More Model Unit News from South Bend and Mishawaka

by Nick Molnar on January 27, 2010

Eddy Commons model is nearly ready, but there is news about the model units at other condo and townhome developments in South Bend and Mishawaka Area. Here is a quick roundup:


Irish Crossings

The model unit at Irish Crossings is available for sale. It’s waterfront, furnished, and comes with many upgrades. Asking price is reportedly $455,000, lower than the base price plus that of the included upgrades and furniture.

Riverwalk Townhomes

The model unit at Riverwalk Townhomes, listed for sale at $349,900, is now also available for lease.

Stonebridge Villas

The builders of the Stonebridge Villas are now offering detached villas, a departure from their original plan with four units per building. The detached villas start in the mid $200s and peak above $300,000 for the largest model with upgrades.

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Every 2009 Sales Price at a Glance

by Nick Molnar on January 17, 2010

Searching the South Bend Area MLS for all sales in 2009 returns 2,964 sales for a combined total of $309,895,210.

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editor’s 1/28/11 update: One year later, Champions Way is 30-40% complete, with 25 townhomes in 4 buildings complete. For info that is current as of January 2011 including updated photos, visit our January 2011 update on Champions Way at Eddy Street Commons.

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.

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South Bend Real Estate Report: December 2009

by Nick Molnar on January 5, 2010

The South Bend Area MLS contains information on 234 sales that closed in December 2009 with a
cumulative volume of $25.04 million. That is down from last months $27.48 million in sales,
though up from December 2008’s $22.61 million in sales which was the lowest amount since our
area’s MLS began keeping digital records in August 2001. The high volume mark was June of 2006
at $69.30 million.
Here is the long term sales graph

The South Bend Area MLS contains information on 234 sales that closed in December 2009 with a cumulative volume of $25.04 million. That is down from last months $27.48 million in sales,  though up from December 2008’s $22.61 million in sales which was the lowest amount since our area’s MLS began keeping digital records in August 2001. The high volume mark was June of 2006 at $69.30 million.

Here is the long term sales graph:

Sales Prices

The high price sale was $440,900 for 125 Esther in South Bend. The home went under contract 11 days after hitting the market and sold without photos in the MLS.

The low price sale was $3,800 for 230 Calvert in South Bend, which went under contract about five months after hitting the market and sold with just one poor quality photo in the MLS. I won’t post it here.

There were a number of sales that caught my eye as notable discounts:

  • 51345 Amesbury Way in Covington Shores sold for $419,000 about six months after hitting the market. It sold at a loss to the seller, who appears to have paid $500,000 for the home in July 2007.
  • 1904 Golfview Court in Barrington Estates sold for $335,000 about 28 months after hitting the market in August 2007. The seller started with a list price of $635,000.
  • 51245 Parisian Drive in Bradford Shores was a recent “lottery house” that was raffled off for charity. The winner sold it for $275,000 about seven months after hitting the market at $375,000.
  • 420 Abbey in Dublin Village sold out of foreclosure for $180,000 about three months after hitting the market at $199,900. The previous owners tried to sell it without success, starting at$244,900 and lowering their price to $234,900 .

Here are all 234 sales prices, in represented visually on a scatter graph

Financing

Cash sales accounted for more transactions than either FHA financing or conventional loans and they dominate the market under $50,000.  70 of the 76 sales under $50,000 were cash purchases.

Condos, Townhouses and Select Villas

This was not an active month for sellers of condos and townhomes in our area. Just one Notre Dame Area townhouse sold at Dublin Village.

420 Abbey in Dublin Village is a 1,745 square foot, 3 bedroom, 3.5 bath townhouse. It was built in 2006 by the same construction company now erecting many of the new townhomes near Notre Dame. Its price of $180,000 was well below the $214,900 to $265,000 list prices of the six Dublin Village townhomes currently listed for sale.

145 Bridgewater Way, a 1,450 square foot 2 bedroom, 2.5 bath condo sold in The Forest for $128,000. That is down from the $158,500 it sold for in August 2005.

Unit 312 at Topsfield, a 1,000 square foot 2 bedroom, 1 bath condo, sold for $51,000.

1522 Peachtree Lane in Mishawaka’s Savannah Pass is a detached villa but is in a community with many attached unit and seems to fit here. The 1,112 square foot, 3 bedroom, 2 bath villa  sold for $123,900 down from the $145,000 it commanded in September 2006

There were two other condo-type sales in developments I don’t usually report in detail here. One was in the Somers Square condos, for $122,000, and one at the Jefferson Square townhomes for $74,000.

New Construction

18 December 2009 sales were reported in the South Bend Area MLS as new construction. They closed at prices from $99,000 to $324,305 and ranged from about $74 to $151 per square foot.

11 were built by Weiss Homes. 9 were sold with FHA financing.

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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South Bend Home Sales: The Low End vs. The Luxury Market

by Nick Molnar on December 16, 2009

I started looking at year long statistics for the South Bend Area real estate market to begin work on an end of year summary and culled a few figures interesting enough to post now.

There are 472 homes listed for sale in the South Bend area for $50,000 or less. There are 470 homes listed for sale with a price of $200,000 or more. For all practical purposes the numbers are equal, but there are more homes on the market here priced under $50k than over $200k.

The number of sales however is far from equal. In the last year, 12/16/08 – 12/16/09:

  • 963 homes sold under $50,000.
  • 334 homes sold over $200,000.

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