Comments on: South Bend Real Estate Report: May 2009

By: Dean

Dean — Thu, 18 Jun 2009 02:42:10 +0000

http://www.youtube.com/watch?v=lrW6UO5Zkok

Here’s a very interesting segment from the Glenn Beck Show that is very sobering.

By: Anon Alum

Anon Alum — Thu, 04 Jun 2009 15:26:56 +0000

The Mishawaka projects really are very very very nice. It is really too bad that there isn’t much of a demand right now given the economy. Very well done for sure. I love those townhomes……very classy. Keenan Court on the other hand…..well, mediocre at best in my opinion.

By: Nick Molnar

Nick Molnar — Thu, 04 Jun 2009 12:51:43 +0000

You're right, I went beyond the month of May for the Riverwalk Townhomes, Townes at Kamm Island and Keenan Court. I meant the number of sales since the projects began. Here are the details: Mishawaka Riverwalk Townhomes 4 units listed for sale 0 sales recorded in the mls Townes at Kamm Island 6 units listed for sale 1 unit pending in the mls 2 sales recorded in the mls ---> 5/21/08 at $399,800 and ---> 5/28/08 at $340,000 Keenan Court 4 units listed for sale 1 recorded sale in the mls ---> 5/8/08 at $166,325 with $10k in seller concessions

By: Joe

Joe — Thu, 04 Jun 2009 12:05:24 +0000

It is interesting to note that 51308 Harbor Ridge had 3 offers at the same time and the best offer was $442,500 on a list price of $465,000. My client's offer was $425,000 knowing that there were two other offers. I think they are smart people not willing to get caught up in the emotion of competing offers. We carefully looked at comparables and quickly came to the conclusion that values are below where they were in 2006. It looks to me like thay are at 2004, maybe 2005 levels. If you are interested in looking at data on specific subdivisions or neighborhoods, in an Excel spreadsheet format, send me your request and I'll be happy to send it to you.

By: Anon Alum

Anon Alum — Wed, 03 Jun 2009 19:35:56 +0000

” There have been no sales at the Riverwalk Townhomes in Mishawaka, and just a few at the Townes at Kamm Island and at Keenan Court.”

To clarify, you’re stating that Townes at Kamm and Keenan Court have sold a “few” ever, not in the last month, correct. Also, a bit surprised that none of the Riverwalk Townhomes (north bank) have sold…they look nice… But with unemployment high and rising not a good market to sell these things to locals.

By: Anon Alum

Anon Alum — Wed, 03 Jun 2009 00:47:07 +0000

Also sales are down ($$$ wise) about 60% for May 2009 compared to May 2006.

By: Anon Alum

Anon Alum — Wed, 03 Jun 2009 00:43:59 +0000

Another interesting stat was the posting of what sold and how many remain in each category… I added months of supply (very low end is “healthy” and gets bleak from there):

over $500,000… 2 sales leaving 69 homes remaining – 34.5 MONTHS
$400,000 – $499,999… 3 sales leaving 56 homes remaining – 18.7 MONTHS
$300,000 – $399,999… 3 sales leaving 140 homes remaining – 46.7 MONTHS
$200,000 – $299,999… 16 sales leaving 258 homes remaining – 16.1 MONTHS
$100,000 – $199,999… 90 sales leaving 844 homes remaining – 9.4 MONTHS
$50,000 – $99,999… 60 sales leaving 761 homes remaining – 12.7 MONTHS
$00,001 – $49,999… 77 sales leaving 420 homes remaining – 5.5 MONTHS

By: Anon Alum

Anon Alum — Tue, 02 Jun 2009 17:39:53 +0000

Thanks Nick….always good. I had predicted that the low priced Ivy Quad units would sell leaving a bunch of expensive zombie units and ultimately stalling the development as the developer can’t keep holding the unsold inventory and start new buildings. The low cost Eddy Street Commons will sell first too along with a few high end trophy properties.

By: Dean

Dean — Tue, 02 Jun 2009 02:23:52 +0000

Great work as always Nick! The numbers don’t paint a very pretty picture. The long term sales graph is very telling.