There are five developments near the University of Notre Dame that offer recently-built, high-end condos or townhomes. Reflecting the best traits of a competitive market, each boasts a different blend of attractive features and not-so-nice details. One has a large deck but the parking situation is poor. Another has gated parking but the units are shallow so the kitchen is on a different floor than the main living space. With every condo, you trade features… even if it’s no more than the classic trade of price for size.

Since each person has different priorities, there is no single “best” condo for everyone. But Irish Crossings Delaney units are a must see for anyone considering a Notre Dame condo in the $300,000 to $500,000 price range.

The arguments for Irish Crossing’s Delaneys are simple and strong:

• These are large spaces. At 2,610 square feet with 4 or 3 bedrooms and 4.5 baths they compare favorably to the competition.
• Parking is great: they have attached 2-car garages and two additional parking spaces in the drive.
• They overlook a water feature with two fountains. Irish Crossings is not as densely built as many other complexes, leaving space for a scenic water feature.
• There are only three units per building, creating more end units and fewer shared walls. This adds to privacy and lessens noise from neighboring units.
• They offer two outdoor spaces: a deck off the kitchen and a patio off the lower level. Compare this to another complex where if you want to tailgate, you need to do it in the garage, and then have to find alternate parking outside of the development.
• And, in my mind, most compelling of all…You don’t enter to a staircase. Townhomes are designed to have a minmal footprint, that’s why they are built where land is expensive. And, at most Notre Dame townhomes you enter into a stairwell. In one, you even climb a staircase to reach the front door, then enter into another stairwell to reach the living space. The difference is important not only in the total number steps climbed, but in the feeling you get when you open the door. Compare the photos below, each taken within steps of entering. Which do you find more welcoming?

Once you evaluate the options, if you decide you want an Irish Crossings Delaney, you currently have three options:

• The builder’s model unit, site 231. Priced at $467,826.
• An unfinished unit, site 221.  Likely price, $400,000 to $480,000, depending on the options and upgrades you select. This unit is roughly two months from completion.
• 54662 Irish Crossings Lane, site 183. Priced at $460,000 with nearly every upgrade the builder offers.

editors update:  As of 07/19/2010 sites 231 and 221 are under contract and off the market.

And of the three, 54662 Irish Crossings Lane is the best buy. The current owners bought it in February 2008 for $472,144. That was the second most expensive sale in Irish Crossings. The price was high because the townhouse is posh with $100,000 worth of upgrades:  it’s an end unit with a sunroom, fireplace, lower level wet-bar, entertainment systems on the main floor and lower level, granite counters throughout, wrought iron balusters on the stairs, upgraded cabinetry in the kitchen, custom wood floors, and much more.

Past that, the sellers put over $10,000 in furniture into 54662 Irish Crossings Lane and can sell it furnished.

54662 Irish Crossings Lane is on the completed side of the Irish Crossings complex, so you won’t live next to construction. It’s finished and furnished so moving in, or preparing it for periodic use will be painless. And there is no risk that it won’ be completed by the first home football game.

If you’re in the market for a luxury condo near Notre Dame’s campus, you should see 54662 Irish Crossings Lane. Start with the slideshow below, then call to see it in person.

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.

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.

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?

There are many new home developments near Notre Dame. Since Dublin Village broke ground in 2005 there have been more than half a dozen new housing projects near Notre Dame’s campus. But the largest and most anticipated of the new developments is Eddy Street Commons. Eddy Street Commons has been widely reported as a $200+ million project. It has been supported by Notre Dame who transferred the land for the development, the city of South Bend with a $30+ million parking garage, and Indianapolis based Kite Realty who put together the master plan.

Eddy Street Commons, as announced, has a retail component with restaurants and shopping, office space, 266 apartments for rent and nearly 250 condos or townhomes available for purchase.

There have been delays as the project reacted to the tightening economy. For example the Mariott hotel is still awaiting financing, and the “Legends Row” condos that wrap the parking garage were originally to be built first and haven’t been started apparently due to slow sales reservations.

But there has been progress on the “Champions Way” City Homes. The first building is nearing completion, and a model unit is currently being furnished. It should be ready for public tours in the near future.

