Friday, December 19, 2008

Urban Meyers impact on Notre Dame Real Estate

The South Bend Tribune ran a story, http://www.southbendtribune.com/apps/pbcs.dll/article?AID=/20081217/SPORTS10/812170419 stating that Urban Meyer has no intention of leaving Florida until his kids are out of high school. He sited being a good father first as one of the moitvating factors for his commitment to Florida. This leaves Irish football fans wondering what 2009 will bring and what happens if and when Weis puts up another poor performance.

For the Notre Dame real estate market this may or may not be bad news depending on whether you already own in South Bend, or are thinking of buying in the next year. The new construction condo/townhome boom in South Bend close to campus has been fueled almost entirely by second home purchases of out of state alumni and parents of students currently attending the universities. With many Americans losing 20% or more of their net worth in the roller coster stock market, many have decided that second home purchases are not a priority or in some cases no longer possible. 2009 looks to bring more new construction inventory to market than many of the proceeding years combined. This coupled with the fact that homes built in 2005 at the beginning of the boom are starting to turnover as students graduate and parents look to sell the homes they bought at that time.

This is great news for buyers. The old adage "Buy low, sell high" rings true in this situation. Buyers should be expecting to get a deal in this increasingly competitive but desireable market. However, it is important to understand this unique market and what is a good deal. Buying a unit at the higly acclaimed, Notre Dame backed Eddy Commons at a whopping $300/sq. ft. may help your ego, but could be an investment mistake as many homes within several blocks of the development are available for $30/sq. ft. and other new contrustion projects range from $130-$190/sq. ft. with comparable proximity and amenties. Until recently properties have been selling at full asking as a rule and the market has seen 3-5% annual appreciation. Since October the market has flattened and may even be declining, so don't be surprised to find some deals at 5-10% below previous asking prices. If you are looking for 50% deals then you can forget about it, because owning property close to ND is still the hottest thing around.

To become educated about the market place and make the decision that is right for you, follow my blog on a daily basis and visit http://www.goirishproperties.com/ to see the latest properties or download a helpful Buyers Guide to Notre Dame Real Estate.

Saturday, December 6, 2008

Welcome to Go Irish! Properties Real Estate Blog

GoIrishProperties.com is putting this blog together to keep youn informed about happenings around the University of Notre Dame and their resulting impact on the real estate market. If you are looking to buy a property near Notre Dame or already own one, then this blog will serve as a resource to keep you informed on important market factors and opportunities close to Notre Dame. You can visit http://www.goirishproperties.com/ for more information on current properties and to dowload a free Buyers Guide to Notre Dame Real Estate.