South Bend Real Estate Sales Report: April 2010

by Nick Molnar on May 17, 2010

Here’s the slightly delayed, but still earliest and best, market report for April. I’ve been thrown off my schedule while looking after a major development in my life, but am now getting back to my regular writing timeline.

The South Bend Area MLS records show that in April 2010:
  • 262 residential properties sold
  • 458 residential properties went under contract
  • 653 properties were newly listed or re-listed for sale (that is not a count of all homes for sale, just those listed inApril)
The 262 sales add up to $27.65 million in volume. That is about 14% higher than March 2010 and about 32% higher than April 2009

Sales Prices

The high price sale was 51443 Megan Ct in the Shamrock Hills neighborhood of Granger. It sold for $885,000 on 4/1/10. It was listed for sale in August 2008 for 1.3 million.
The next three highest price sales were in Granger’s Covington Shores neighborhood:
  • 14254 Shoreline sold for $545,000 on 4/16. It was listed for sale in April 2007 at $695,000.
  • 51285 Amesbury Way sold for $500,000 on 4/23. It was listed for sale in March 2010 at $520,000
  • 51380 Coveside Drive sold for $480,000 on 4/7. It was listed for sale in April 2009 for $560,000
Lower priced sales:
  • 17 homes sold for $10,000 or less.
  • 80 homes sold for $50,000 or less.

Financing

Cash sales were the most significant by number of transactions, with 92 sales.They were followed by FHA loans accounting for 85 sales, and conventional loans, accounting for 70 sales. “Other financing” like seller financed sales and lease options accounted for 8 sales and VA loans led to 7 sales.
Conventional loans accounted for the greatest sales volume, at 12.82 million. FHA loans followed with 9.26 million and cash sales accounted for 4.03 million. VA loans financed 0.81 million in sales and other financing led to 0.72 million in sales.

Notre Dame Area condos

139 Clancey Street in Dublin Village sold on 4/16 for $225,000. It was listed 8/28/2009 for $299,900 and last sold 3/11/07 for $267,365. That’s down about 16% in just over 3 years. There are now six townhomes for sale in Dublin Village, priced from $184,900 to $237,900.
There were three sales in the Woodbridge condos:
  • 18133 Stoneridge F at $65,000 with $2,500 in seller concessions
  • 18133 Stoneridge E at $55,000
  • 18155 Stoneridge C at $36,750 – a Fannie Mae sold foreclosure

New Construction Sales

The most expensive new construction sale reported in the mls is 19241 Copper Brook Drive, which sold for $232,000
Weiss Homes reported the 4 other new construction sales, at:
  • $188,105,
  • $151,918,
  • $149,900, and
  • $197,090 with $18,872 in seller concessions

{ 14 comments… read them below or add one }

Irish Eyes May 17, 2010 at 7:03 pm

Thanks….always great report! Oh, and CONGRATULATIONS on the baby!

Can we say that ND related real estate is now back to the pre-real estate boom times?

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Dean May 17, 2010 at 9:03 pm

Congrats on the little guy!!

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npmolnar May 18, 2010 at 8:14 am

Thanks.
🙂

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Jim Scollon May 18, 2010 at 1:43 pm

Nick,
Congrats on the baby! We had one close at Stonebridge Villas for $320,000, it was the first of the new free standing villas.

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Regina May 19, 2010 at 10:12 pm

Great info Nick. At least we’re headed in the right direction:)
Thanks!

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Irish Eyes May 20, 2010 at 9:03 pm

Oppps posted in last month, please post here instead:

Any updates on the ND related projects? Specifically sales in Ivy Quad, Eddy Street Commons, Irish Crossings, Stadium Village and any other projects that are still building, not completed?

Also, wasn’t there something being built on US 933 in Roseland?

Lastly, will be interesting to see what impact the end of $8K tax credit will have on new contracts in May.

—– I think there is a glitch trying to post with the latest version of Safari on a Mac???

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npmolnar May 23, 2010 at 12:34 am

I’ll check into any conflicts with safari…your most recent comments have hit the spam filter so I didn’t see them immediately.
I’ll post an update on near ND projects under construction shortly, and have prepared g a graph of the local impact of the tax credit which I’ll likely post sometime next week.

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Irish Eyes May 24, 2010 at 3:19 pm

Oh, forgot to include Oak Hill…how is that going?

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Irish Eyes May 25, 2010 at 7:02 pm

Man oh man oh man….talk about a bubble in Oak Hill. Just saw there are 19 Oak Hill condos listed on realtor.com. Plus if there are units for sale by owner, the numbers are easily 20-25 for sale making over 20% of the complex for sale. Will prices go back to 1988 when they were built??? Ouch.

By the way, there is a newer built custom home for sale on Berger near ND. I think Century Builders built it (an A+ builder in the area). Wonder why they are moving…perhaps took a change in job (I thought the owner was in OIT at ND)? Beautiful home for sure.

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npmolnar June 2, 2010 at 11:21 pm

There are a lot of condos for sale at Oak Hill, and asking prices have come down. But the lowest list price at this time is 1435 Oak Hill, at $125,000. That is considerably off the peak years of 2007 and 2008 when several Oak Hill condos sold in the $170,000 to $230,000 range. But it is much higher than the $60,000 to $90,000 that a few dozen Oak Hill condos sold for in 2001 to 2003. Since they rent around $500/month per bedroom I’d guess that even with condo fees and property taxes they will sell at prices above the bottom. One issue is that the covenants discourage investors from buying at Oak Hill. They currently prohibit leasing a condo for more than a few years (two years is the maximum lease if memory serves). It’s the nature of university area condos to change occupants every few years and if they can’t be rented, they will be sold. Watch for an owner who doesn’t want to sell in a tough market to challenge the rental limits sometime soon.

18263 Berger is for sale, at $559,000. The tax record does associate it with Notre Dame’s former CIO, who has left the university’s employ.

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Dean June 1, 2010 at 11:47 am

I’m guessing that May’s numbers will be down about 22% compared to April.

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Irish Eyes June 3, 2010 at 12:55 am

Thanks Nick. By the way, $60K-$90K for Oak Hill condos is not far off their original purchase prices when built in 1988-1992 (around $50K to around $80K). Oak Hill will sell out once they get back under $100K which is where they should be. It is my understanding that there has always been tensions between it being owner-occupied and turning into a junky place like a student apartment complex (which is not livable for owner-occupants). Amazing that the place hasn’t gone down hill with all the students and rentals…the rental restrictions probably were a big help.

I thought the house on Berger was for the head honcho at OIT but didn’t want to say. Odd that he left like that after building such a great house (which I thought was supposed to be their retirement house), but that seems to be the “Notre Dame way” with people when they “leave” … at least since when Holtz left (that was handled very poorly). Just odd way of dealing with people in my opinion. Gone are the days of the ND lifers I suppose.

Back to Ivy Quad…any updates on closings? I think I find this development the most interesting since the developer doesn’t want to voluntarily give out the sales info, esp. pricing. Will be interested if anything sells except the smallest units. Just makes me more curious.

How are the Eddy Street Commons sales going? Are all the phases on schedule now are are there delays? What about the big hotel?

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Irish Eyes June 3, 2010 at 1:39 pm

Would also be curious on your take on the status of North Douglas Condos, Keenan Court, Roselawn Square, etc…. What about the downtown development(s)?

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npmolnar June 4, 2010 at 9:04 am

I’ll put together an update on the various condos near Notre Dame and downtown soon. I’ll post their recent sales on the May report, which I’ll publish tonight or tomorrow .

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