South Bend Steals on eBay?

by Nick Molnar on September 23, 2009

A quick search on ebay today turned ip a single South Bend house, at 340 S Scott Street. The house has a lengthy history in the MLS. It was listed 2/28/2007 for $47,900 as a likely foreclosure. Three Realtors later, it dropped off theMLS with a list price of $18,900.
It then hit a website, onlinehomebid, at $38,500.
http://www.onlinehomebid.com/listings/res/106303/index.html?sort=&group_id=42705
It is now listed on ebay at $1,000 with no reserve. The phone number is out of Dallas and the
http://cgi.ebay.com/NO-RESERVE-TAX-ASSESSED-VALUE-70-000-SOUTH-BEND-IN_W0QQitemZ300350170751QQcmdZViewItemQQptZResidential?hash=item45ee43e67f&_trksid=p3286.c0.m14
THe notes state:
“It was bought from a bank as-is, where-is, no disclosure, no guarantees, no survey, or inspections and we are selling the same way. We have limited knowledge about the property condition other then what is shown or stated so please don’t ask “how’s the furnace and the roof”, we don’t know.”

A quick real estate search on ebay today turned up two South Bend homes for sale. Buyers, do your research. If you are seeking a South Bend investment property, you could see prices as different as $9,000 and $50,000 or $1,025 (auction bid) and $47,900 for the same property.

Here are the stories on the South Bend homes for sale on eBay on September 23rd, 2009.

340 Scott Street

A bit of digging reveals 340 S. Scott has a lengthy history in the MLS. It was listed 2/28/2007 for $47,900. After going through three Realtors, it dropped off the MLS on 3/18/2008. It was listed for $18,900 at that time.

It is now listed on a real estate web-site at $38,500 as well as on ebay with no reserve, a current bid of $1,025, and a plain-spoken note that

“It was bought from a bank as-is, where-is, no disclosure, no guarantees, no survey, or inspections and we are selling the same way. We have limited knowledge about the property condition other then what is shown or stated so please don’t ask “how’s the furnace and the roof”, we don’t know.”

The seller’s phone number is out of Dallas.

721 Rex Street

Listed for $50,000 7/1/2008. Expired unsold 1/1/2009. Apparently foreclosed and listed by the bank on 8/28/2009 for $9,000. pended on 9/14/2009. It is still “pending” in the MLS, so the sales price isn’t yet available. It could have closed and not yet been entered into the MLS or it could be the seller is advertising it before s/he actually owns the property. The starting bid on its ebay listing is $11,500.

The disclaimer on this auction is more legal:

Property sold “AS IS” As a material part of the consideration for this Agreement, Vendor and Purchaser agree that Purchaser is taking the Property “AS IS” with any and all latent and patent defects and that there is no warranty by Vendor that the Property is fit for a particular purpose…

The seller’s phone number is out of Eastern Kentucky.

Buyers, beware. Just because a price seems low doesn’t necessarily make it a wise purchase. You’d be well served to learn the South Bend market before parting with your money, or to find a local specialist to advise you and act on your behalf.

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American Trust Place: Downtown South Bend Condos

by Nick Molnar on September 14, 2009

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.

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South Bend Real Estate: Days on Market

by Nick Molnar on September 13, 2009

There are 2,683 residential properties listed for sale in the South Bend MLS today.

  • 88% have been on the market for 30+ days
  • 73% have been on the market for 60+ days
  • 62% have been on the market for 90+ days
  • 53% have been on the market for 120+ days
  • 20% have been on the market for 365+ days
  • 4% have been on the market for 730+ days
  • 1% have been on the market for 1,000+ days

1 of every 2 homes for sale in the South Bend Area MLS has been for sale for more than 4 months.
1 in 5 houses for sale has been for sale for over a year.

Here are a four of the homes that have been on the market for more than 1,000 days:

51483 Megan (map / details) is in Shamrock Hills, one of the area’s most expensive neighborhoods and one of only two with a gate. It was first listed for sale in July 2006 at $849,900. It is now listed at $650,000.

3214 York (map / details) is in Ridgedale. It was most recently listed November 2005 for $799,000 after selling at auction for $470,000 a few months prior. It is now listed for $545,000.

2126 Willow Lake (map / details) is in Barrrington Estates, Mishawaka’s gated community. It hit the market in March 2005 for $599,000. It is now listed at $454,900.

53130 Grassy Knolls (map / details) is a builder’s model home in Nature’s Gate. It was listed in March 2006 at $474,900 and now has a sticker price of $399,900.

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Ivy Quad: New Condos Near Notre Dame

by Nick Molnar on September 11, 2009

editor’s update, 1/28/11: The four buildings that make up phase 1 of Ivy Quad are nearly complete. For updated information, including 2010 sales prices and recent photos, visit our January 2011 Ivy Quad Update.

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

http://realst8.com/blog/images/ivyquad/IvyQuadLivingRoomFromAbove.JPG

Kitchen of Ivy Quad

Ivy Quad Private Elevator (Outside and Inside Views)

Ivy Quad Garages

Ivy Quad Balcony Views

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South Bend Real Estate Report: August 2009

by Nick Molnar on September 2, 2009

The South Bend Area MLS has closed sale information for 279 sales totalling $31.48 million. That is up from July’s figures though still the lowest total sales volume for any August back to 2001. August 2008 registered $39.17 million.

Sales by Price

There were three sales over $500,000 including two over $900,000.
There were two sales at $3,500.
147 sales were between $1 and $100,000
102 sales were between $100,001 and $200,000
30 sales were over $200,000
The median sale was $92,500

Sales by Financing

Financing remains an issue to watch. Closings are frequently taking longer than the 30 days after contract that used to be common.
108 sales were financed with a conventional mortgage. They averaged 42 days from contract to closing.
79 sales were purchased with cash. They averaged 30 days from contract to closing.
78 sales were financed with FHA loans. They averaged 40 days from contract to closing.
10 sales were financed with VA loans. They averaged 50 days from contract to closing.
4 sales were financed in other ways or did not specify financing.

Condos and Townhomes

Townhomes took two of the most expensive sales in August.
  • A newly built 5,700 square foot, 8 bedroom, 8 bath townhouse at Stadium Village sold for $905,000.
  • A newly built 2,722 square foot, 3 bedroom, 3.5 bath townhouse at the Townes at Kamm Island in Mishawaka sold for $445,843
Condos also sold at the North Shore Club (two),  New London Lake and Sedgewick Place.

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