Low Inventory of homes in the region (Schererville, Munster: appointed, for sale)

[flamadiddle]

You know, there's really not much for sale in the region when looking for homes in the $400K to $600K range with 1+ acre lots. Found a few, but they are dated and either corner lots or on busy roads, no thanks. The only high schools I'd consider are Chesterton, Valpo and Crown Point (maybe Lake Central, but not going to find any 1+ acre lots in Munster). So even those considering a move to the other side are stifled by lack of inventory. Sigh, you'd think builders would be ramped up by now...

[CGab]

Munster has it's own school district whereas Lake Central pulls kids from St. John, Schererville, Dyer and parts of Crown Point. I think most inventory will come up in the next month or two, and I can't speak for Chesterton or Valpo, but in St. John homes sell fast! Especially one's with a lot of land. If you're serious about moving to NW Indiana you need to get a good realtor who can watch the market for you as homes can sell within a day or two of hitting the market!

I don't think you would go wrong with any of the towns you listed, but I really think you should also consider St. John as well as it was voted the safest place to live in Indiana for several years in a row. I did put a few links below to homes in St. John if you're interested. They are close to one 1 acre. Lake Hills and The Preserve are considered the most affluent subdivisions; however, there are homes here that are not situated in subdivisions with acreage. A friend of ours just bought one here for $450k. It's 3,800 sq ft on 1.5 acres, built in 1972 but completely remodeled and it's gorgeous. Their realtor was watching the market and they were able to see it the first day and put in an offer. I can recommend a realtor if you want to PM me. There is still a lot of land in St. John as well if you're interested in building.


https://www.realtor.com/realestatean...8-12310#photo8


https://www.realtor.com/realestatean...3_M30140-92157



http://schillingdevelopment.com/the-preserve/


https://www.stjohnin.com/

[CAtoIndytransplant]

Originally Posted by flamadiddle

You know, there's really not much for sale in the region when looking for homes in the $400K to $600K range with 1+ acre lots. Found a few, but they are dated and either corner lots or on busy roads, no thanks. The only high schools I'd consider are Chesterton, Valpo and Crown Point (maybe Lake Central, but not going to find any 1+ acre lots in Munster). So even those considering a move to the other side are stifled by lack of inventory. Sigh, you'd think builders would be ramped up by now...

What about building your home then? There is plenty of available land around the Region for you to build a custom made home for your family and the great thing about that is you can have it your way in terms of design, space and even yard.
If you already have a home in Illinois you can continue to live in it while your new home is being built.

[svillechris]

Originally Posted by flamadiddle

You know, there's really not much for sale in the region when looking for homes in the $400K to $600K range with 1+ acre lots. Found a few, but they are dated and either corner lots or on busy roads, no thanks. The only high schools I'd consider are Chesterton, Valpo and Crown Point (maybe Lake Central, but not going to find any 1+ acre lots in Munster). So even those considering a move to the other side are stifled by lack of inventory. Sigh, you'd think builders would be ramped up by now...

I agree with you. There's not much in that price range that's worthwhile. I keep my eye on what's listed mostly in the LC/CP areas of Lake County but occasionally expand search out to Chesterton and Valpo as well. Very disappointed in the inventory currently but hopefully it'll improve in the coming Spring months.

[Northwest Indiana]

While the inventory in that price range is low (and should pick up soon), we should remember that Munster, Tri-Town, CP, Chesterton, and Valpo have many homes in that range that are existing and people staying in those homes. That price range is still not the most common ($200K-350K seems to be the sweet spot) and the risks are higher with builders building spec homes at that level (especially as more custom offerings are expected in that range). However, for folks in that price range whom are in a position to build, the sky really is the limit! Now if you are looking at a 1+ acre lot, you're out of luck in Munster because there are 0 lots of that size. You would have to combine lots to get 1 acre which would cost $400-600K on its own. This would also still be costly in Briar Ridge too.

Lots in Park West - Munster


As far as other areas, you will get more bang for your buck in CP, Chesterton, and Valpo as far as acreage is concerned although it still wouldn't be "cheap". But with more land out there, still worth a look.

The Galleries in Crown Point have minimum 1 acre lots and there is one 1.25 acre lot for sale for $67,500. This subdivision is located in the southeast corner of W 133rd Ave & Chase St. (south of Youche CC and CPHS).

Lot in The Galleries - Crown Point


If one is looking as far out as Valpo, then Lowell would be a good option to find some acreage and build a home. There's a small subdivision being developed called Graythorne that will be gated. It is located at 167th Ave & Holtz Rd. I have not seen it myself though. The cheapest lot is $77,500 for 1.010 acres.

