The condos are coming!

by Nick Molnar on March 10, 2007

And they have names that point towards Notre Dame and quaint hamlets.

Colfax Place
GameDay Hall of Fame
North Douglas Condos
Waterford Estates Lodge
Stadium Club
Stadium Village

There is some concern that developers will overbuild the market, leaving unsold units which will become rowdy student housing disturbing the peaceful character of the neighborhoods in which they are built.

It’s a valid concern, but one that fades as you look at the projects. The bulk of the units are condo-hotels which aren’t well suited for long stays, or luxury units that will place them beyond the financial reach of most students. In addition, the University is committed to offering an on-campus experience for it’s students.

Here’s a quick rundown of several projects and the likelihood they will be dominated by students:

  • Colfax Place – These are downtown condos that are driving distance to campus, and start at $269,000 with at least a $328 monthly assessment. They aren’t student housing.
  • GameDay Hall of Fame – These condo-hotels will be built downtown and are designed to be used as hotel rooms. The aura will be pep-rally Notre Dame: great for fans, but students will have enough of that everyday without needing it force fed to them in their housing. Unlikely to attract many students and not in a residential neighborhood if it does.
  • North Douglas Condos – These condos are near Notre Dame, but beyond walking distance and covenants prevent extended renting of the units. Priced from about $135,000, they may end up with some students, but it shouldn’t become a problem.
  • Waterford Estates Lodge – The rooms in this hotel-condo are fairly small and have no kitchen, just a kitchenette. Covenants restrict occupancy to six months and prevent you from using it as your primary address. They won’t fill with students.
  • Stadium Club– These are mostly rentals now, which should be converted and sold one building at a time. Plans seem to have slowed. These may remain filled with students, certainly they won’t bring down a neighborhood.
  • Stadium Village – Plans call for a few luxury condos priced from about $400,000 and a hotel-condo building. The hotel-condo won’t draw students and the luxury condos will be out of their price reach. These will also be near Turtle Creek apartments, a more affordable and attractive location for students who want to live in the area.

Notre Dame has a strong on-campus tradition and is breaking ground on a new dormatory Thursday. South Bend also has plenty of rental houses marketed to students. These condos are pitching themselves to Notre Dame fans who want to avoid hotel hassles on game weekends, Notre Dame faculty who want carefree housing, and empty-nest baby-boomers who are ready to downsize from the family home.

One proposed development north of the University was rejected by the County Commission because the neighbors were strongly against it. There is oversight for these projects and they will float to the market — if they stop selling, planned units won’t be built.

With appropriate foresight, buying a Notre Dame condo can be a great investment that allows you to enjoy Notre Dame home game weekends and capture the appreciation of your property. There are also many opportunities for South Bend natives looking for a no-maintenance home.

If you are looking for a condo near Notre Dame, contact Nick at 574-309-3758 / nick@realst8.com or Joe at 574-286-5683 / joe@realst8.com and we will help you understand the market.


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