As downtown Milwaukee condominium sales continue at a healthy pace, Brookfield-based First Weber Group is planning to open a downtown office.
Currently, the only First Weber office in the City of Milwaukee is at 82nd Street and Capitol Drive. The downtown condo market is booming. About 2,000 condominiums were built in downtown Milwaukee between 2001 and 2006. The market absorbed about 360 new condo units per year between 2004 and 2006, and 2007 is expected to meet or exceed that pace, according to a recent study by Chicago-based S.B. Friedman & Co. The downtown Milwaukee condo resale market also has grown from about 150 transactions in 2002 to about 500 sales in 2006, according to the study.
"The downtown lifestyle continues to be in such high demand that we are looking to open an office there to better serve those homebuyers," said Tammy Maddente, First Weber executive vice president. "I definitely want to be in the downtown market." First Weber is in the early planning stages of the process and has not yet chosen a location downtown, Maddente said. "I’m leaning toward the Third Ward, because I can serve so many areas out of the Third Ward," Maddente said.
The downtown First Weber office will probably occupy about 4,000 to 5,000 square feet, she said.
Recognized by Realtor Magazine as one of the nation’s fastest-growing real estate companies, First Weber Group has more than 50 offices throughout Wisconsin. Last year, the company achieved more than 13,452 transactions resulting in nearly $3 billion in sales.
Recently, First Weber Group reached an agreement with Chicago-based NVG Residential Inc. to market the unsold condominiums in Landmark on the Lake at 1660 N. Prospect Ave., on Milwaukee’s east side. NVG has converted Landmark on the Lake from apartments to 275 condominiums. NVG Residential has updated the residential units, lobby, hallways, pool area and front entrance of Landmark on the Lake. The company also renovated the 16,000-square-foot sundeck, adding a new $100,000 David J. Frank-designed garden area with shaded pergola, built-in gas grills and designer lounge furniture. The sundeck also offers bocce ball, concrete chess, checkers and backgammon tables, a putting green, paddle tennis court and play area for children. "The downtown Milwaukee condo market is going strong, making this the perfect time to partner up with NVG on the Landmark project," Maddente said.
