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.


{ 9 comments… read them below or add one }

Irish Eyes January 18, 2010 at 1:27 am

I guess Charlie Weis hadn’t sold his home in 2009….you’ll need a taller graph for 2010….er, maybe a later year since it is going to take a LONG time for that home to sell or he’ll have to dump it, hard to tell if he’ll just want to be done with our area or if he’ll be stubborn like with that gastric bypass lawsuit that was clearly a loser from the get go. Because of the big buyout, I’m guessing he’ll want to dump the property sooo there may be a high end bargain coming soon.

It looks like there were a lot of cheap homes sold in Michiana. The average home sold for $104,553. Not bad, was expecting a lower number.

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Irish Eyes January 20, 2010 at 11:58 pm

I just took a quick look online and saw 16 Oak Hill units for sale! Wow, that has to be a record. Of course, there are usually a few for sale by owner too. Could be 20 for sale in all. That tells me something and it ain’t good. There is just way way way too much ND related housing. What is selling at Ivy Quad? What is selling at Roseland Square? Did North Douglas Condos go back to the bank? What is actually selling at ESCs? Enthusiasm for second homes is down by a lot. Will 2010 be the year of a continued drop in demand for ND related second homes? ND no longer has an offensive “genius” at the helm of the football program and I just don’t see excitement overall…1988 was a long time ago and probably none of the ND undergrad students were even conceived yet. Perhaps I am missing something, but the drivers of second homes near ND have evaporated. I really hate to be bearish too, but is there hope for this market?

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Nick Molnar January 21, 2010 at 3:15 pm

I understand Eddy Commons is seeing success with reservations for their Champion’s Way City Homes and only have a few spots left in the first four buildings (of 9 planned buildings). Ivy Quad closed on four units in 2009 though I’m still working on getting confirmed prices there. North Douglas won’t be a viable option for most buyers until there is some better understanding of the future of the project. I’ll look into Roseland Square.

Oak Hill may be the most interesting complex to watch. Supply is well above levels seen in recent years and there was a time when the condos sold within days of hitting the market. Several things seem to be happening there: buyers with lots of loose money are opting for more newer and more expensive options, sellers are starting to lower their asking prices, and owners are beginning to run up against the association rule that allows Oak Hill condos to be rented for only three years. Once owners relying on rental income hit that 3-year limit, they effectively need to sell. With a fair percentage of the condos rented, the complex may need to rethink it’s rule or see much more of the complex for sale in coming years if market dynamics don’t change. It could be the canary in the coal mine for ND condos. Or, they could start to sell well once they hit a certain price point. They, and their twin complex Jamison, are still the most affordable condos walking distance to Notre Dame – and that doesn’t seem likely to change with new developments decidedly favoring the high end.

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Irish Eyes January 21, 2010 at 12:44 am

Did I read a recent stat correctly? That Stonebridge Villas only sold 2??? Perhaps most sales aren’t through the mls? Just wondering how it’s going out there in Mishawaka land…

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npmolnar January 21, 2010 at 3:18 pm

I think a number of Stonebridge units have sold outside the MLS. Jim, want to chime in here?

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Jim Scollon January 22, 2010 at 12:56 pm

Stonebridge Villas at Edison Lakes actually had three sales close in 2009 but have six under contract that will close in the next few months. The first six months of 2009 were challenging but we have written eight contracts since July. Stonebridge continues to have decent traffic and continues to impress prospective buyers with their innovative designs. The new detatched villas which are unlike anything this market has seen before are really getting some attention. Virtual tours are available on the website: http://www.stonebridgevillas.net

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Irish Eyes January 22, 2010 at 2:56 pm

The Stonebridge product looks nice from the outside. I haven’t been in one yet. No offense, but obviously the attached villa project was, well, to be diplomat, was not as well received in the market as anticipated by the developers. At the price point, it seemed to be a tad high given the detached alternatives in our area — perhaps that differs from other larger metro areas. I also understand there were no basements which limits storage for a lot of empty nesters. Don’t get me wrong, it is a nice product and quality built. When it was first proposed I was scratching my head, then saw it was pitched to the ND market and I kept on scratching. Now with a real estate depression, I’m glad to hear that those in charge are nimble enough to change the product based on market needs. Best wishes.

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Jim Scollon January 22, 2010 at 4:18 pm

Irish Eyes – Thanks for your compliments, I would encourage you to stop by Stonebridge to veiw the inside of the models. You will be amazed by the size and feel of these homes. From the inside they do not feel attached at all. Althought the developer has decided to enhance the offering by adding the detatched villas, the attached villa continues to be a strong seller will continue to be offered. As far as pitching the ND market, the alum/parent group makes up over 25% of the sales not to mention two professors who have bought. The location in Edison Lakes is less than a ten minute drive straight down Edison to campus. Our “ND buyers” that chose Stonebridge all looked at the projects closer to campus but decided that a community that does not depend on the football record and is in the heart of all of the area’s best retail and dining is a much better investment and value.

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Irish Eyes January 22, 2010 at 8:02 pm

Hi Jim. Maybe I should explain, what I meant by the ND market was the ND football second home market. Not too sure how many you’ve sold to that particular market. I do think the ND prof market, particularly the older empty nester ND prof market, is viable for the product. Grad students might also work if the parents have $$$. I know you are executing the development as well as can be in this market especially when compared to other developments such as Keenan Court (far more disappointing than I thought and I’m fairly blunt in my analysis) and North Douglas Condos (which could have been a great apartment complex if pitched to ND students as apartments instead of buying condos which would have pulled from the Castle Pointe crowd if similarly priced…I like the product albeit originally no garages and well the red siding is distinctive). My take is Stonebridge is “similar” to the Holy Cross development except at a much better price point and you don’t have to be that old. I had previously reviewed the floorplans, photos, and driven inside the development and will compliment on the overall design and look and feel. The lack of basements…mainly for storage…tends to limit the market but understand (correct me if I’m mistaken) the water table was an issue with respect to having basements. Other projects nearby hadn’t done as well with both new construction and/or resales (The Forest and Savannah Pass). It is a tough market and if someone was interested in something that Stonebridge offers, I wouldn’t hesitate to tell someone to check Stonebridge out…and I don’t say that about every builder or development!!! Again, best wishes.

My favorite project is the IronWorks and surrounding project….so well thought out and truly will be an asset to the area for many years to come. Too bad I am not in that market as a buyer or I would jump in there.

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