From Beer Barons to Bucks, Milwaukee’s Historic Wealth Hub Still Holds Its Most Expensive Homes

Back in February, a property in Fox Point, one of the North Shore’s most affluent communities, fetched $5.2 million, marking the second-highest home sale ever in Milwaukee County history. The onetime home of Mike Budenholzer, the former head coach of the NBA’s Milwaukee Bucks, the waterfront property covers nearly 8,000 square feet.

The deal was the county’s most expensive since 2007, when a mansion in Whitefish Bay, also part of the North Shore, sold for $6.6 million. That home, known as the Uihlein Mansion, was once owned by Schlitz Brewing Co. heir Herman Uihlein.

Both deals, nearly 20 years apart, highlight the enduring appeal of the housing market in the North Shore area along Lake Michigan, on Milwaukee’s northeast side. It has attracted the city’s rich home buyers since wealth began pouring out of the city’s brewing industry two centuries ago, said Brandon Tyler, a broker and the owner of Refined Properties in Milwaukee. The area was “built on Milwaukee’s brewing money,” he said.

Its history as an upscale residential enclave dates to the late 19th century, when Frederick Pabst, who ran the Pabst Brewing Co., opened the lakefront Pabst Whitefish Bay Resort. “When it closed around 1914, that land became some of the most sought-after residential property in Wisconsin,” Tyler said.

Today, the North Shore comprises seven communities: Shorewood, Whitefish Bay, Fox Point and Bayside along Lake Michigan, and Glendale, River Hills and Brown Deer inland. The region is encompassed in Milwaukee County’s most expensive ZIP Codes—53217 and 53211, according to August data from Realtor.com.

Lake Michigan sits to the east, the Ozaukee County line marks the northern edge, and the Milwaukee River lies to the west. Downtown Milwaukee is a 15- to 20-minute drive south, while Chicago is about a 90-minute drive away. 

Prices, Housing Stock and Outlook

Angela Walters, of the Walters Realty Group at Compass in Milwaukee, described the North Shore’s housing stock as “very diverse.” Although single-family homes are the most prevalent, apartments and townhouses also figure into the mix. 

Each community has a distinct character. Whitefish Bay, for example, offers historic properties such as the Uihlein Mansion, while Fox Point and Bayside stand out for their homes—both historic and new construction—on larger, very private lots. River Hills is unique for its wooded properties and estate-style homes. Tyler said most lots here are 5 acres or more. 

Home prices run the gamut. Walters said that a three-bedroom property in some parts of the North Shore could run between $350,000 and $500,000, but in a more affluent community such as Fox Point or Whitefish Bay, it could sell for $600,000 to $800,000. “Larger homes, newer construction, exceptional architecture, significant acreage, and lakefront properties can move well into the millions,” she said.

Walters has a listing for a home in River Hills that was constructed in 2022. Covering approximately 6,500 square feet, the property stands on a 3-acre lot and has a gym and theater; the asking price is $1.695 million.

Brokers expect home prices on the North Shore to increase slowly over time, though Paul Handle, the managing director for Mahler Sotheby’s International Realty in Milwaukee, said that owners with well-maintained and updated homes have an advantage when it comes to appreciation. “Buyers are willing to pay for quality, but they still expect the price to make sense,” he said.

Handle added that much of the North Shore is already developed, leaving little room for new construction. He doesn’t expect widespread oversupply to be a concern. 

Who Lives There?

Similar to its housing stock, North Shore has a diverse population. Young professionals, families, executives, entrepreneurs, doctors, lawyers, retirees and empty nesters all live here.

Walters said the area also has a strong connection to Milwaukee’s professional sports teams. Former Milwaukee Bucks star Giannis Antetokounmpo, who now plays for the Miami Heat, previously owned a home in River Hills and is among several basketball players who have owned property on the North Shore. 

“The North Shore’s appeal to professional athletes and executives is understandable,” Walters said. “Residents can have privacy and substantial homes while remaining close to downtown and the airport.”

Lifestyle and Amenities 

The North Shore is stocked with the city’s luxury amenities. 

The area is home to several country and golf clubs, including Milwaukee Country Club in River Hills, which features a top-ranked 18-hole golf course, and the Town Club in Fox Point, with two swimming pools and 15 clay tennis courts.

Home buyers will also find locally owned upscale boutiques and high-quality restaurants. Tyler pointed to several popular eateries in Whitefish Bay, including the Italian-American Moxie Food + Drink and Jack Pandl’s Whitefish Bay Inn, famous for its Friday fish fries.

The North Shore’s top schools are a draw for families. Public options include Whitefish Bay High School and Shorewood High School. For private, there’s University School of Milwaukee in River Hills, serving pre-K through 12th grade, and Dominican High School in Whitefish Bay.

But brokers said that the North Shore’s most prized amenity is Lake Michigan, which gives residents easy access to beaches, lakefront parks and trails, and an abundance of opportunities to enjoy outdoor activities. 

“You get lake bluffs, beaches, top-ranked schools and walkable village downtowns, all 15 minutes from a downtown office,” Tyler said. “Very few places in the Midwest offer all of that together. It’s a place people move to and don’t leave.”