{"id":929,"date":"2009-12-08T00:25:32","date_gmt":"2009-12-08T04:25:32","guid":{"rendered":"http:\/\/www.realst8.crankpin.com\/?p=929"},"modified":"2009-12-08T00:28:45","modified_gmt":"2009-12-08T04:28:45","slug":"hundreds-of-new-condos-near-notre-dame","status":"publish","type":"post","link":"https:\/\/www.realst8.com\/staging\/9756\/condos\/hundreds-of-new-condos-near-notre-dame\/","title":{"rendered":"Hundreds of New Condos Near Notre Dame"},"content":{"rendered":"
Sometime in the next few days local news station WNDU is running a story about the continuing construction of condos in the South Bend Area when the number of buyers is down. Preparing for the increased interest, I scouted the progress of the condos near Notre Dame today to get a count of new units for readers of the South bend Area Real Estate Blog.<\/div>\n
In South Bend, the terms condo, townhouse and villa are tossed about more loosely than in cities where condos are a large part of the market. Technically, a condo is a form of ownership where you purchase your unit \u00a0and a share of the common area, in a townhouse you own your unit and a specific area of land but pay into a condo association that covers landscaping and some items of exterior maintenance, and villa is a term used here to describe a freestanding home (usually a 1-story) that is sold with a mandatory maintenance plan that covers landscaping and sometimes exterior maintenance as in a townhouse or condo. In my experience, people looking to purchase property that want condos are less concerned with the distinctions of condo – townhouse – villa than they are with making sure the home will be looked after and the yardwork will be done if they lock the door and leave for 6 weeks.<\/div>\n
Using that admitedly loose difinition of condo, and looking at the projects near campus (as opposed to downtown South Bend or on the river in Mishawaka), I went out today to try to get an accurate count of the number of Notre Dame condos built since 2005, a snapshot view. Physically visiting the projects is necessary because developers announce master plans that are revised, and construction is ongoing at several locations. In cases were buildings are partially finished I used my judgement – I didn’t count a foundation pour, but if a building looks complete from the exterior I did count it. There may also be some variation in my count and the proper number of built condos – I counted front doors or garage doors, and some buildings are confusing and others have units which were combined. Despite those cautions, I’ll stand by this as the best new condo count available today.<\/div>\n
Dublin Village – complete – 58 units – townhome style buildings<\/div>\n
Pendle Woods – a number of vacant lots – 38 freestanding villas<\/div>\n
Wexford Place – complete – 8 units in two townhome style buildings<\/div>\n
North Douglas – stalled – 32 units in two 16 unit buildings<\/div>\n
Irish Crossings – spaces for several more buildings – 62 units in three and 4-plexes<\/div>\n
Stonebridge – active construction – 32 units in 4-plexes<\/div>\n
Stadium Village – buildings up, 13 units in two buildings<\/div>\n
Ivy Quad – active construction – 6 units in the first building<\/div>\n
Keenan Court – stalled – 6 units in two buildings<\/div>\n
that leaves out the coming units under construction and many more announced especially at Eddy Commons, the retirement community built at Holy Corss, the condos downtown Mishawaka and South Bend. It also doesn’t consider the newly built rental apartments at Irish Row and Eddy Commons, the new construction siongle family homes along Notre Dame Avenue, or the new and recently built villas in neighborhoods throughout Granger.<\/div>\n
So the question is … How big is the demand for Notre Dame condos?<\/div>\n
In five years we’ve seen the doubling of supply of condos near campus with slowed but continuing development. Is this a response to a real demand or is it speeculative? Is the University increasing enrollment and faculty numbers so more people want quality housing near the school? Was it reflective of the heightened interest in real estate as an investment seen at the height of the bubble? Do purchases wax and wane with enthusiasm for a certain sports team? Were these projects with long lead times that missed the market?<\/div>\n
I think it’s more complex than any simple answer, but each of those questions gets to the issue from a different angle. If you’re a buyer, investor or seller it’s important to think about the whole condo market, but it’s more important to understand the nuances of the developments – which meet your needs and which will be best when it’s time to resell. There are huge differences in the different condo communities – freestanding, 4-plexes or 16 to a buildings, attached garages, tandem garages, no garages, single level or 3-story, stones throw from campus or a 5 minute drive, $140,000 or $440,000, which have units reselling at a loss and which are still selling well,<\/div>\n
Developers, residents, buyers and everyone share your thoughts in the comments.<\/div>\n
Need help evaluating the condos to buy or making a plan to sell, click here and contact us.<\/div>\n

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Sometime in the next few days South Bend news station WNDU will run a story about the ongoing construction of condos in the South Bend Area when the number of condo buyers is down. Preparing for the increased interest that story should bring, I scouted the progress of the condos near Notre Dame today to get a count of new units for readers of the South Bend Area Real Estate Blog.<\/p>\n

What’s a Notre Dame condo?<\/h2>\n

In South Bend, the terms condo<\/em>, townhouse <\/em>and villa <\/em>are tossed about more loosely than in cities where condos have long been a large part of the market. Technically, a condo is a form of ownership where you purchase your unit \u00a0“walls-in” plus a share of the common area. In a townhouse you own your unit and a specific area of land but pay into a condo association that covers landscaping and some items of exterior maintenance. Villa is a term used in South Bend to describe a freestanding home that is sold with a mandatory maintenance plan that covers landscaping and some items of exterior maintenance like a townhouse or condo. In my experience, people looking to purchase South Bend property that want condos are less concerned with the distinctions of condo \/ townhouse \/ villa than they are with making sure the home will be looked after and the yardwork will be done if they lock the door and leave for six weeks. Considering that, I’m including condos, townhomes, and the villas from one project, Pendle Woods, that has been popular with Notre Dame professors, alumni and other affiliates<\/p>\n

How do you count the condos if they are still building them?<\/h2>\n

Using that admitedly loose definition of condo, and looking at the projects near campus, I went out today to try to get an accurate count of the number of Notre Dame condos built since 2005. I was looking for a snapshot view of what is built today. Physically visiting the projects is necessary because developers announce master plans that are later revised, and construction is ongoing at several locations. In cases were buildings are partially finished I used my judgement – I didn’t count a foundation pour, but if a building looked complete from the exterior I did count it. There may also be some variation in my count and the proper number of built condos. I counted front doors or garage doors and some buildings are confusing, others have two units which were combined into one . Despite those cautions, I’ll stand by this as the best new-condo-count available today. If you have any corrections, leave them in the comments and I’ll update the figures.<\/p>\n

OK. How many new condos have been built?<\/h2>\n

Here is what I came up with, broken out by project<\/p>\n