GayRealEstate USA

Around the Nation -- Residential Real Estate Update - Wisconsin

By Jeff Adolph

State-by-state

Situated in near the Center of the U.S.A, this state is ranked as the 20th largest by land mass and the 23rd largest by population with 5,363,675 people residing in this region.

This states economy relies heavily on manufacturing, agriculture, health care, cheese production and the farming of oats, potatoes, carrots, cherries, maple syrup and corn. The largest businesses in this region are Kraft Foods, Wal-mart, Walgreens, Menards, and Target Stores.

There income tax in this state is between 4.6-6.75% and state is set at 5%. property is taxed at full market value by local assessors and calculated on municipality or county equalized value.

Madison

Homes are typically sitting on the market for 90-120 days in this region with the median home price hovering around $250,000. The market trend in this area is said to decreasing with sales prices down by 0-5% compared to last years figures.

There are currently more buyers than sellers in this area with sellers getting 90-95% of their asking price. The hottest valued market in this region is West Side, Westmoreland, Schenk's Corner and Orton Park, based on population growth.

This region also sports a solid residential and investment area, due to strong job growth and economic strength.

LGBT Real Estate Facts: There are approximately 8,232 same-sex couples residing in Wisconsin making this region the 24th gayest state in America. The gayest zip codes in this locality are 53704 East Madison/ East Johnson Street, Madison; 53711 Brokwood, Madison; 53207 St Francis/ Bayview, Milwaukee; 53711 Brookwood, Madison; 53703 Downtown Madison. -- gaydemographics.com

Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com 

Picture Source: wikipedia.org

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Robert Niebauer Update

By Jeff Adolph

Foreclosures

In November of 2006 I reported on Developer and Architect, Robert Niebauer's misfortune, which saw his reputation tarnished with a multitude of residential retirement projects left incomplete and abandoned.

Reader and Wisconsin real estate agent, Rob Summers, recently asked if I could do a follow-up piece on Mr. Niebauer's current situation and offer the real scoop. So without further ado here is a little more insight into what has unfolded over the last 9 months.

Professional Realty and Development Corporation (PRDC) owned and operated by Architect, Robert Niebauer and his family construct and manage senior living facilities in the Midwest. The Angelus communities as these are known stretch across four states.

The most recent Angelus communities to open were:

Angelus of Davenport - Davenport, Iowa

Angelus of East Moline - Illinois

Angelus of Dubuque - Dubuque, Iowa

Angelus Retirement Community at Parkside Village - Defrost Wisconsin

All of these facilities were completed during 2005 - 2006 and are still operational despite PRDC encountering financial difficulties and it is unknown whether these facilities will be foreclosed as 100 North Main has.

100 N. Main completed during May of 2003 was cleared for sale on Monday the 20th of August 2007. As Northwestern reporter Bethany Warner stated: the Banker's Bank of Madison was cleared to offer 100 N. Main St for sale 'free' of any liens or encumbrances including the original developers' obligation to repay projected shortfalls. The said building previously owned by Ben Ganther and Robert Niebauer was foreclosed in June of 2007 when the partners defaulted on their $6.1 million loan.

There are currently 28 open PRDC communities with several others in various stages of completion or development, the fates of these complexes remain uncertain especially given the recent foreclosure of 100 N. Main.

One thing is for sure though, city development authorities have taken steps to ensure that 'up-front development assistance grants, such as the $2.2 million grant developers Ben Ganther and Robert Niebauer received for 100 N. Main St' will remain a thing of the past, so the tax-payer will not be left to foot future mishap bills.

Source: Warner, B (2007) 100 N. Main Cleared for Sale; available online at http://www.thenorthwestern.com and http://www.angelusretirement.com

Image Source: www.prdcinfo.com

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Have Your Say On the LGBT Political Front - August 19th 2007

By Jeff Adolph

LGBT Politics

In a national first, the Democrats are challenging the Republicans by staging a debate that is dedicated to the LGBT community and will answer many of the issues facing Lesbians, Gays, Bi-sexual's and the Transgendered across the nation.

