by npmolnar on March 5, 2010
I’ve never liked secrets. I’m a believer that good things are better when shared, and poor behavior is lessened when exposed. I think Louis Brandeis phrased it nicely when he said “Sunlight is the best disinfectant.”
Applying that mentality to my work, I always cringe a little when I speak with someone who thinks real estate commissions come from controlling access to information about homes for sale. That seems to be the least important offering I have for my clients.
If all you need is data, here is our IDX search – it gives you free, anonymous access to all the homes listed for sale with a Realtor in the county. I require registration after you look at the details of 99 properties, but that is only to prevent commercial use of the service.
But if you are looking to buy property near Notre Dame, it won’t ask what you need in a house and tell you which neighborhoods make sense for you. It can’t tell you which condos have watchful managers and which are still managed by the developer. It doesn’t warn you about the complex that has sinkholes near some foundations or guide you away from the developments that would be in foreclosure if the banks thought they could sell them.
The truth is, data is cheap. It’s background knowledge and evaluation that has value.
Believing that, I work to post information here freely. And I am paid when I work with someone who values competent and personalized advice – and they successfully close on their purchase or sale. Most often I can access sales data with a few queries of the local MLS. Sometimes I have to find the (public record) sales disclosures, and occasionally this takes some legwork. In new developments that have yet to be assigned parcel numbers it can be especially challenging.
That’s the case with Ivy Quad, a condo development adjacent to and east of Notre Dame. They sell outside of the MLS and the developer has opted not to share details of his sales, stating concern for his buyer’s privacy. And that sales information is not readily available even at the county assessor’s office.
I respect the desire for privacy and I won’t share information like buyers’ names and phone numbers here, though they are also public record. But the price of closed sales is important and relevant information for anyone considering condos at Ivy Quad, or anywhere near Notre Dame. I believe those details should be available even to people who don’t have the time and inclination to ferret out the numbers themselves.
To that end, here’s the data for Ivy Quad. They closed four sales in 2009. The final prices were:
- $238,765 on May 20, 2009
- $222,840 on June 4, 2009
- $261,100 on July 9, 2009
- $246,445 on August 14, 2009
If you’d like help making sense of these numbers, of Ivy Quad, and the entire Notre Dame Area property market, call or e-mail.
by npmolnar on March 3, 2010
The South Bend Area MLS records show that in February 2010:
- 152 residential properties sold
- 247 residential properties went under contract
- 396 properties were listed for sale (includes properties re-listed after expiring unsold)
The 152 sales add up to $13.16 million in volume. That is about 37% higher than January 2010 and about 18% higher than one year ago in February 2009.
Sales Prices
The high price sale in February was 17564 Nittany Court in Granger. It closed for $462,500 in a cash deal. It previously sold for $530,000 in July 2003. The original list price of the home in April 2009 was $597,000.
The low price sale was 1106 Johnson Street in South Bend. It sold for $5,000 in a cash deal. It previously sold for $8,000 in January 2007 and $20,350 in May 2004. The original list price of the home was $24,900 in June 2009.
Here are all 152 sales prices, represented visually on a scatter graph:
Financing
Cash sales accounted for about half of the transactions by number of sales, but just over one quarter of sales by volume. Conventional mortgages were just over one quarter by number of sales but accounted for 44% of the sales volume. FHA loans were 22% by number of sales and 27% by volume. VA and other types of financing remain rare in the South Bend area.
Notre Dame condos
No condo or townhouse near Notre Dame sold through the MLS in February. There were condo sales in The Forest, Topsfield, Somers Square and Sandpiper Cove. Developers, if you sold (closed on) a Notre Dame property outside of the MLS, speak up in the comments.
New construction
I found data for the February sale of three new homes in the MLS. All were built by Weiss Homes and financed with FHA loans.
- 11276 Harford Bay Dr in Osceola sold for $190,999 with $16,340 in seller concessions.
- 19733 Clara Ave in South Bend sold for $184,114 with $10,160 in seller concessions.
- 23080 Rumford Dr in South Bend sold for $124,999 with $5,000 in seller concessions.
Have Questions? Need Help?
This is the real scoop. It’s more detailed, more current, and less mangled than sales info you’ll find anywhere else for the South Bend Area. But honestly it’s still not good enough to base an informed decision about buying or selling property upon. Even if you are just curious about a certain neighborhood or market segment and especially if you need to make a financial decision related to real estate – call us. We’ll talk to you openly and honestly and never lock you in to working with us.
by npmolnar on February 19, 2010
A South Bend land developer has announced his intention to build moderately priced townhomes downtown South Bend. David Matthews, developer of Ivy Quad, and formerly associated with Keenan Court, spoke before South Bend’s redevelopment commission about his proposal for the the roughly one acre piece of land north of Colfax Avenue at the river. This lot is commonly known as the “Rink site” because it was formerly the site of Rink Riverside Printing.
