of Green Bay and WLUK-TV of Ashwaubenon are among the businesses that own houses on Shadow Lane. "It's a great time and it's great for business." Some using them for business purposes, where they're putting on a first-class party before the game for 50 to 100 people who are customers," Olejniczak said. "Some are using them for family and friends. Watch Video: Shadow Lane's $1 million view of Lambeau FieldĬorporations began buying houses early on and for the most part have held onto them. "No one will come in and pay $620,000 for a lot (on side streets) just to tear down the house and build new." "It will be interesting to see what happens with the next tier of streets," Olejniczak said. Most are several blocks away from Lambeau Field.įuture rental houses are likely to be developed further from the stadium, a factor that has concerned Ashwaubenon officials, who worry about losing affordable homes for young families. "I think the market has surpassed where you can make a return on your investment," Belschner said. He bought the house before the most recent escalation of prices and rents it for games and special events.Ī search of the Lambeau Field area turns up 21 rental offers on VRBO and a dozen on Airbnb. Although that share has been growing, it may have peaked in the area closest to the stadium. Rental houses make up perhaps a third of the total. There are four types of homeowners along Shadow Land and Stadium Drive: those who rent houses, which comes closest to the party house description, corporate-owned houses, part-time private owners and long-time residents. "It's gotten to be expected that the highest and best use is most appropriately in this manner." Mixed uses "It's not a neighborhood in our sense of a northeast Wisconsin neighborhood anymore," said Paul Belschner of Hobart, owner of 1199 Shadow Lane. Long-time homeowners resisted the changes a decade ago, and some are still not pleased with the direction the neighborhoods are taking, but the Packers' successful 25-year run and the building of the Titletown District make change inevitable. We are not at 100 percent now because I'm not sure what 100 percent is. I have adjusted the land value over there in the past couple of years. "The market goes up and we have to respond to that at some point. "It's like anything with limited supply," said Green Bay Assessor Russ Schwandt.
High prices can also make it financially untenable to operate the houses as a rental business, further limiting the pool of buyers.Īt the same time, as property values increase across the area, they will eventually drive up taxes for neighbors who continue to live in their homes. High prices are a boon to long-time property owners, who might sell them for three or four times what they paid.īut there also are challenges for sellers. For example, sales might have to be cash deals, because appraisals necessary to obtain a loan won't support prices that much more than similar properties in other locations. Packers Nation extends throughout the world."Įconomically, there are benefits and challenges to owning and selling houses near Lambeau Field. Olejniczak Realty, Allouez. "I don't know if it would happen in any other city but Green Bay. "It's nothing like we've ever seen before," said Mark Olejniczak of Mark D. Endries said he negotiated down to get to $615,000 for the existing house. RELATED: Packers fence painter is hanging up his brushesĪ steep price escalation began with purchases in 2016 and shows no sign of slowing. RELATED: Packers 'party house' on Shadow Lane for sale for $1 million Houses on the residential streets closest to Lambeau now are routinely listed for $500,000 and one on Shadow Lane is on the market for $1 million. "I think as time goes on, you'll have 10 more of them," Endries said.
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