Lots in Graythorne - Lowell

[svillechris]

Originally Posted by Northwest Indiana

While the inventory in that price range is low (and should pick up soon), we should remember that Munster, Tri-Town, CP, Chesterton, and Valpo have many homes in that range that are existing and people staying in those homes. That price range is still not the most common ($200K-350K seems to be the sweet spot) and the risks are higher with builders building spec homes at that level (especially as more custom offerings are expected in that range). However, for folks in that price range whom are in a position to build, the sky really is the limit! Now if you are looking at a 1+ acre lot, you're out of luck in Munster because there are 0 lots of that size. You would have to combine lots to get 1 acre which would cost $400-600K on its own. This would also still be costly in Briar Ridge too.

Lots in Park West - Munster


As far as other areas, you will get more bang for your buck in CP, Chesterton, and Valpo as far as acreage is concerned although it still wouldn't be "cheap". But with more land out there, still worth a look.

The Galleries in Crown Point have minimum 1 acre lots and there is one 1.25 acre lot for sale for $67,500. This subdivision is located in the southeast corner of W 133rd Ave & Chase St. (south of Youche CC and CPHS).

Lot in The Galleries - Crown Point


If one is looking as far out as Valpo, then Lowell would be a good option to find some acreage and build a home. There's a small subdivision being developed called Graythorne that will be gated. It is located at 167th Ave & Holtz Rd. I have not seen it myself though. The cheapest lot is $77,500 for 1.010 acres.

Lots in Graythorne - Lowell

The red highlighted part above is very true. At this price point, you're normally looking at homes that are people's forever homes. They may have moved once or twice before with their family and this is the one they want to stay in. So, in general, the listings would be more due to relocation than moving up to a nicer/bigger/more expensive home. In turn, the listings are few and far between that check all the boxes.

[richb]

The reality is that acre+ lots aren't common even at 400k-600k in newer built homes in subdivisions in most of NW Indiana. They were never that common, and largely became even more rare after the late 1970's. Between the cost of making land developable and government policy large residential lots get to the point that few can afford them. So they largely don't exist anymore.

Which is too bad, because many people would like one. But its a feature few people will be getting.

You may have to find a "rural" house or lot to get a lot that large. Generally those are between towns, if there is space left between the towns. It also means there isn't city water and sewers. So you would have to deal with water wells and septic fields.

[Ned B]

I would say that St. John, maybe Chesterton are the only places that you would ever see spec builders building 4-600k houses on large lots. Most of NW Indiana just doesn't have the demographics to support that. Those that do, will want a custom home and then as others have said probably won't move for a while.

Part of the smaller lot sizes is also driven by land costs. A one acre undeveloped lot in Munster for instance would be worth at least 150k by itself, if not twice that in the developing areas along the south side, so a builder would subdivide that in order to bring the houses into a reasonable price.

So the reason that there isn't much in that range on large lots is both driven by what sells, and because a new house on that much land is really going to command a much higher price unless it is out on the semi-rural fringes.

[Northwest Indiana]

Originally Posted by Ned B

I would say that St. John, maybe Chesterton are the only places that you would ever see spec builders building 4-600k houses on large lots. Most of NW Indiana just doesn't have the demographics to support that. Those that do, will want a custom home and then as others have said probably won't move for a while.

Part of the smaller lot sizes is also driven by land costs. A one acre undeveloped lot in Munster for instance would be worth at least 150k by itself, if not twice that in the developing areas along the south side, so a builder would subdivide that in order to bring the houses into a reasonable price.

So the reason that there isn't much in that range on large lots is both driven by what sells, and because a new house on that much land is really going to command a much higher price unless it is out on the semi-rural fringes.

what you say is true. however, i will add that once you get above that $600k price point (really more like over $800k), then you actually see some folks combining alreadyexpensive and big lots to even bigger ones. This has happened in Park West a few times so far.

[flamadiddle]

How do you explain the almost doubling of property taxes on this home (on 1/2 acre) in Chesterton over the last 7 years?

YEAR PROPERTY TAXES
2017 $12,723
2016 $12,723
2014 $12,645
2013 $12,292
2012 $10,012
2011 $6,714
2010 $6,823


https://www.zillow.com/homes/for_sal...68_rect/11_zm/

While not the norm, I've found several with similar tax rates making me wonder why a ~$600K in one area of Indiana has a ~$5K tax bill while a similar home just miles away can have a $12K tax bill. I know it depends on the local taxing authorities, but who's to say a home you buy today will not have double the property taxes 7 years from now?