The leading candidates for the Democratic  nomination for presidency will actively involve themselves in this debate on August the 9th, which is being telecast by LOGO, a gay cable network. Alternatively, you may view proceedings on http://www.logoonline.com/ if you are unable to access the network.

Participants in the debate will include Hilary Clinton, Barack Obama and John Edwards (pictured above), with the moderators being singer Melissa Etheridge and Joe Solmonese, Human Rights Campaign's president.

If you would like to actively participate by lodging questions for the candidates to answer you may do so by logging on to LOGOonline.com as well as on HRC.org.

Source: Demorcrats to Hold Gay Debate (2007) available online at www.wweek.com

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Bankrupt Developer Causes Chaos for Tenants

By Jeff Adolph

Investment Heartache

A scandal that could possibly be one of the biggest to occur in real estate for some years, is unfolding from Green Bay to Dallas as a long paper trail of unpaid bills, unsatisfied investors and disgruntled creditors follows Professional Realty and Development Corp as it flees the sites of many incomplete developments.

The company, which has constructed hundreds of units for senior citizens and other investors in the states of Iowa, Illinois and Wisconsin, is now seeking bankruptcy protection in Appleton. While claims that they have literally walked away from another major project in Kenosha and left it half-completed.

The sad thing is many of these investors trusted not only the company but also its owner, Architect Robert Niebauer, because of his notoriety and reputation.

As veteran investor, Bob Castleberg said, I had known (Niebuhr) so long, and the rate of return he was offering was so good I just handed the money over.'

And, there just possibly could be many other investors like Castleberg who will now have to fight in court for their return of their money.

It is suspected that the company has debts of more than $20 million with 'apartment-to-condominium conversions at Junction Point on Madison's far west side, Whispering Pines on the southwest side, along with Angelus Retirement Communities, especially the Nekoosa village that is now facing foreclosure.

The list of unfinished projects and failure to pay mortgages and tax bills is staggering with many tenants including the elderly now looking at the possibility of loosing their homes, something, even the bank is perplexed about!

As Attorney, Charles Hertel said of the bank involved with the Nekoosa Village, 'It's not just a simple business matter. We're talking about elderly residents who need to be taken care of, and that is something the bank is very concerned about.'

The question on everyone's lips is how did such a 'good' company get to this stage?

Speculation by investment experts suggests that the Professional Realty and Development Corp kept buying when the housing market bubble burst without considering that they could not possibly be able to sell the hundreds of units they had purchased, or were building.

As Castleberg added, 'I think Robert had simply gotten overextended. When interest rates went down, ever-body wanted to buy condos, and now that market has dried up.'

Unfortunately, the moral of this story is to consider the downside of any purchase before taking the plunge, always weight up the pro's and con's before buying and make sure that your investment return is favorable to your requirements.

Sources: Ivey, M (2006) Developer's Bankruptcy Leaves Investors, Tenants in the Lurch: available online at http://www.madison.com/tct/mad/topstories/index.php?ntid=107050&ntpid=0

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*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

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© 2006 Jeff Adolph GayRealEstate USA

By Jeff Adolph

Investment Heartache

A scandal that could possibly be one of the biggest to occur in real estate for some years, is unfolding from Green Bay to Dallas as a long paper trail of unpaid bills, unsatisfied investors and disgruntled creditors follows Professional Realty and Development Corp as it flees the sites of many incomplete developments.

The company, which has constructed hundreds of units for senior citizens and other investors in the states of Iowa, Illinois and Wisconsin, is now seeking bankruptcy protection in Appleton. While claims that they have literally walked away from another major project in Kenosha and left it half-completed.

The sad thing is many of these investors trusted not only the company but also its owner, Architect Robert Niebauer, because of his notoriety and reputation.

As veteran investor, Bob Castleberg said, I had known (Niebuhr) so long, and the rate of return he was offering was so good I just handed the money over.'

