Wednesday, September 17, 2014

Downtown Madison, Wisconsin Condominiums...They ain't making 'em anymore

"Buy land, they're not making it anymore." Mark Twain said that. Will Rogers paraphrased to explain why he was putting money into ocean frontage, "...they wasn't making any more".

Looking at Madison from Lake Mendota this summer I counted eight cranes towering above the skyline. They're raising high rise apartments from the UW Campus to Downtown Madison Where Madison added apartments.

 Not one condominium project has been built, none are planned to my knowledge. I haven't verified this, but a finger on the pulse of the downtown high rise condo market feels like the values might be up 10% and time on the market down. The condo construction ended with a glut of units when the recession came to town. Maybe owning a condo in downtown Madison is a good idea. After all, they're not making 'em anymore.