If you build it, they will come! Wait list for The Moderne continues to grow
MILWAUKEE (WITI) -- If you build it -- they will come! The Milwaukee condo market is booming -- and The Moderne -- a recently-completed gem on the Milwaukee River is a hot commodity. The 30-story Moderne high-rise building is filling up with tenants!
"It`s a beautiful place to come home and decompress after a long day -- and begin your day by looking at this is view of the city. There is nothing like it," Lauren Siegel -- Listing Agent for The Moderne said.
The Moderne high-rise boasts a 360-degree view of the city.
With 203 apartments and 14 condos -- each unit has a different view.
Some of the highlights include looking down onto Lake Michigan, the Milwaukee River -- or the city landscape.
"When we started, our price points went from $220,000 to $2.5 million," Siegel said.
Just three years after breaking ground, The Moderne is now fully leased and only six condo units are left for purchase.
It is an amazing feat -- considering the project began during a bad time for the economy.
"Put forth his vision in 2007 -- at a time when economically we were taking a downturn," Siegel said.
With persistence -- and the support of the city of Milwaukee, which provided a $9.3 million loan -- the vision came to fruition.
"We owe them a great deal of gratitude," Siegel said.
Now that the economy has begun to bounce back a bit, realtors say the condo market has stabilized again.
"That property is speaking for itself now -- and buyers are feeling more comfortable in those price ranges. It's okay, because the market is coming up," Dana Karow with the Stefaniak Group said.
Karow says with the changes in the economy, people's mindsets have changed.
"More people are turning to buying as an investment, as opposed to saying 'I am going to rent for a high price,'" Karow said.
The Moderne project is an important addition to urban development -- and to the city of Milwaukee.
"I think it adds beauty to the skyline. For the city, it adds to the tax base. It adds to the vitality of the Park East Corridor where there was nothing," Siegel said.
The Moderne is the tallest building west of the Milwaukee River, and the wait list for individuals wanting property there continues to grow.
CLICK HERE to learn much more about The Moderne via an interactive website that offers a closer look at the floor plans for units on each level of The Moderne, amenities offered, a photo gallery -- and you can even fill out an application.