University Heights, Madison's Higher Ground for Real Estate

We watched with confidence as the price of real estate rose along with the Madison skyline until a few years ago.  Confidence in our university, government, health care, and private sector professional driven economy contributed to dismissal of the warning signs of a bubble about to burst. Neighborhoods where the leaders of these industries live might just be the higher ground to stay above water.

Just before the Great Depression the area where University Heights sits was prime location for the people who built the foundation of the Madison economy. University, government, health care, and private sector professionals built the homes that make the neighborhood at a time of economic and American pride expansion. The location was a bit out of the city but it had modern access to Madison. Dependable roads were key to draw people to build in the Heights. Horse power was the primary source of transporation with few automobiles bought or sold in Madison in the first years of the '20's. In the midst of the "Great Recession" the Heights is again the destination of choice by the similarly employed. Now the area is absolutely urban, and perfectly served by the modern mode of transportation---bikers, hoofers, and commuters in autos the size of a buggy. The super highway of high speed internet, googles of electronic devices and wifi everywhere make it easy to stay connected from home or nearby shops and nearby restaurants.

In the last 12 months 20 homes have sold in University Heights, three more have offers pending, and eight are on the market today. I don't believe any neighborhood outside of the Beltline can boast the same demand today.  If there is evidence of a trend toward living simply, University Heights may be an indicator. With typical homes ranging in price from the $400,000's to the upper $600,000's, this is not the average Madison home owner's neighborhood. (It's not the most expensive either.) University Heights is a neighborhood of people who make commitments in real estate and those commitments move our market. When these homes sell, owners typically buy somewhere, and someone who sold something somewhereis a most likely buyer. I'm going to assume the average educated people moving in, out, and around University Heights could be described as "well". What a well educated person may be likely to have in addition to diplomas is a good grasp of reality.   I think it's acceptance, and a plan; acceptance of what is and a plan for what to do regardless of the economic unknowns.

University Heights was the higher ground in 1920 and it's the high ground for Madison today. Regardless of where we live, there are lessons to be learned from University Heights...location always matters, and accepting reality is the way to see what is probable.

Home featured above is 177 N Prospect Ave. offered for sale by Tom Meyer, Restaino & Associates as of May 20, 2012.