It is not yet fully furnished, but I toured the model unit today and took photos. Since it is built by the same construction company that put together Dublin Village, Wexford Place and Irish Crossings, it shouldn’t be surprising that it has many similarities to those projects. But the location is good, the views from the model are some of the best I’ve seen, and there are many options and upgrades available. Prices for these townhomes start around $378,000 and quickly rise to the mid $400,000s depending upon plan and options.

The sales team reports the first two buildings are booked and that they expect to have four of the nine buildings ready for occupancy by the football season.

WNDU reporter Stephanie Stang put together a feature story on new condo construction in South Bend and Mishawaka that aired December 9th and 10th.  Its not a primer on the condo market, but does introduce the topic to a general audience.

The four minute story includes interviews with condo owner Jim Olson, Riverwalk Townhomes’ John Piraccini, Mishawaka mayor Jeff Rea, American Trust Place’s Brad Toothaker and with me.

Development boosters may think the tone too downbeat; people predicting economic calamities will think it too hopeful, but I think  does a fair job introducing a complex issue without making guesses about an uncertain future.

Here is a link to the video:

and for more details on the South Bend condo market, here is a link to the 52 articles about condos on the South Bend Area Real Estate Blog going back to May of 2006.

Sometime in the next few days South Bend news station WNDU will run a story about the ongoing construction of condos in the South Bend Area when the number of condo buyers is down. Preparing for the increased interest that story should bring, I scouted the progress of the condos near Notre Dame today to get a count of new units for readers of the South Bend Area Real Estate Blog.

What’s a Notre Dame condo?

In South Bend, the terms condo, townhouse and villa are tossed about more loosely than in cities where condos have long been a large part of the market. Technically, a condo is a form of ownership where you purchase your unit  “walls-in” plus a share of the common area. In a townhouse you own your unit and a specific area of land but pay into a condo association that covers landscaping and some items of exterior maintenance. Villa is a term used in South Bend to describe a freestanding home that is sold with a mandatory maintenance plan that covers landscaping and some items of exterior maintenance like a townhouse or condo. In my experience, people looking to purchase South Bend property that want condos are less concerned with the distinctions of condo / townhouse / villa than they are with making sure the home will be looked after and the yardwork will be done if they lock the door and leave for six weeks. Considering that, I’m including condos, townhomes, and the villas from one project, Pendle Woods, that has been popular with Notre Dame professors, alumni and other affiliates

How do you count the condos if they are still building them?

Using that admitedly loose definition of condo, and looking at the projects near campus, I went out today to try to get an accurate count of the number of Notre Dame condos built since 2005. I was looking for a snapshot view of what is built today. Physically visiting the projects is necessary because developers announce master plans that are later revised, and construction is ongoing at several locations. In cases were buildings are partially finished I used my judgement – I didn’t count a foundation pour, but if a building looked complete from the exterior I did count it. There may also be some variation in my count and the proper number of built condos. I counted front doors or garage doors and some buildings are confusing, others have two units which were combined into one . Despite those cautions, I’ll stand by this as the best new-condo-count available today. If you have any corrections, leave them in the comments and I’ll update the figures.

OK. How many new condos have been built?

Here is what I came up with, broken out by project

• Dublin Village – 58 townhouse units, construction is complete
• Pendle Woods – 38 freestanding villas, with a significant  number of vacant lots
• Wexford Place – 8 townhouse units in two buildings, construction is complete
• North Douglas – 32 units in two buildings, construction has stopped
• Irish Crossings – 62 units in 3and 4-plex buildings, several vacant lots
• Stonebridge – 32 units in 4-plex buildings, active construction
• Stadium Village – 13 units in two buildings
• Ivy Quad –  6 units in the first building, active construction
• Keenan Court – 6 units in two buildings, construction has stopped

drumroll please…. that’s 255 newly built homes.

255, that’s it?

Yes. But that leaves out the coming units currently under construction and many more announced but unbuilt condos, especially at Eddy Commons. It also does not count the retirement community built at Holy Cross, the condos in Mishawaka on the river or downtown South Bend. It doesn’t consider the newly built rental apartments at Irish Row and Eddy Commons, the new construction single family homes along Notre Dame Avenue, or the new and recently built villas in neighborhoods throughout Granger – not Notre Dame condos, but which all pull demand from the new condos. Consider those projects and you can more than double the number of new homes competing for Notre Dame condo buyers from 255 to well over 500.

How big is the demand for Notre Dame condos?

