New Condo Sales Near Notre Dame: Where and How Much?

by Nick Molnar on August 12, 2016

Multi-family development hasn’t slowed in the cities near Notre Dame,  but it has evolved. Five years ago, it was easy to count off handfuls of announced and in-progress condo communities near Notre Dame. They were mostly full of for-sale condos. Today, there are at least eight multi-family building projects in some stage of planning or construction in South Bend and four in Mishawaka – and they are almost all for rent apartment communities.  There are developers still working on condos, but the environment has changed.

That shift from build-to-sell towards build-to-rent marks the end of a ten year Notre Dame area condo boom, and makes it a great time to review the new condo market. We’ll write much more on the nuances of the various communities, the tax implications, and the resale market. But a good first step is to assess the simple size of the market, which many people underestimate.

This burst of condo development in South Bend started with Dublin Village in 2006. But it gained momentum with the projects at Wexford Place, Stadium Village, Ivy Quad and Irish Crossings and hit full stride with the Eddy Street Commons communities of Champions Way, Legends Row, Victory View and Triumph Court.

These eight communities are now the core of the newer condo market near Notre Dame. They have about 350 individual properties and around 1,050 bedrooms. Despite those large numbers, they aren’t yet individually well known. Many sold directly from builders to owners who don’t live in South Bend. Because of that, these sales aren’t as often included in Realtors’ statistics, and they aren’t often discussed like local neighborhoods full of long term residents. But with hundreds of sales and a median price over $400k, these condos are a significant piece of the South Bend real estate market.

Here is the most basic info on these condos at a glance: where they are and their sales prices.
Click the thumbnails below for a larger image. Comment, call or e-mail to learn more.


How Much?


0.4 – 0.7 miles from the
football stadium’s 50 yard line

$222,260 – $1,221,685
median price: $410,000

Condo Sales Prices Near Notre Dame 2007-2016



How Accurate Are St Joseph County Tax Assessments?

by Nick Molnar on March 8, 2016

If you own a home in St. Joseph County, there’s about a 15% chance you could cut your property tax bill in half by appealing the assessed value of your home.

Everyday, I see homes for sale at prices dramatically different from the tax assessed value. I’ve often had buyers tell me about the great deal they are getting and sellers tell me about the great price they are offering because a sales price is lower than the assessed value of a home. Please don’t ever buy a South Bend area house because you can get it for less than the assessed value. You can do that almost anytime and you might still overpay for the property. There are  20 homes for sale now for less than half of their assessed value.

Obviously there are bad assessments. But to get beyond anecdotal reports and figure out percentages, we need a larger sample of homes. And to get useful information, we need to compare the assessed value to the price at which the homes actually sell (market value). 3,852 homes sold with Realtor involvement in St. Joseph County in 2015. On those homes, 1,626 Realtors included the assessed value in their MLS listing.  Looking at the values of those 1,626 homes,

  • 48.95% sold below the assessed value
  • 51.05% sold at or above the assessed value
  • 56.70% were assessed at 75-125% of their sales price (my self-invented threshold for a fair assessment)
  • 2.28% were assessed at 50% or less than their sales price (severely under assessed)
  • 15.19% were assessed at 200% or greater than their sales price (severely over assessed)

Here is the complete dataset. If these percentages hold for the greater pool of homes in the county, there’s about a 30% chance you are over-assessed at 125%+ of market value. And there’s a 15.19% chance you are severely over-assessed at 200%+ of market value, at which point the relatively inexpensive but very slow process of appealing your assessed value is probably worth your time.




