What is Affordable Housing in Riverwest in 2003?

by Vince Bushell ABC Development is offering new townhomes for sale in Riverwest. It is interesting to note that these homes are at the low end in price for new construction. While the price may sound high to some, without subsidy it is unlikely that new construction can be had for much less than the $140,000 reconstruction price of ABC’s offerings. There may be a bubble in the real estate market in Riverwest, but it is unlikely that it is a large bubble for homes in this price range. Where the bubble might be more pronounced is in the resale market. Modest Riverwest homes are being offered at $150,000 and more in the neighborhood. It seems like only yesterday that these same homes were selling for half that price. It seems like that because it was only last year or the year before that this was true. There is no guarantee in real estate or the stock market that values will continue to rise. The need for quality housing in the range of $150,000 and under is great and the demand is high. The need for lower income housing including rentals is also high. Rents can predictably be expected to rise with property values. Many Riverwest residents are concerned about these issues and would like to maintain a diverse community of diverse incomes. What do you think? How can this be done? Please write to the Currents with any and all ideas at 733 E. Clarke St., Milwaukee, WI 53212 or via email to .
by Vince Bushell