Hammond, IN (Residential & Commercial Development) (neighborhoods, design, pool)

[Ned B]

Too bad there's no site plan in the article. I'm curious how they plan to fit an office building, four out lot retail spaces with footprints equal to or larger than the office building and the associated parking on a lot that in Google looks to be about the same size of the lot occupied just by the 2929 Carlson building. Maybe the parking lot for the existing office building was designed to serve both office buildings?

[LiveHammond]

I wanted to bring up the new single family houses going up in Robertsdale. I know this topic was mentioned here about a year ago. Since then, there has been a lot of progress on the new development, including a new website.

I have been watching Mayor McDermott's radio show, as well as the redevelopment meetings to see what's new. This new street is the main focus of residential development. Here's what I've found.

-The name of the subdivision is Lost Marsh Estates

-The street will be named after Duane Dedelow, former Hammond mayor

-Six homes (350-500k)

-Minimum requirement for a ranch is 2,500 sq. ft

-Minimum requirement for a two-story is 3,400 sq. ft

-Land auction June 21st, 6pm (20k/lot starting bid)

-New Website ( lostmarshestates.com )

Most information mentioned above as well as other info can be found on the website. The website also includes a flyover of the street and lot sizes.

I think it is good that Hammond is showing ambition. I think 500k could be possible. When the city says that they are frequently receiving calls about the properties, it isn't hard to believe. If you know someone that would be interested in buying a house on a golf course, I highly recommend telling them about this.

That being said and done, I encourage more opinions and thoughts on the new development.

[Northwest Indiana]

Originally Posted by LiveHammond

I wanted to bring up the new single family houses going up in Robertsdale. I know this topic was mentioned here about a year ago. Since then, there has been a lot of progress on the new development, including a new website.

I have been watching Mayor McDermott's radio show, as well as the redevelopment meetings to see what's new. This new street is the main focus of residential development. Here's what I've found.

-The name of the subdivision is Lost Marsh Estates

-The street will be named after Duane Dedelow, former Hammond mayor

-Six homes (350-500k)

-Minimum requirement for a ranch is 2,500 sq. ft

-Minimum requirement for a two-story is 3,400 sq. ft

-Land auction June 21st, 6pm (20k/lot starting bid)

-New Website ( lostmarshestates.com )

Most information mentioned above as well as other info can be found on the website. The website also includes a flyover of the street and lot sizes.

I think it is good that Hammond is showing ambition. I think 500k could be possible. When the city says that they are frequently receiving calls about the properties, it isn't hard to believe. If you know someone that would be interested in buying a house on a golf course, I highly recommend telling them about this.

That being said and done, I encourage more opinions and thoughts on the new development.

Contrary to popular belief, there are quite a few folks in Hammond with the money to spend that will reinvest in the area. I believe this will be successful.

[artemis]

The location is excellent for Chicagoans looking to escape Illinois. I hope it works out.

[Northwest Indiana]

Originally Posted by artemis

The location is excellent for Chicagoans looking to escape Illinois. I hope it works out.

That is true but I have a feeling that the development will probably be mostly current residents(possibly higher profile ones) looking to upgrade

[artemis]

Originally Posted by Northwest Indiana

That is true but I have a feeling that the development will probably be mostly current residents(possibly higher profile ones) looking to upgrade

Nothing wrong with that.

[Northwest Indiana]

Originally Posted by artemis

Nothing wrong with that.

Nope, not at all! Just reinforces my belief that Hammond does have some very loyal residents (at all income levels but especially of higher income)

[Ned B]

I wouldn't underestimate the Illinois/Chicago element though. We recently sold our home in SW Hammond (Forest Ave districts) and while we were on the market, a solid majority of the buyers at showings were from Chicago or Illinois suburbs, as were our strongest contenders for offers. We were selling 2500sf in the middle-high 200s, which is the upper tier of Hammond real estate. What we've observed recently with neighbors and in our process of purchasing our new Hammond home is that these top tier houses attract quite a bit of attention from Illinois residents lately, especially because by comparison to where they are coming from they are great bargains.


Now as far as houses in the 500k range. That will be interesting to see. I could see someone spending 500k to build a house, but if they can get that much return on their investment when they sell will be the real test. Nothing in Hammond has managed to break the 400k threshold in the last 10 years, much less 500k.

[Northwest Indiana]

Originally Posted by Ned B

I wouldn't underestimate the Illinois/Chicago element though. We recently sold our home in SW Hammond (Forest Ave districts) and while we were on the market, a solid majority of the buyers at showings were from Chicago or Illinois suburbs, as were our strongest contenders for offers. We were selling 2500sf in the middle-high 200s, which is the upper tier of Hammond real estate. What we've observed recently with neighbors and in our process of purchasing our new Hammond home is that these top tier houses attract quite a bit of attention from Illinois residents lately, especially because by comparison to where they are coming from they are great bargains.


Now as far as houses in the 500k range. That will be interesting to see. I could see someone spending 500k to build a house, but if they can get that much return on their investment when they sell will be the real test. Nothing in Hammond has managed to break the 400k threshold in the last 10 years, much less 500k.

I suspect that the single-family home lots of Lost Marsh Estates will not have any turnover for a long time. The Lakefront Commons subdivision in Whiting has very low turnover as well. It’s all about the rarity and uniqueness of these projects. Obviously Whiting is more desirable overall than Hammond but the Robertsdale area is still relatively desirable and I see ROI being decent.

[Ned B]

An update on the lost Marsh lots: all six of the lots sold for over the starting bid of $20k. At the high end, three of them managed to fetch around 50k. If my memory serves me and the plan hasn't changed there is also plans to develop a dozen townhouses on the east edge of this development. I'd be interested to hear more about those too.


NWI, I wasn't necessarily questioning that these lots shouldn't be worth that and would great interest upon resale, more so that they may struggle to sell at their real worth and demand, unless someone is coming in with an all cash offer. The higher-end residences of Hammond often have major issues appraising due to that low turn over that you mentioned. Finding comps are a huge challenge when your most similar neighbors haven't sold in 10-20 years.


In other good Hammond news:
https://www.nwitimes.com/business/sa...6e626762c.html
Blue Dot Safes, a manufacturer of safes is opening a tech support and customer service center in downtown Hammond at 430 Russell Street, a one story warehouse building across from the 18th Street Brewery. I hope this is one of several major new tenants coming to downtown in the new future, to breathe a little life into that area and hopefully garner some support for an actual small retail district in downtown.


Lastly, it sounds like the new Lear facility is underway, and that they may already have a buyer for their current site.