In five years we’ve seen the doubling of supply of condos near campus and now see slowed but continuing development. Is this growth a response to a real demand or is it speculative? Is the University increasing enrollment and faculty numbers so more people want quality housing near the school? Was it reflective of the heightened interest in real estate as an investment seen at the peak of the real estate bubble? Do purchases wax and wane with enthusiasm for a certain sports team? Were these projects with long lead times that were planned years ago but have missed the market?

I think it’s more complex than any simple answer, but each of those questions gets to the issue from a different angle. If you’re a buyer, investor or seller it’s important to think about the whole condo market, but it’s more important to understand the nuances of the developments. Consider which projects meet your needs and which will be best when it’s time to resell. There are significant differences in the new condo communities:

• freestanding, 4-plexes or 16 to a buildings,
• single level or 3-story
• stones throw from campus or a 5 minute drive
• $140,000 or $440,000
• 8 units or 80 in the community

These differences not only impact the livability of the condos, but how they will sell and resell. If demand is significantly less than forecast by developers, it won’t be spread evenly among the condos. Some projects will fail and others will flourish. Some will remain half-built or become apartments and others will sell out and hold their value.

Developers, owners, condo watchers and everyone, what do you think? Share your thoughts in the comments.

If you need help evaluating the condos before you buy or when making a plan to sell, click here and contact me.

Several condo plans have been announced for downtown South Bend which never reached the stage in which people buy the condos and move in. Since I’ve been paying attention, I’ve registered four Downtown South Bend condo projects that failed to materialize:

• In 2006 the  GameDay Centers announced they’d construct a 12-story building with 150 luxury hotel-condos across from the College Football Hall of Fame with prices from $180k to over $1 million.  The company had internal issues and a shovel never hit the earth.
• In 2007 the Holladay Corporation began conversion of a seven story office building into luxury condos.  They completed two model units and marketed 12 condos from $269,000 to above $449,000. Sales never materialized and the building was later listed for sale at $1.9 million.
• In 2008 a conversion of the top floors of the JMS building into condominiums was announced with 28 units on floors 6-8 and prices of $155,000 to $295,000. They were listed in the MLS and later expired without comment or construction.
• Also in 2008 the city sold the former Rink site to Place Builders to create Colfax Landing, 11 townhomes on the St. Joseph River. Construction has not begun.

There is now a new project that seems ready to surpass the progress the other attempts made. Though specifics are still scant on important topics including pricing, covenants and management, two condos are nearly complete.

American Trust Place, downtown at Michigan and Washington, is a mixed development with residential, retail, and office space. The lower floors will be retail/bank/restaurant and office space. The residential space is on the fourth and fifth floors. There should be 7 condos that vary from about 1,000 – 2,500 square feet.

Until more details are available, here are some photos I took on a recent visit to the building:

American Trust Place Lobby

American Trust Place Commercial Space

American Trust Place Condos – Kitchen and Bath Details

American Trust Place: Residential Views

American Trust Place Old Safe Deposit and Vault Room

American Trust Place was a bank, and the old underground vault room is still there. It’s also one of the more interesting spaces in the building with a stairway to nowhere

American Trust Place is new construction attached to a renovated historic building, and you can follow the seam from first glance all the way through to the foundation.

Ivy Quad might be the most recently occupied townhouse or condo development near the University of Notre Dame, located just east of campus.  The development is pursuing a LEED Certification, making it the first “green” residential housing in South Bend. Its master plan includes a common quad area in the center of the site, supplying the project’s name.

Units are 1,400 to 4,200 square feet, 2-5 bedrooms, and $230,000 to more than $890,000.

Many upgrades are available for premium prices, and many are shown in the model unit photographed below. The photos below were taken early September 2009 and are of the “Ardeen,” which starts at $425,000. The developer reports 4 closings and building 1 (of 10) is complete.  They sold outside the MLS so details aren’t yet readily available.

If you have questions about the project, or for the developer, put them in the comments and I’ll try to answer them. If you are looking at condos near Notre Dame and confused by all the choices, call Nick Molnar at 574-309-3758 or e-mail nick@realst8.com . I can help you focus on the developments that will meet your needs and represent your interests from first walk-through to closing.

Location of Ivy Quad

Views of Ivy Quad

Living Room of Ivy Quad

Kitchen of Ivy Quad

Ivy Quad Private Elevator (Outside and Inside Views)

Ivy Quad Garages

Ivy Quad Balcony Views