South Bend Real Estate Sales Report: February 2010

by Nick Molnar 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.

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New Townhomes Proposed for Old Rink Site

by Nick Molnar 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.

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New Downtown South Bend condos will be announced soon

by Nick Molnar 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?

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Sunny Options on the south side of South Bend

by Nick Molnar 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.

Photo from South Bend's Ridgedale neighborhood

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South Bend Real Estate Sales Report: January 2010

by Nick Molnar 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.

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