved in with her fiance before getting married, but chose not to because she had no legal rights in his house. I have to agree with the others...it's a big risk for an unmarried couple (and I'm sorry, young ones too and the statement has nothing to do with who the particular young couple is either. It's just how things seem to turn out in today's society!!!)
May 12, 2008 at 4:31 p.m.
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Long Time Gone - I see you didn't answer the questions?
There are instances both ways, depending on who you are. You cannot Judge someone just because they are not married and are buying a house. There are lots of us out here that have good incomes and purchase property together that are not married.
May 12, 2008 at 4:21 p.m.
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"You don't know the situation either... why would you assume that these people are automatically some sort of scum of the earth with 10 kids all from different fathers"
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Wow, pretty defensive stuff - read the orig comments from attorneyatlarge, and then answer true of false -
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"The rate of breakups for oyfriend/girlfriends is so much greater than married couples??"
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Are their legal hassles if your break up about owenrship?
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Do most banks offer a prime rate to unmarried couples with moderate incomes?
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What percentage of a homes are foreclsoed
because someone walked out of a relationship where there was no marriage?
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So prove all the actuarial scientists wrong and make it work. But something tells me someone will be moving back home when the money gets tight.
May 12, 2008 at 4:16 p.m.
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Well Lydia, I actually am very happy in Edgerton. The schools are very good and my child does wonderful there. You couldn't pay me enough to live in Janesville, my son is much better off in Edgerton, as am I. There ARE jobs there, my significant other makes very good money.
May 12, 2008 at 3:40 p.m.
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I could care less if people are married or not...the questions is,why would any one want to live in Edgerton? There are NO jobs and with the price of gas is going back and forth to Madison or Janesville worth it? Not to live in Edgerton.
May 12, 2008 at 2:43 p.m.
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Long_Time_Gone,
You don't know the situation either... why would you assume that these people are automatically some sort of scum of the earth with 10 kids all from different fathers? They aren't. They are 2 college educated people trying to make a go of it, and doing pretty well at it. If they were your kids, you would be proud. I could tell you more, but frankly, it is none of your business.
Marital status is irrelevant. It is the people that matter.
May 12, 2008 at 2:35 p.m.
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Who CARES that a boyfriend/girlfriend bought a house together??? AS a matter of fact, myself and my boyfriend will be buying a house together in EDGERTON, although we are not the ones in the story. We are getting a GREAT interest rate, so you really don't know what you are talking about Attorneyatlarge. So, when someone chooses to not get married, but just live with a person in a long term relationship, they get trashed because they are not married?????? Get out of the dark ages and stay on topic of the article.
May 12, 2008 at 2:12 p.m.
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I'd like to beleive the housing crunch has not hit small towns like Edgerton or Milton, but what new jobs have been located to those towns that would inspire folks to buy and remodel?
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When gas was cheap folks would look for more affordable housing in small towns and commute back to the city for their jobs, but record gas prices are killing the idea of long commutes.
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With no new jobs attracting new residents, and school enrollments flatlined, not to mention HS kids leaving for the cities where job prospects are better, I just can't beleive the housing market in these 2 towns, or any town, is positive.
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But perhaps that Fulton Center is 100% leased. Perhaps the condo sales there will take-off.
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Or, perhaps the developers were given a sweet deal with TIF and other incentives that their risk in an emppty building is minimal.
May 12, 2008 at 2:03 p.m.
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attorneyatlarge is, sadly, 100% correct. But, that was not the point of the story.
May 12, 2008 at 1:41 p.m.
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attorneyatlarge,
It is nice of you to comment on a situation you obviously know nothing about. If you have a comment that applies to the subject of the article, please post it, otherwise, keep your comments to yourself. You're doing nothing but making yourself out to be a ignorant fool.
May 12, 2008 at 12:04 p.m.
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This story references a boyfriend and girlfriend buying a house together.
I'll never understand why people will enter a lifelong, expensive agreement without the benefit of marriage. The rate of breakups for boyfriend/girlfriends is so much greater than married couples. And the legal hassles if your break up about owenrship... oyvey.
Plus, most banks are not going to offer a prime rate to unmarried couples with moderate incomes.
When you are dealing with a 100000+ purchase that can be foreclosed upon, you think you'd want some type of stability. SO many foreclosed homes are because someone walked out of a relationship, and because there was no marriage there was no order or obligation for the abandoned party.
Plus... the poor kids. Not "Mom and Dad" but "Mom and her boyfriend" which may or may not be the bio dad...
May 12, 2008 at 11:26 a.m.
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Re; Fulton Square. why would anyone want to spend that kind of money for a condo, to live across from nothing but bars, and the railroad track in your backyard.....I just don't get it. And if the market is so good in Edgerton why have I seen for sale signs up for as long as 1.5 years. hmmmm.......
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