Racine County’s real estate: The beginning of a boom?

Racine County real estate boom
Real estate

Real estate agents in Racine County have been busy in January and February. But they could be busier if they had more inventory to sell.

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More homes were sold in January 2019 that in 2007, prior to the housing crash in 2009 in Racine County. But while the number of home sales in Racine County peaked, the median sale leveled off from $160,000 in January 2018 compared to 159,900 in January 2019. January is typically the slowest month for sales in Racine County, according to the Wisconsin Realtors Association.

Statewide home sales in January 2019 were 8.9 percent lower than 12 months earlier. However, the statewide median price rose 3.5 percent over last January to $175,000.

“It’s important to keep these figures in perspective because the early part of 2018 was actually quite strong,” said Jean Stefaniak, WRA chairman. “Even though we have a solid economy in the state, inventories remain very tight, so falling short of a record January is not surprising.”

Number of housing sales in Racine County.
Source: Wisconsin Real Estate Association

Overall sales for Racine County since January, however, have increased significantly — largely due to increased commercial activity from Foxconn. But not entirely, as commercial property owners are speculating heavily. Here are a number of commercial property transfers that took place in January and February.

  • Fohr’s Catering LLC, 622 3 Mile Road, sold to 622-3 Mile Road LLC for $285,000. The commercial property is on one acre of land. The owner of Blue Bear is expanding her catering company.
  • Town Corner Leasing and Holding Company LLC sold Envirotest Systems, 1913 Melvin Ave., to BBB Holdings LLC for $610,000.
  • Illinois-based RB Real Estate LLC sold a commercial building at 1028 State Street to SH Rentals of Wisconsin LLC for $26,000.
  • Ronald Christensen sold the former Mathis Gallery building at 328 Main St. to D1 Investments LLC for $390,000.
  • Johnson Redevelopment Corporation sold a commercial property at 601 Lake Avenue to FE Lake Street LLC for $1.2 million. FE Lake Street LLC is a company owned by Foxconn Technology Group, which bought the One Main Street building for and Innovation Center and the former Elks’ Lodge for $6 million.
  • Mark Larrabee sold a commercial property at 1420 9th Street to Houdek Enterprises LLC for $80,000.
  • Red Dot Storage 28 (Racine), LLC sold a commercial property on 3.4 acres at 1740 Flett Avenue and 1744 Grange Avenue to Self-Storage Portfolio VI DSD for $3.462 million.
  • M & J Real Estate, LLC sold Racine Honda, 9501 Washington Ave., to Gates Properties LLC for $4.85 million.
  • Katherine Righi sold the former Wilber’s on Old Sheridan, 4012 Sheridan Road, to Tree Frog Service LLC for $70,000.
  • TRU Trust 2016 LLC sold the former Toys R Us building at 2433 South Green Bay Road to KLA Development Portfolio Owner LLC for $1.4 million.
  • Sherwin-Williams Realty Holdings Inc. sold the Sherwin-Williams Paint Store at 6229 Washington Avenue to Pachyderm Properties LLC for $1.252 million.

Click on the push pins to see who the buyer, seller, sales price and predominant use.

 

About Denise Lockwood 755 Articles
Denise Lockwood has an extensive background in traditional and non-traditional media. She has written for Patch.com, the Milwaukee Business Journal, Milwaukee Magazine and the Kenosha News.