Despite the slowdown in the building of new homes, construction at the various Notre Dame condos continues. There is new activity at the Legends Row site, where condos will wrap the parking garage at Eddy Street Commons. Irish Crossings  is approaching its build-out. Ivy Quad is working on the second of three phases of development. Champions Way is making progress on building 6. Legacy Square is progressing after many delays.

I’ll post about the sales and availability at each of the communities in the coming weeks. Until then, here are some candid photos of the construction taken on June 20, 2011. Click on any photo for a much larger image.

 

Legends Row

 

Champions Way

 

Ivy Quad

 

Irish Crossings

 

Legacy Square

 

 

 

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Google Maps Updates South Bend Imagery

by Nick Molnar on June 16, 2011

Google Maps and Earth recently updated their imagery of the South Bend Area, resulting in maps that show crisp and recent views of the new construction near Notre Dame. Most images appear to be from April 28, 2011. If you combine these new photos with Google Earth’s historical imagery, you can quickly get a sense of the growth of the area since 1998.

You can also create a striking series of images showing the construction of Eddy Street Commons or the condos near campus. For example, here are four screenshots of the area containing Ivy Quad, Irish Crossings, Wexford Place and the Irish Row Apartments.

April 1998

March 2005

October 2008

April 2011

 

These give a great 2,000 foot view of the area. If you want a more granular look at the housing options near Notre Dame, send me a note.

 

 

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South Bend Real Estate Report: Jan-May 2011

by Nick Molnar on June 15, 2011

Between January 1st and the end of May 2011, there have been 940 sales for about $98.9 million recorded in the South Bend Area MLS. It breaks down like this:

  • January: 141 sales / $12.6 m
  • February: 127 sales / $10.5 m
  • March: 201 sales / $20.4 m
  • April: 228 sales / $27.3 m
  • May: 243 sales / $28 m

To see the figures plotted against past years, follow the red line in the graph below.
Click for the full size image in a new window.

 

Monthly Real Estate Sales From the South Bend Area Blog

Real Estate Sales Prices

The high price sale was $1.39 million in April, which is such an outlier that it skews the scatter graph. Below are graphs that show every sale reported in the South Bend Area MLS for Jan-May 2011 (for completeness), and just those above $500k (for clarity).

 

Sales by Type of Financing

Cash sales account for nearly half of the number of sales this year, but only about one quarter of the sales volume. Many low price sales are cash purchases. The situation is nearly reversed for conventional financing, which accounts for just under 27% of sales by number but more than 44% of sales by volume. FHA loans contribute about 23-24% to the total of both number of sales and dollar volume of sales. Other types of financing, including VA loans and seller-financed sales, remain small parts of the South Bend market.

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Finished Rehabbing, Back to Blogging

by Nick Molnar on June 8, 2011

Two years ago, in May 2009 I bought a house that needed some work. Two months ago, in April, I decided to move up the completion of the project by a year and sell the house this summer. From that decision until today, there haven’t been any new features on the South Bend Area Blog, but we’ve renovated the kitchen, two baths, regrew the yard and a lot more. The house is now done and listed for sale. New blog posts, especially analysis of sales in 2011 are coming soon.

If you want to see the house that kept me busy,
Before and After Photos: http://bit.ly/1452RidgedaleBeforeAndAfter
Just the Pretty Pictures: http://www.1452ridgedale.com/

*important note: The word “I” is used above only for convenience. My wife, Tracy, probably contributed more than me to this project. Many other people were involved and helped with this renovation in important ways, especially Jeff Kepschull and Joe Molnar.

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South Bend Real Estate Report: January-February 2011

by Nick Molnar on March 21, 2011

The South Bend Area MLS records reflect that:

  • In January 2011, there were 138 sales for ~ $12.1 million in volume.
  • In February 2011, there were 124 sales for ~ $10 million in volume.

Those numbers are much lower than 2001-8 , though they do compare with 2009 and 2010, see the long term graph below.

Personally, I am starting to see a considerable increase in “activity,” with potential buyers wanting to see condos or houses and homeowners investigating listing their properties for sale. But there is still a considerable gap between buyer and seller price expectations, which is keeping the number of actual sales low.

The high price sale so far this year is 13336 Kern Road in Mishawaka. It’s a 3,316 square foot 4 bedroom, 2.5 bath home on 20 acres. It was listed for $700,000 in September 2010 and sold for $450,000 January 25th, 2011.

13336 Kern Road, Mishawaka, IN

 

Here is a scatter graph, reflecting every reported sales price for January and February 2011:

Sales Prices from January and February 2011

and here is the long term graph of monthly sales volume:

Long Term Sales Graph for South Bend Area Real Estate

 

 

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