Madison Again Makes a Top 100 List

As those of us who live here already know, Madison is a great place to live.  In spite of having a brutal winter from time to time (100+” of snow this season) there are many attributes of Madison that continue to get us on “Top Places to Live” lists.

The latest is from CNN Money naming Madison #46 in the “Top 100 Places to Live and Launch”.

Check out the accolades here.

Willy St. Coop Out of Metropolitan Place

In disappointing news for many downtown Madison dweller, Willy St. Coop announced today they are pulling out of the lease space they had committed to in Metropolitan Place Phase II.

Here’s the press release from earlier today:

Willy Street Co-op Ending Relationship with Metro Place

This morning we terminated our lease with the Metropolitan Place II site, after the unanimous vote by the Board of Directors. This was a difficult decision to reach, but the ongoing costs (which appear to be extremely difficult if not impossible to recoup) make continuing to pursue this site a financial risk to the health of the Co-op. Check out our FAQ pageThough we will begin looking at other retail sites immediately, it will likely be a considerable amount of time before we can securely say we have another site to move forward on. In the mean time, I would like to thank you for your past support and hope for your continued patience.

If you have any questions or comments, please feel free to write a customer comment or a note in the binder at the Information Station (near the bulk coffee) in the store.  Questions will be answered in a Frequently Asked Questions (FAQ) available at the Information Station and on the website starting the evening of Tuesday, March 25th.

–Anya Firszt, General Manager

Capitol Neighborhoods May Split over Alcohol Policy

Seems not everyone involved in the Capitol Neighborhoods council is in agreement over the increased pressure by this organization when it comes to granting Alcohol licenses.

Here’s the story from the Wisconsin State Journal today.

I applaud the members of the State Street and Langdon Street areas for standing their ground.  I’m hopeful they will continue to fight in what I see is an attempt to turn downtown Madison into a sleepy suburb like many of the central city’s new residents moved from.

Wingra Place-Another One Bites the Dust (For Now)

In spite of what many might think, there are some smart developers in our midst in Madison.  News hit today that Developer Jim Corcoran is holding off on groundbreaking for his “Wingra Shores” project on Monroe Street.

A “sluggish” market is to blame.  I agree with this.  With many months of remaining inventory, the addition of new units would be unwise.

There is some signs of life in the downtown condo market.  In the past 6 months there have been 16 sales of condos on the isthmus, with the highest sale price just over $1 million for a “white box” unit at the Loraine.  Average sale price of these 16 units was $401,253.   There are currently 6 other condos listed as “pending” meaning with an accepted offer but not yet closed.  Based on the past 12 months sales, and the fact that there are currently 200 units for sale, there currently is roughly 16 months of inventory.  This considers no new units come on the market, thus, a project delayed like Wingra Place is healthy for the market.

More News On Metropolitan Place Phase II

Channel 3 did a pretty good story regarding the agreement reached by Cliff Fisher and the banks he was facing foreclosure with. 

You can watch the clip here.

Of note, in the clip it shows a “cascading waterfall” down the parking structure staircase from the 5th floor rooftop garden.  I was there on Saturday and saw similar issues as the snow melts from the garden.  My guess is there’s some ice damming at the drains causing the water issues.  I’m certain this will be corrected for the future.

Market Watch-What the Fed Reserve is up to

The Federal Reserve captured headlines again today, as it tried to stave off another potential credit-market seizure. In an unprecedented Sunday meeting of the Federal Reserve they took the following action: they pledged to lend, in return for no saleable mortgage-backed securities, $200 billion of Treasury notes to banks and investment firms that trade directly with the central bank.

The scuttlebutt suggests the Fed acted to save investment banking behemoth Bear Stearns, which had been unable to secure credit against its massive portfolio of mortgage backed securities. These securities matter to Main Street as much as to Wall Street; they provide the source funding for the mortgage market, which is why Fed Chairman Ben Bernanke and his colleagues are trying mightily to halt a cycle in which the losses on mortgage investments cause banks to cut their lending, possibly sending the economy into a recession. 

Unfortunately, the turbulent housing market isn’t cooperating. Home foreclosure filings in February edged down from January, but were a whopping 60% higher than a year earlier, according to real estate data firm RealtyTrac. Unfortunately, the mortgage-backed securities market can’t improve until the housing market improves. And as for the recession, some believe the fight is over – and the Fed lost. Separate surveys by Bloomberg and the Wall Street Journal show the majority opinion believes we are in a recession. The opinion isn’t without merit: The Commerce Department reported that retail sales fell 0.6% in February.