David Matthews stated his intent to build ten or eleven townhomes, eight with river views and two or three set off the river. He said they would be 1,680 square feet with 2-car garages and prices would start around $170,000. He said he has verbal commitments for two of the units, though at higher prices due to upgrades the purchasers selected. The lower priced of the pair is “under $200,000.”
The contract for the land is not final, but is for $10,000 and stipulates that the developer won’t request a tax abatement for the project. It also gives the developer 36 months to complete construction. When asked about this timeline, David Matthews said he intended to have completed townhomes on the site by this Fall. He said he will first build three: a furnished model and the two he has pre-sold.
The terms are very different from those the last interested developer received. Place Builders, who planned to build eleven townhomes on the site priced from $400,000, was to pay $150,000 for the land. They never began construction and their $15,000 deposit was returned at the redevelopment commission’s last meeting on February 5th. Here is WNDU’s story about that project’s approval in September of 2008.
I’ll post updates on the Rink Site’s progress as it occurs. If you have questions about South Bend condos, put them in the comments, or contact me directly if you prefer.
by npmolnar on February 13, 2010
Watch for an announcement regarding a new condo project in South Bends’ downtown to hit the news stations in about a week. I’ll review the details here as soon as they solidify. But before we start talking about floorplans and finishes, let’s try an open discussion:
What will it take for downtown condos to succeed in South Bend?
- Do they need a certain location – for example on the river or on Michigan Avenue?
- Will it require a specific feature: an attached garage, a balcony with a view, common greenspace, or something else?
- Should they be newly built, or in a rehabbed historic building?
- Will they need to be ultra luxury or surprisingly affordable?
- What would it take to get you to buy one, or to recommend one to a client or friend?
- Is there anything else you would suggest or say to the developer, if he is reading the comments?
by npmolnar on February 6, 2010
It’s sunny and clear in South Bend today, beautiful really. I went for a run for the first time in ages.
At Realst8.com we often work with people moving to the area who want to be near Notre Dame. That is on the north side of the city, so they select homes there, or in nearby Granger.
But, looking around as I gasped for breath, I was reminded why I’m partial to the south side of South Bend. I brought a camera and snapped its shutter a few times. These images are from Ridgedale, a neighborhood of older homes with one or two new ones and Erskine Manor, a neighborhood of newer homes with one or two older ones.
If I were in better shape, I’d have continued to Topsfield and Deer Run, or even Stonehedge and New Road.
If you are considering a move to the South Bend area, I’d encourage you to keep an open mind and look at all your options. Unless you want to be walking distance to a specific spot, the difference between getting in a car and driving one mile or driving five miles is trivial. South Bend traffic isn’t bad.
If you look a bit off the “beaten path,” you might find options that surprise you.
by npmolnar on February 4, 2010
The South Bend Area MLS records for January 2010 show that
- 121 residential properties sold
- 201 residential properties went under contract
- 491 residential properties were listed for sale
The 121 sales added up to $9.6 million in volume. That is the lowest monthly sales volume going back as far as the South Bend MLS provides electronic records, mid 2001. It is also the first time the sales volume has fallen below $10 million.
Sales Prices
The most expensive sale was 51572 Norwich, which sold for $400,000. It last sold in 2001 for $375,000.
Two properties sold for $3,000, the lowest price. One of those, 234 Calvert sold for $5,000 in 2008 and for $18,000 in 2003
There were 14 sales under $10,000
There were 18 sales over $150,000
Here are all 121 sales prices, represented visually on a scatter graph
Financing
Cash accounted for more than half of all sales. FHA and conventional loans each accounted for about 20% of the sales. VA loans and other types of financing remain uncommon here.
Notre Dame Condos
No condo or townhouse near Notre Dame sold through the MLS in January. Several properties in neighborhoods like Mishawaka’s The Forest and South Bend’s Somers Square sold, but it was a slow month for complexes near Notre Dame. January is commonly slow for Notre Dame homes. In January 2009, there were two such sales. In January 2008, there were four.
New Construction
I found MLS data for the January sale of two newly built homes.
A Weiss built home in South Bend’s Royal Oak Estates, which sold for $211,225.
A Jeff Moser built home in Granger’s Stoneybrooke Shores, which sold for $328,400
Have Questions? Need Help?
While this is the most detailed and most current information you’ll find on real estate sales in the South Bend Area, there are significant details we can’t share here. If you need to better understand the market to make smart decisions, or need help buying or selling property call or e-mail. We’d be pleased to hear from you.
by npmolnar on January 27, 2010
Eddy Commons model is nearly ready, but there is news about the model units at other condo and townhome developments in South Bend and Mishawaka Area. Here is a quick roundup:
The model unit at Irish Crossings is available for sale. It’s waterfront, furnished, and comes with many upgrades. Asking price is reportedly $455,000, lower than the base price plus that of the included upgrades and furniture.
Riverwalk Townhomes
The model unit at Riverwalk Townhomes, listed for sale at $349,900, is now also available for lease.
The builders of the Stonebridge Villas are now offering detached villas, a departure from their original plan with four units per building. The detached villas start in the mid $200s and peak above $300,000 for the largest model with upgrades.
