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November 2017

There are 20 blog entries for November 2017.

More surprises are revealed with every step you take on the property at 21 State St. Mazomanie, from gardens and a pergola to the mix of wooded and open land beyond the creek. Also tucked behind the stunning 1865 Victorian Italianate home is an old carriage house that has been skillfully converted to a second home.

Built in 1909, the barn had been turned into an art studio in the 1980s. Then while Dave and Karisa Friske were in the process of restoring the main residence into a bed and breakfast in the early 2000s, they also chipped away at converting the adjacent structure into their family's living quarters while retaining its essence.

"It had electricity, it had a furnace, but the upstairs was a barn ... and there was no running water," Karisa

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The hot spring market seems to come a little earlier to Madison with each passing year, as buyers seek to get a jump on their competition. Last year the market really heated up in February, as can be seen in the graph below. 

Each bar on this graph represents a snapshot of the Madison single family home market taken mid-month. In February of 2016 only 35% of all single family home listings were under contract with an accepted offer. In February of 2017 the percentage jumped to 51%. In other words, if you were searching for listings online in February of 2017, over half of the listings you viewed were already spoken for and scheduled to close soon. The market stayed this tight all the way through the month of June.

 

2018 will be another low

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After a rush of post-Thanksgiving shopping events, from Black Friday to Cyber Monday, the focus turns to giving rather than getting today. Each year more people join the Giving Tuesday movement to help others through the gift of their time, donations, goods, or voice, according to www.givingtuesday.org.

There are countless local, national, and global organizations to support, and each have their respective merits. This year, our team has made a commitment to giving back to area parks by partnering with the Friends of Dane County Parks Endowment.

You may have seen some of our blog posts and photos of several Dane County parks, forests, and trails this fall, including the new Lower Yahara River Trail that connects Madison to McFarland, the

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This year we're getting a jump on our annual predictions for the Madison real estate market. Without further adieu, here our real estate predictions for 2018. (For a look back at last year's predictions, check out this post.)

madison real estate market 2018 predictions

#1: New home and condo construction will remain low. 

New apartment buildings continue to pop up all over the city. Meanwhile, single family home housing starts have plateaued in 2017, while new condo construction remains almost non-existent. All signs point to more of the same in 2018.

#2: The foreclosure pipeline will be nearly empty. 

Madison area foreclosures are at a 16 year low, which means distressed property listings will be relatively rare in the coming year. 

#3: Housing demand will remain strong. 

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If you enjoy spending time in or around water, you'll be right at home in the Mariners Cove Condos. It truly is a "mariner's paradise," said Judy Wagener.

While Judy and her husband, Walt, used to sail together, they decided to buy a pontoon boat when they moved here to take more friends out on Lake Mendota -- especially since a boat slip is included in the condo fees. "The boating life was a big draw for us ... and it's an easy walk to the docks," she said.

There is year-round water activity here, from water skiing or ice skating on the lake to kayaking the Yahara River toward Cherokee Marsh.

And the same is true at the condos, where you'll find people swimming in the indoor and outdoor pools. People seem to congregate in these spaces,

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We recently added a view of the cash buyer market to our monthly home and condo reports - and the results provide some interesting takeaways for both buyers and sellers. Here's a quick summary of our findings. 

Cash offers are common in the condo market. 

Overall, 1 out of every 5 Madison condo sales through the month of October have gone to cash buyers. This is below the historical high of 26% in 2012. Cash offers peaked 5 years ago when Madison condo prices bottomed out. 

 

Takeaway: Based on current market trends, buyers and sellers should expect at least one cash offer whenever multiple offers are submitted for a condo listing. 

Cash offers are most common with higher priced condo listings. 

Baby Boomers are the key drivers of this

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Part of what makes a house a home are traditions, especially those formed in the kitchen. Some of our team members share their favorite holiday recipes, including ones with a new twist and others passed down from generations. We hope you enjoy this season celebrating with family and friends!

Quinoa, Wild Rice Salad with Pomegranate

"We now make this salad for every Thanksgiving meal. It's healthy and hearty, and tastes really good, too! Everyone in our family loves it. We put the kids to work on harvesting the pomegranate seeds, and they enjoy contributing to the making of the salad."

- Dan Miller, Realtor

Salad ingredients
1 cup spring mix (half and half with baby spinach)
4 tbsp. chopped spring mix
1/2 cup pomegranate seeds
1/2 cup toasted

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As many families head to the grocery store to pick up ingredients for Thanksgiving meals, some may also be preparing for another holiday tradition that requires tennis shoes. Hundreds of people are getting ready to run and walk on Thanksgiving morning, and three events are held in the Madison area this year. Some encourage wearing costumes, others to bring pets and kids, and all a great time to benefit local charities. Be warned: treats at the finish line may or may not curb your appetite for the rest of the day.

Festival Foods Turkey Trot

When: 8 a.m. Thursday, November 23
Where: Breese Stevens Field, 917 E. Mifflin St.
Options: 5-mile run or 2-mile walk $25 for adult and $20 for child ages 17 and under; dog jog $30 with adult and $25 with child ages

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Madison condo prices are rising rapidly. As we recently reported in our latest market update, prices are up 13% through the month of October. That's a huge year-over-year increase - and one that's not sustainable. Although we don't expect prices to increase another 13% in 2018,  a 10% increase is entirely possible. Below we've outlined 5 reasons why local condo prices will continue to escalate in 2018. 

5 reasons why Madison condo prices will rise again in 2018

#1: Historically low supply 

Right now the Madison condo market has only 1.5 months of supply. This is about as low as it gets in our market. Historically low inventory will push prices higher in 2018. 

#2: An empty pipeline

Very few new construction condos are being built to

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More clouds and colder temps mean this time of year can be a little gloomy for people. But fight your inclination to hibernate inside and head downtown Madison for some new surprises and old traditions. Many of these events also offer opportunities to "Shift Your Shopping" to support local businesses.

Shine on Madison

It all starts with Shine on Madison, presented by Madison's Central Business Improvement District and the Madison Community Foundation, which will feature more than a hundred events and numerous lighting displays from November 18 through January 7. Downtown will be illuminated starting at 6:08 p.m. Saturday, November 18, where Capitol Square meets State Street, during a ceremony featuring Santa and Bucky.

Be sure to arrive

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