Home sales and listings of homes for sales continue to decline, a sign that the area's housing market remains a buyers market, according to June MLS statistics. In the seven county southeastern Wisconsin area, single family home sales were down 22.6 percent in June, compared to June of 2007. The number of home sales fell from 2,566 in June of 2007 to 1,986 in June of 2008.

Listings of homes for sale in June for the region were down 16.1 percent, from 5,286 in June of 2007 to 4,434 in June of 2006. June was the 11th month in a row that listings have gone down. The buyer's market has discouraged property owners from putting their homes up for sale, resulting in the decline of inventory available on the market.

"Brokers are reporting that they are getting a lot of calls about properties and scheduling showings, however buyers do not seem to be in any hurry to make an offer on properties they like," said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors. "This lack of urgency is concerning, because the combination of historically low interest rates, ample supply of housing and relatively flat prices presents a great value opportunity that buyers will wish they had taken advantage of by the end of the year. We are already seeing signs that could lead to push prices up. Interest rates are starting to fluctuate, and with $4 plus gas overall inflation could be on the horizon. Plus, there is some uncertainty with regard to how the next president will impact the national economy and tax law."

"If this market correction on the supply side continues we may start seeing upward price pressure in early 2009. As we've been saying for a few months now, buyers have a great window of opportunity to buy in 2008, and they shouldn't pass it up."

The cost to park in downtown Milwaukee is below the average parking costs for downtown areas in other cities in the United States, according to a recent report by Boston-based Colliers International, whose local affiliate is Milwaukee-based Colliers Barry.

• The median monthly unreserved parking rate in downtown Milwaukee is $120, compared to the national average of $153.79, according to the report.
• The median monthly reserved parking rate in downtown Milwaukee is $150, compared to the national average of $185.78.
• The median daily parking rate in downtown Milwaukee is $12, compared to the national average of $15.42.
• The median hourly parking rate in downtown Milwaukee is $4, compared to the national average of $5.10.
• The median metered hourly parking rate in downtown Milwaukee is 63 cents, compared to the national average of $1.48.

New York is the most expensive city to park in, according to the report. The median cost for monthly unreserved parking in midtown Manhattan is $585 and in downtown is $450. The other most expensive parking cities, for monthly unreserved parking, are: Boston ($460), San Francisco ($350), Chicago ($310) and Philadelphia ($300).

The lowest priced cities for downtown parking, for monthly unreserved parking, include: Dallas ($90), Memphis, Tenn. ($57), Orlando, Fla. ($85), Phoenix ($52.50) and Raleigh, N.C. ($85).

The city of Milwaukee continues to collect brownfield grant money from the federal government. The city recently was notified that it will receive five brownfield grants from the U.S. Environmental Protection Agency (EPA), totaling $1.3 million. The grants are:

• $200,000 for environmental assessment at sites contaminated with petroleum.
• $200,000 for assessment at sites contaminated with hazardous substances.
• $200,000 for cleanup of 2227 N. 31st St.
• $200,000 for cleanup of 522 W. North Ave.
• $500,000 in supplemental funding for the city's brownfield revolving loan program.

The $400,000 of assessment funding will be used on sites throughout the city to determine the amount of contamination.

The $400,000 for cleanup will be used to remediate key properties in the 30th Street Industrial Corridor and in the Bronzeville district.

The $500,000 for the city's brownfield revolving loan fund will be added to the $6 million that the city's Redevelopment Authority has received from the EPA during the previous six years. The city uses the revolving loan fund to provide low-interest lows and grants for environmental remediation and cleanup of brownfield sites in the city in an attempt to assist redevelopment projects that could result in job creation, increased tax base and be a catalyst for future development.

A local commercial real estate source familiar with Dallas-based Dave & Busters Inc. says the chain of restaurant/entertainment centers is looking for a location in the Milwaukee area. The company is looking at a few different properties, including locations along Bluemound and Mayfair roads in Wauwatosa, according to the source. Founded in 1982, Dave & Busters has about 50 locations nationwide, including two in the Chicago area.

Madison-based Gorman & Company Inc. on Tuesday held a grand opening to celebrate the completion of renovations to the Windsor Court Apartments at 1831 W. Juneau Ave. in Milwaukee's King Park neighborhood, just west of downtown. The 12-building, 239-unit apartment complex was a Section 8 housing development in 1968, but is now owned by Gorman & Company. The company received $9.4 million in tax credits from the Wisconsin Housing and Economic Development Authority (WHEDA) for the rehabilitation project. The renovation project included replacement of all windows, doors and locks. Some roofs, water heaters, cabinets, appliances, carpeting and flooring were replaced. Parking areas, sidewalks and lighting fixtures were replaced or repaired. Bathrooms were rebuilt. Safety and security upgrades were added. Several amenities were added including a fitness center, movie theater, community room, computer room, beauty shop, playground, grill and gazebo.

The sixth annual BizTimes Commercial Real Estate & Development Conference will held from 7:30-9:30 a.m. on Friday, Nov. 14, at the Italian Community Center in Milwaukee. The annual conference has become a major networking and information event for members of southeastern Wisconsin's commercial real estate industry. Last year a sellout crowd of about 600 people attended the conference at the Italian Community Center.

The theme of this year's conference will be "The Fresh Coast Advantage." Chicago Mayor Richard M. Daley is the planned keynote speaker.