The decline reflects a sharp slowdown in consumer spending, which accounts for more than 70% of U.S. economic activity, as Americans grapple with high fuel and food costs and declines in home values and other asset prices. The good news is that inflation appears to have abated, which seems improbable given soaring oil prices. Nonetheless, it has. The consumer price index showed no increase in consumer prices for February. The benign CPI reading gives the Fed wiggle room to again cut interest rates – a likely event after Tuesday’s Federal Open Market Committee meeting (where the Fed sets the federal funds rate). 

Finally, I’m curious where the Presidential candidates stand on all of this.  It seems there’s too much rhetoric on the war in Iraq and truly not enough about the U.S. economy, the housing struggle and the price of gasoline. I guess time will tell when these items become part of the national debate. 

Guess I’ll just have to walk more.  Glad I live in the central city.

Cafe Continental-A Little “Big City” in the Heart of Madison

One of my favorite restaurants in the entire city of Madison is Cafe Continental located just off the capitol square at 108 King St.

Why is it my favorite?  Many reasons.  First the menu.  No where else in Madison can you get such a great mix of southern Italian and Mediterranean dishes as here.  From a ceasar salad with grilled octopus to crabcakes, you can’t miss the mark.  Try any olf the polenta for a great savory meal.  Some of my favorites are the Penne Paridiso, Applewood Smoked Benedict with grits (yes grits) and the Lamb Sausage Plate. 

The second reason I love Cafe Continental is Rosemarie Schiavo, mother of the restaurant founder, Nick.  Rosemarie works the weekend brunch crowd as host.  She seems to know everyone who walks through the doors and makes everyone feel like the long lost relative from the old country.

The last reason is the decor.  The original interiors were designed by the late Rachel Depry.  Her eye for big city feel in a small space is evident in the decor.  Small, tight tables with crisp white linens will remind you of your favorite hole in the wall in Manhatten.  The sleek glass, dark wood and beautiful bar only add to the ambience.

There’s an awesome wine list as well.  Brunch is served on Saturday and Sunday but call ahead as the place fills up.  Dinner is served 7 nights a week and always provides a great night out.

Metropolitan Place Phase II Goes to Receivership

In court today, Developer Cliff Fisher of Metropolitan Place Phase II reached an agreement to have the development placed into receivership with Milwaukee Attorney Michael Polsky named as the receiver.

This will allow the project to continue in it’s sales phase and should bring about some needed changes to complete the sale of the remaining units in the project.

Here’s the State Journal Article.

When a Tree Falls on the Square

Yesterday a local tree service rolled on to Mifflin and Carroll streets to complete the next phase of tree cutting on the capitol square. As much as I know the need for this, it was sad to see some of these large trees go.

My question, when a tree is cut on the capitol square does someone hear it?

The trees came down as part of the capitol square renovation that began last summer. Many of the trees, according to experts, are diseased and in risk of falling on their own. They will be replaced with younger, healthier trees.

Capitol Trees Coming Down

News from Around the Country on the “Mortgage Crisis”

For the past several months you’ve been seeing and hearing that “all real estate markets are local” and “what happens in Vegas stays in Vegas”.  This is with regard to the mortgage crisis “meltdown”.  The chart below truly shows that all real estate is local.  You can see a wide variance in the percentage of deliquincies and foreclosures state by state.  This chart was create by the Mortgage Bankers and reflects the 4th qtr. 2007.

I’ve highlighted the 15 states that are at Wisconsin’s deliquency level or below. 

