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

March 20, 2008

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.

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