The conference will focus on the strategic competitive advantage the Great Lakes region will have in the 21st century, when "water becomes the new oil." While heavily populated regions such as California, Arizona, Texas and Georgia are draining their supplies of fresh drinking water, the Great Lakes region contains 20 percent of the world's surface freshwater and 95 percent of America's surface freshwater.

The Milwaukee conference will explore how being positioned amid the largest supply of freshwater in the world will be a key driver of economic growth and commercial real estate development. From high valued lakefront property to suburban communities needing Lake Michigan water to continue there growth, Southeastern Wisconsin real estate development will benefit from the region's access to the fresh water resource of the Great Lakes.

At the Milwaukee conference, Daley will discuss how regional collaboration between Chicago and Milwaukee will be beneficial for both cities and how being located in the Great Lakes will be a competitive asset in the 21st century. Daley will be introduced at the conference by Milwaukee Mayor Tom Barrett.

In addition to Daley, other featured panelists at this year's BizTimes Commercial Real Estate & Development Conference will be:

• Franz Hoffman, president of Procorp Enterprises LLC in Milwaukee and chair of the Milwaukee 7 Water Council. Procorp specializes in sustainable water and wastewater treatment solutions. Hoffman will speak about the Great Lakes water resource and the need to use sustainable real estate development practices and products.
• James Randel, commercial real estate attorney, broker investor and author. Randel is a leader in "added value" investing, an approach to real estate that attempts to boost the value of a property well beyond normal appreciation or inflation. His strategies have been followed by investors throughout the country. He is the author of "The Real Estate Game And How To Win It" and "Confessions of a Real Estate Entrepreneur." Randel is a distinguished commentator on real estate issues at conferences throughout the nation, including the Harvard Business School. A native of Ohio, Randel will speak about the future strategic advantages of developing real estate in the Great Lakes region.

The opening remarks of the conference will be provided by Richard "Rocky" Marcoux, commissioner of the Milwaukee Department of City Development. The conference will be moderated by Mark Eppli, Ph.D., professor of finance and chair of the Robert B. Bell Real Estate Program at Marquette University.

Small Business Times presents the conference in partnership with Marquette's Bell Real Estate Program and the Commercial Association of Realtors Wisconsin (CARW). A special supplement, the BizTimes Commercial Real Estate & Development Book, featuring exclusive editorial content and data, will be published in conjunction with the conference.

Cousins Center sold
Cardinal Stritch University announced this week that it has reached an agreement with the Archdiocese of Milwaukee to purchase the Cousins Center at 3501 S. Lake Dr., St. Francis. The 415,000-square-foot Cousins Center sits on a 44-acre property near Lake Michigan. The sale price was not disclosed. The sale is contingent upon city approval for rezoning the property and the final sale agreement must be approved by the Cardinal Stritch Board of Trustees and the administrative team for the Sisters of Saint Francis of Assisi, the university's sponsors. Cardinal Stritch is currently landlocked at its Fox Point/Glendale main campus. The Cousins Center property would provide it a place for expansion and growth. The Archdiocese needs to sell the property because of financial problems caused by the priest sex abuse scandal.

Large Franklin building sold
Lake Forest, Ill.-based Westminster Fund VII recently purchased a 123,200-square-foot industrial building at 4700 Ironwood Dr., Franklin, from Oak Brook, Ill.-based CenterPoint Properties Trust for $5.8 million. Trent Poole of CB Richard Ellis represented the buyer and seller in brokering the sale. The building is occupied by General ThermoDynamics, which has a long-term lease. The building was built by CenterPoint in 1998 as a build-to-suit for General ThermoDynamics, which is part of Montgomery, Ala.-based ThermaSys Corp.

Fox Bay Cinema signs long-term lease renewal
Brian Henry, the owner of The Fox Bay Cinema Grill Theatre, recently agreed to a 10-year lease renewal for its space at 334 E. Silver Spring Dr., Whitefish Bay. The owner of the building is Milwaukee-based New Land Enterprises. The theater has been in operation since 1951 and was purchased in 2000 by Henry. A recent decline on the street, some business closings and the opening of a movie theater at Bayshore Town Center had threatened the continued operation of Fox Bay, according to New Land. "We are very pleased that we were able to work out a deal with the theater's owners and take an important step towards keeping Silver Spring a viable neighborhood shopping and entertainment district," said Walter Shuk, a partner with New Land Enterprises. "We still have a long way to go to revitalize Silver Spring, but this is a step in the right direction."

New Land also announced the signing of a lease by Ryan and Marija Whitman and Vesna Madunic of the former Murray's Wine and Spirits liquor store space at 342 E. Silver Spring Dr., Whitefish Bay, by a new full service restaurant called Berkeley's Café. The space will undergo a $400,000 renovation and the restaurant is scheduled to open on Sept. 1. The Whitmans also own and operate Firefly in downtown Wauwatosa, and Gracious Events and Catering. "There is demand in Whitefish Bay for more eating and drinking establishments that are within walking distance," said Marija Whitman. "We look forward to creating a space that is as welcoming for families as it is for adults who want to relax with a cocktail or glass of wine. Our vision is to serve home-made food with quality ingredients in an atmosphere that has the feel of an upscale Los Angeles café."