o                                                    Mortgage delinquencies and foreclosures, fourth quarter 2007 Total loans Past due In foreclosure Subprime loans Past due In foreclosure Connecticut 545,765 5.08% 1.55% 62,626 17.97% 8.61% Maine 144,679 5.88% 2.36% 18,563 18.61% 11.26% Massachusetts 845,027 5.52% 1.94% 88,813 21.19% 11.41% New Hampshire 203,666 6.21% 1.42% 22,669 19.56% 7.18% Rhode Island 141,797 6.27% 2.41% 19,227 21.43% 12.18% Vermont 67,201 3.97% 1.35% 4,745 17.79% 9.48% New England 1,948,135 5.49% 1.82% 216,643 19.81% 10.17% New Jersey 1,292,704 5.39% 1.89% 137,337 17.74% 9.35% New York 2,052,243 5.34% 1.92% 280,767 15.03% 8.43% Pennsylvania 1,558,949 6.76% 1.78% 206,662 19.32% 6.63% Mid Atlantic 4,903,896 5.81% 1.87% 624,766 17.05% 8.04% Illinois 1,739,977 6.12% 2.50% 215,477 19.20% 11.09% Indiana 880,951 8.35% 3.53% 124,399 19.95% 11.59% Michigan 1,535,931 8.97% 3.38% 212,296 24.77% 12.26% Ohio 1,548,184 7.67% 3.88% 221,457 19.44% 13.69% Wisconsin 622,755 4.87% 2.24% 61,773 18.36% 11.31% East North Central 6,327,798 7.38% 3.17% 835,402 20.73% 12.17% Iowa 349,510 5.07% 2.05% 28,230 18.61% 10.39% Kansas 340,925 5.52% 1.52% 32,563 17.17% 6.57% Minnesota 925,044 4.66% 2.22% 90,171 17.59% 12.36% Missouri 900,184 6.71% 1.43% 107,850 21.79% 6.30% Nebraska 211,685 4.94% 1.49% 18,291 16.84% 6.95% North Dakota 65,065 3.05% 0.79% 2,996 13.18% 5.37% South Dakota 85,487 3.31% 1.14% 4,800 15.60% 7.10% West North Central 2,877,900 5.39% 1.75% 284,901 19.10% 8.70% Delaware 178,768 5.66% 1.85% 17,628 17.21% 6.69% District of Columbia 94,969 4.70% 1.00% 8,793 18.34% 5.89% Florida 3,585,614 7.47% 3.22% 573,562 19.76% 11.36% Georgia 1,690,823 8.37% 1.84% 209,008 20.94% 6.81% Maryland 1,082,308 5.67% 1.22% 125,653 19.79% 5.71% North Carolina 1,414,575 6.46% 1.21% 145,611 19.19% 4.86% South Carolina 664,545 6.79% 1.86% 76,229 19.64% 7.68% Virginia 1,425,934 4.78% 1.01% 137,368 18.15% 5.93% West Virginia 133,388 7.88% 1.37% 16,242 22.22% 4.65% South Atlantic 10,270,924 6.82% 2.04% 1,310,094 19.70% 8.40% Alabama 616,958 8.32% 1.36% 60,273 21.46% 5.13% Kentucky 446,646 6.81% 2.32% 51,969 18.86% 9.61% Mississippi 255,726 11.07% 2.14% 38,467 26.58% 6.43% Tennessee 876,268 8.01% 1.41% 120,406 21.67% 4.96% East South Central 2,195,598 8.21% 1.67% 271,115 21.78% 6.10% Arkansas 311,869 6.64% 1.16% 29,172 20.22% 4.60% Louisiana 479,735 8.09% 2.03% 65,343 19.90% 6.73% Oklahoma 434,425 6.48% 2.05% 51,743 16.50% 7.41% Texas 3,148,587 7.45% 1.36% 408,399 18.17% 5.28% West South Central 4,374,616 7.36% 1.49% 554,657 18.32% 5.61% Arizona 1,239,336 5.45% 1.78% 187,029 16.19% 7.14% Colorado 1,040,260 4.49% 1.86% 117,102 13.46% 8.14% Idaho 268,029 3.86% 0.90% 25,035 13.50% 5.08% Montana 138,354 3.20% 0.75% 8,392 12.86% 3.87% Nevada 574,507 6.53% 3.02% 101,528 16.85% 10.95% New Mexico 261,005 4.64% 1.03% 24,585 14.68% 4.88% Utah 444,645 4.15% 0.80% 52,987 12.23% 3.68% Wyoming 70,888 3.10% 0.83% 6,016 12.52% 3.32% Mountain 4,037,024 4.94% 1.71% 522,674 15.01% 7.45% Alaska 93,811 3.31% 0.67% 10,319 7.12% 2.47% California 5,956,487 5.39% 2.23% 768,629 18.02% 10.59% Hawaii 185,177 3.14% 1.05% 19,572 12.22% 5.54% Oregon 649,826 2.98% 0.72% 64,764 11.68% 3.95% Washington 1,212,018 3.23% 0.72% 114,124 12.75% 4.06% Pacific 8,097,319 4.80% 1.84% 977,408 16.75% 9.20% Puerto Rico 36,364 9.64% 2.03% 2,294 35.09% 7.85% Northeast 6,852,031 5.72% 1.85% 841,409 17.76% 8.59% North Central 9,205,698 6.76% 2.72% 1,120,303 20.31% 11.28% South 16,841,138 7.14% 1.85% 2,135,866 19.61% 7.39% West 12,134,343 4.84% 1.80% 1,500,082 16.14% 8.59% United States 45,987,858 6.31% 2.04% 5,849,012 18.82% 8.65% Source: Mortgage Bankers Association

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