The North Douglas Condos - One of the newly built condominium complexes near the University of Notre Dame
The South Bend Tribune is preparing a follow up to their March 2007 coverage of new condos near Notre Dame. I’ll be sure to include a link to the story when they run it, but you can expect that they spoke to the people behind the projects, and that they all said sales have slowed but they are optimistic that their project will shrug off the larger economy and be a success. That would mirror a recent survey by online real estate web-site Zillow which reported that many homeowners believe that housing prices are down but their personal house in an exception.
So what has, is and will be happening with the new Notre Dame condos?
There have been two markets that operate independently of one another. The first, and older is for affordable condos close enough to Notre Dame to be a long bike ride or a short drive. Shoppers in this market are price sensitive, and willing to settle on a few items from their wishlist or make updates on their own. They have generally settled in complexes that include Woodbridge, New London Lake, the North Shore Club, and now the North Douglas condos. Prices run about $75,000-$150,000. The lowest selling price I’m aware of in the last few years in this market was $53,900 in the North Shore Club.
The North Shore Club Condos - site of the least expensive sale near Notre Dame in the recent past, $53,900.
The second, and newer market is glitzier and much more expensive. The product is newly built high-end townhomes that could have been airlifted from Lincoln Park in Chicago. They generally have 3+ bedrooms, fireplaces, granite counters and brick accents. Most are walking distance to campus. Complexes that appeal to shoppers in this tier of the market include Irish Crossings, Wexford Place, Stadium Village, Pendle Woods Ivy Quad and many of the coming Eddy Street Commons condos. Prices run about $300,000 to $500,000. The most expensive sale I’m aware of in this market was for $588,754 in Pendle Woods for a villa - a detached structure with a condo-like association. The most expensive condo or townhouse sale I’ve seen is for $454,830 at Irish Crossings.
The Pendle Woods Villas - site of the most expensive sale in a newly built "Notre Dame Community," $588,754.
These two market segments don’t include every condo that sells near Notre Dame, but they cover most of it recently. There are projects that fall squarely between them like Dublin Village which started the Notre Dame condo boom in 2006. Hovering a bit over $200,000 they fall between affordable and luxury. There are also oddball projects such as Waterford Estates Lodge which is now a mix of condo-hotel, timeshare, and traditional hotel rooms. It can’t really be compared to any other condos in South Bend.
Irish Crossings Townhomes site of the most expensive attached-unit sale, at $454,830.
With the continued construction of condos near Notre Dame and the softening economy, it’s anyone’s guess which projects will succeed and which might stall. But you should know you don’t have to buy condos in South Bend at their sticker prices today. There are more sellers than buyers and you can get a bargain if you look around and work with someone who really knows the market. If you’re looking for a condo and you’d like personalized advice, contact me for an in-person, on-the-phone, or e-mail consultation.
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