And, there just possibly could be many other investors like Castleberg who will now have to fight in court for their return of their money.

It is suspected that the company has debts of more than $20 million with 'apartment-to-condominium conversions at Junction Point on Madison's far west side, Whispering Pines on the southwest side, along with Angelus Retirement Communities, especially the Nekoosa village that is now facing foreclosure.

The list of unfinished projects and failure to pay mortgages and tax bills is staggering with many tenants including the elderly now looking at the possibility of loosing their homes, something, even the bank is perplexed about!

As Attorney, Charles Hertel said of the bank involved with the Nekoosa Village, 'It's not just a simple business matter. We're talking about elderly residents who need to be taken care of, and that is something the bank is very concerned about.'

The question on everyone's lips is how did such a 'good' company get to this stage?

Speculation by investment experts suggests that the Professional Realty and Development Corp kept buying when the housing market bubble burst without considering that they could not possibly be able to sell the hundreds of units they had purchased, or were building.

As Castleberg added, 'I think Robert had simply gotten overextended. When interest rates went down, ever-body wanted to buy condos, and now that market has dried up.'

Unfortunately, the moral of this story is to consider the downside of any purchase before taking the plunge, always weight up the pro's and con's before buying and make sure that your investment return is favorable to your requirements.

Sources: Ivey, M (2006) Developer's Bankruptcy Leaves Investors, Tenants in the Lurch: available online at http://www.madison.com/tct/mad/topstories/index.php?ntid=107050&ntpid=0

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

By Jeff Adolph

Investment Heartache

A scandal that could possibly be one of the biggest to occur in real estate for some years, is unfolding from Green Bay to Dallas as a long paper trail of unpaid bills, unsatisfied investors and disgruntled creditors follows Professional Realty and Development Corp as it flees the sites of many incomplete developments.

The company, which has constructed hundreds of units for senior citizens and other investors in the states of Iowa, Illinois and Wisconsin, is now seeking bankruptcy protection in Appleton. While claims that they have literally walked away from another major project in Kenosha and left it half-completed.

The sad thing is many of these investors trusted not only the company but also its owner, Architect Robert Niebauer, because of his notoriety and reputation.

As veteran investor, Bob Castleberg said, I had known (Niebuhr) so long, and the rate of return he was offering was so good I just handed the money over.'

And, there just possibly could be many other investors like Castleberg who will now have to fight in court for their return of their money.

It is suspected that the company has debts of more than $20 million with 'apartment-to-condominium conversions at Junction Point on Madison's far west side, Whispering Pines on the southwest side, along with Angelus Retirement Communities, especially the Nekoosa village that is now facing foreclosure.

The list of unfinished projects and failure to pay mortgages and tax bills is staggering with many tenants including the elderly now looking at the possibility of loosing their homes, something, even the bank is perplexed about!

As Attorney, Charles Hertel said of the bank involved with the Nekoosa Village, 'It's not just a simple business matter. We're talking about elderly residents who need to be taken care of, and that is something the bank is very concerned about.'

The question on everyone's lips is how did such a 'good' company get to this stage?

Speculation by investment experts suggests that the Professional Realty and Development Corp kept buying when the housing market bubble burst without considering that they could not possibly be able to sell the hundreds of units they had purchased, or were building.

As Castleberg added, 'I think Robert had simply gotten overextended. When interest rates went down, ever-body wanted to buy condos, and now that market has dried up.'

Unfortunately, the moral of this story is to consider the downside of any purchase before taking the plunge, always weight up the pro's and con's before buying and make sure that your investment return is favorable to your requirements.

Sources: Ivey, M (2006) Developer's Bankruptcy Leaves Investors, Tenants in the Lurch: available online at http://www.madison.com/tct/mad/topstories/index.php?ntid=107050&ntpid=0

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

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© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Do you feel past developments are a good indication of a developers worth or would you be asking for more information?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA