Comments on: New York Times Paints a Partial Picture of South Bend Real Estate http://www.realst8.com/south-bend/new-york-times-paints-a-partial-picture-of-south-bend-real-estate/ Real Estate and Area Information for South Bend, Mishawaka, Granger and Notre Dame, Indiana Wed, 01 Feb 2012 07:56:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: JL http://www.realst8.com/south-bend/new-york-times-paints-a-partial-picture-of-south-bend-real-estate/comment-page-1/#comment-23765 JL Wed, 01 Apr 2009 15:57:10 +0000 http://www.realst8.crankpin.com/?p=684#comment-23765 Leave it to our media to find the outlier examples and impose the concept across the whole area. Anon Alum I would agree with your assessment of people historically not wanting to buy the dream of others. Not sure about the selling for 20% less...break even is more likely. The threshold for this phenomena is really $600k and up in my opinion. A lot of the large homes in Granger and Niles have been built over the past 15 years. Few of these homes have traded above $800k yet so my verdict is still out on a trend. If you build a tasteful house and make updates over time, it will sell. A vibrant labor market leads to a vibrant housing market. Jobs....jobs....jobs Leave it to our media to find the outlier examples and impose the concept across the whole area.

Anon Alum I would agree with your assessment of people historically not wanting to buy the dream of others. Not sure about the selling for 20% less…break even is more likely. The threshold for this phenomena is really $600k and up in my opinion.

A lot of the large homes in Granger and Niles have been built over the past 15 years. Few of these homes have traded above $800k yet so my verdict is still out on a trend. If you build a tasteful house and make updates over time, it will sell. A vibrant labor market leads to a vibrant housing market. Jobs….jobs….jobs

]]> By: Anon Alum http://www.realst8.com/south-bend/new-york-times-paints-a-partial-picture-of-south-bend-real-estate/comment-page-1/#comment-23759 Anon Alum Wed, 01 Apr 2009 00:54:05 +0000 http://www.realst8.crankpin.com/?p=684#comment-23759 March closing stats should be interesting and telling on how the spring will go.....keep up the good work! March closing stats should be interesting and telling on how the spring will go…..keep up the good work!

]]> By: Nick Molnar http://www.realst8.com/south-bend/new-york-times-paints-a-partial-picture-of-south-bend-real-estate/comment-page-1/#comment-23760 Nick Molnar Wed, 01 Apr 2009 00:09:53 +0000 http://www.realst8.crankpin.com/?p=684#comment-23760 I added links to the photos if you want the locations. But they are primarily in the Ridgedale, Deer Run at Topsfield, Erskine Manor and Westwood Shores neighborhoods, and on Jefferson Blvd and the Roosevelt Road / Turkey Trail area. I added links to the photos if you want the locations. But they are primarily in the Ridgedale, Deer Run at Topsfield, Erskine Manor and Westwood Shores neighborhoods, and on Jefferson Blvd and the Roosevelt Road / Turkey Trail area.

]]> By: Dean http://www.realst8.com/south-bend/new-york-times-paints-a-partial-picture-of-south-bend-real-estate/comment-page-1/#comment-23758 Dean Tue, 31 Mar 2009 19:10:06 +0000 http://www.realst8.crankpin.com/?p=684#comment-23758 Where are those homes located? Where are those homes located?

]]> By: Anon Alum http://www.realst8.com/south-bend/new-york-times-paints-a-partial-picture-of-south-bend-real-estate/comment-page-1/#comment-23757 Anon Alum Tue, 31 Mar 2009 15:59:51 +0000 http://www.realst8.crankpin.com/?p=684#comment-23757 The old joke was the only place you could get a free house was in Three Mile Island and Detroit. Well, looks like we can add South Bend to the list. Most of the SB area large custom homes, like those pictured above, will sell below their cost of construction/new sale price. In this area, such homes are like white elephants. Build a home like this for $800K or so (especially the $1M+ homes) and then when you go to sell it, you'll get a lot lot less...maybe 20% less. There just isn't much a market for these large homes in the area and sales holding times are long. Moreover, people with this kind of money usually like to build their own home versus buying someone else's dream home. South Bend is a declining area. It is what it is. The macro economic factors all point down. The old joke was the only place you could get a free house was in Three Mile Island and Detroit. Well, looks like we can add South Bend to the list.

Most of the SB area large custom homes, like those pictured above, will sell below their cost of construction/new sale price. In this area, such homes are like white elephants. Build a home like this for $800K or so (especially the $1M+ homes) and then when you go to sell it, you’ll get a lot lot less…maybe 20% less. There just isn’t much a market for these large homes in the area and sales holding times are long. Moreover, people with this kind of money usually like to build their own home versus buying someone else’s dream home.

South Bend is a declining area. It is what it is. The macro economic factors all point down.

]]> By: Tim http://www.realst8.com/south-bend/new-york-times-paints-a-partial-picture-of-south-bend-real-estate/comment-page-1/#comment-23756 Tim Tue, 31 Mar 2009 13:38:20 +0000 http://www.realst8.crankpin.com/?p=684#comment-23756 Good call, Nick. One thing that I learned growing up near central New York (and being familiar with truly bleak cities like Utica and Rome) is that no matter how bad the conditions, there is ALWAYS a high end in the real estate market. Every city needs doctors and lawyers. Good call, Nick.

One thing that I learned growing up near central New York (and being familiar with truly bleak cities like Utica and Rome) is that no matter how bad the conditions, there is ALWAYS a high end in the real estate market.

Every city needs doctors and lawyers.

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