1429 Honan Drive | Erskine Manor | South Bend

by Nick Molnar on April 3, 2015 has just listed one of South Bend’s best homes for sale: 1429 Honan Drive in South Bend’s Erskine Manor neighborhood. It’s a modern home in a classic neighborhood with mature trees, architecturally significant homes and a history that includes South Bend’s most famous company. Let this traditional home with modern updates and its convenient and historic location become the setting for your future plans.

photos and details:
call 574-309-3758 or e-mail

1429 Honan Dr South Bend IN-large-004-A Home in Erskine Manor-1500x997-72dpi







1429 Honan Dr South Bend IN-large-011-Living Room with Fireplace-1500x1000-72dpi







1429 Honan Dr South Bend IN-large-018-HighEnd Stainless Appliances-1500x1000-72dpi







1429 Honan Dr South Bend IN-large-027-The Master Suite-1500x1000-72dpi







1429 Honan Dr South Bend IN-large-031-Master Bathroom with Dual-1500x1000-72dpi







1429 Honan Dr South Bend IN-large-049-Large Deck-1500x1000-72dpi







photos and details:
call 574-309-3758 or e-mail


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The House for Sale Closest to ND Basketball

by Nick Molnar on March 28, 2015

Before tonight’s game against Kentucky, we wanted to highlight the home nearest the Notre Dame baseketball team’s home at the Joyce Center. Excluding a few condos and townhomes, it is 1316 Black Oak. 3 bedrooms, 3.5 baths, $299k. Tour it with a agent and we’ll buy you a basketball!

1316 Black Oak


Black Oak to Joyce Center


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In Indiana, foreclosures “happen” through a sheriff’s sale. It’s a public auction and proceeds are paid to the property’s lienholders. The sales prices rarely cover the judgment to the bank holding the property’s first mortgage, so all proceeds commonly go to that bank only. In those cases, the sale generally clears the other liens on the property so it can be sold.

In St. Joseph County 90 – 95% of the sales are “won” by attorneys bidding for the banks holding the first mortgage. These aren’t “sales” in the common sense of the word. When the lienholding bank wins the auction, they essentially buy the property from themselves. The bank’s attorney pays the sheriff, who pays the money back to the bank as first lienholder. It’s a dance to scrub the other liens.

Given that, sheriff’s sale are a convenient way to track the number of foreclosures in an area, but a poor way to see what they sell for when they leave the bank’s hands.

In St. Joseph County, the Sheriff’s Department has sold more than 8,500 properties at its weekly sheriff’s sale over the last six years.

Here is the breakdown of the numbers, provided by the Sheriff’s Department:

Year Number of Sales
2014 926
2013 1,429
2012 1,418
2011 1,165
2010 1,572
2009 2,004


8,514 foreclosures. For context, there were 18,282 residential sales in St. Joseph County in the MLS in that same time period. While there is considerable overlap, the numbers make the point: foreclosures have been a significant part of our market.

Foreclosures have a community wide impact. Obviously the occupants and neighbors, but other homebuyers and sellers, landlords, investors, city departments, schools all feel them. And the only information the sheriff’s department has available is the count above. It’s remarkable that there isn’t more data on it.

Indiana is a public disclosure state for sales prices, so it’s possible to recreate much of this data. Skipping through the details, by identifying 75+ variants of “St. Joseph County Sheriff” as the seller, I’ve compiled specifics on almost 5,000 foreclosures. While that’s not comprehensive, it’s a “good enough” to way to further investigate them as a group.

And I used it to tackle a question I’ve had for a while, “What’s the final outcome of these properties, especially those that sell at a very low price? Are they fixed and sold? Rented? Demolished? Do they sit empty for years?”

To tackle it, I broke out the 19 foreclosure sales I found under $10k for 2013.

location of foreclosures under 10kdetails of foreclosures under 10k

And researched them using the MLS and public records sites and making a few educated guesses. As near as I can tell and with fair confidence, it appears that 1-2 years after foreclosure,

  • Five are owner occupied
  • Four are listed for sale now with Realtors in the MLS
  • Four are investor owned
  • Three were donated to Habitat for Humanity
  • Three are bank owned and not listed for sale

I find this encouraging. I had suspected most were not financially viable rehab projects. If half or more of the foreclosed homes in the worst shape can be recycled into homes people want to live in, that is a positive indicator for the impacted cities and neighborhoods, even if it’s a slow process getting them back into use.

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