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Old 09-17-2010, 09:16 AM
 
2,155 posts, read 5,449,526 times
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This is the newest area of Briar Ridge CC (Dyer, IN side), Shannon Bridge a.k.a Unit 16. The original concept was for it to become luxury condominiums but as that idea was shot down by homeowners, it is now exclusively SFH. However, there are no homes there!

Does anybody know what is going on with it? I know that a good amount of the lots have been sold but no homes have gone up yet. I know that the economy is not the best right now, but when I see Park West in Munster filling up I have to wonder what is holding back Shannon Bridge? The lots cost about the same as in Park West, and these are both gated communities as well. The only advantage I could see that Park West has is Munster schools, and lower HOA dues. Briar Ridge's advantage is the Golf Course. So does anybody know what is going on? I am very curious. Thanks!

Here is a link to the Unit 16 website: Briar Ridge CC Unit 16

Last edited by Northwest Indiana; 09-17-2010 at 09:47 AM..
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Old 09-17-2010, 10:11 AM
 
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I have never heard of that area - thanks for posting!

The slow build out is probably part due to the poor economy coupled with poor advertising of the available home sites. It seems there has been a great deal of advertising for Park West, White Oak, etc. along with a focus to tear down/rebuild older homes in older neighborhoods but this is the first I am hearing of Shannon Bridge.

It looks like it will be a great addition to the Munster community once it gets built out.
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Old 09-17-2010, 11:17 AM
 
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Thumbs up Thanks!

Quote:
Originally Posted by Mustang219 View Post
I have never heard of that area - thanks for posting!

The slow build out is probably part due to the poor economy coupled with poor advertising of the available home sites. It seems there has been a great deal of advertising for Park West, White Oak, etc. along with a focus to tear down/rebuild older homes in older neighborhoods but this is the first I am hearing of Shannon Bridge.

It looks like it will be a great addition to the Munster community once it gets built out.
Thanks for responding! Shannon Bridge is actually in Dyer, not Munster. (A lot of people think that Briar Ridge is in Munster for some reason lol). It is a new phase of Briar Ridge that has been developed. Although there is a sign right outside of Briar Ridge advertising this new section of the community, I do agree that it not been advertised heavily. The ONLY reason I could think of for this lack of advertising is because many people may feel that it is tacky for an upscale subdivision trying "too hard" to attract buyers. I personally do not feel this way, but I do know that some people do.

Park West (which is in Munster) was developed by the same developer (1st Metropolitan) who developed Estates of White Oak in Munster (not to be confused with White Oak Estates). Other builders involved are Armani Development, Belmonte, and Hecktoen. There was not much advertising done for Park West. It gained popularity most likely by the fact that the tract of land it was on used to be a farm and when it was being developed, word spread about it (also because the farm was originally purchased by the School Town of Munster before they sold it to 1st Metropolitan). Some of the residents there (that I know of) used to live somewhere else in Munster.

For somebody driving past Briar Ridge, it would be difficult to notice the development of Shannon Bridge due to the fact that the area was always part of Briar Ridge (as it was gated too)...it just remained undeveloped.

I do hope that this area does start building soon. Here is a link to the first three homes/models that were supposed to be built at Shannon Bridge and the developers who are to build them.

1. ICON by JZMK PARTNERS (http://www.jzmkpartners.com/2-portfolio/details.aspx?id=62 - broken link)

2. Ultimate Entertaining Home by Stephen Fuller

3. Isabella by Dan Sater
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Old 09-17-2010, 03:04 PM
 
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Default Regarding my last post..

I could not find out the developers of those plans. I apologize! But a lot of the lots have been purchased by "MJL Rogers" so that could be the developer.
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Old 09-18-2010, 01:43 AM
 
Location: Northwest Indiana
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I haven't been in Briar Ridge in a while, but I don't think the bridge (or roads) are finished yet. I think that may be one of the reasons no houses have started yet.
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Old 09-18-2010, 01:59 AM
 
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Default But...

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Originally Posted by richb View Post
I haven't been in Briar Ridge in a while, but I don't think the bridge (or roads) are finished yet. I think that may be one of the reasons no houses have started yet.
The bridge and road are finished. And they have been finished for a while now. I've driven on it. It just seems so strange that no houses have been developed yet. Do you think any of your real estate colleagues might know what is going on??
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Old 09-18-2010, 03:03 AM
 
Location: Northwest Indiana
815 posts, read 2,983,369 times
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You have to keep in mind that many of the "sold" lots now belong to home builders, not individual homeowners. Most builders are not about to build "spec" houses in this market. The cost to hold a $650,000 plus house for the time it will take to sell it (at least two years for most) is too high for most. The only reason expensive spec houses were built in the past (2002-2006ish) was because most sold before they were even finished. Now most houses have a firm buyer before any dirt is moved.

Also keep in mind the size of the pool of very high end home buyers. Even in good times, that pool is pretty small in NWI, and there are many places for that buyer to go to here. BR was started in 1980 and there are still a few empty lots in most of the earlier phases yet. Even if the economy was better, I think Shannon Bridge will take at least ten years to look somewhat finished.
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Old 09-18-2010, 07:43 AM
 
2,155 posts, read 5,449,526 times
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Quote:
Originally Posted by richb View Post
You have to keep in mind that many of the "sold" lots now belong to home builders, not individual homeowners. Most builders are not about to build "spec" houses in this market. The cost to hold a $650,000 plus house for the time it will take to sell it (at least two years for most) is too high for most. The only reason expensive spec houses were built in the past (2002-2006ish) was because most sold before they were even finished. Now most houses have a firm buyer before any dirt is moved.

Also keep in mind the size of the pool of very high end home buyers. Even in good times, that pool is pretty small in NWI, and there are many places for that buyer to go to here. BR was started in 1980 and there are still a few empty lots in most of the earlier phases yet. Even if the economy was better, I think Shannon Bridge will take at least ten years to look somewhat finished.
I do agree with you. However, I am somewhat shocked that there is NO activity at Shannon Bridge at all! I know construction is slow but when I see so much activity at Park West and none at Shannon Bridge, it leads me to ask what is going on? The lot prices & sizes are about the same in each development AND Shannon Bridge has the golf course as an added bonus. The main added bonus that Park West has is Munster Schools. Unless the schools is the reason that Park West has so much activity (perhaps because of kids/resale), I cannot seem to find any other reason that Shannon Bridge appears to be stagnant. Is it possible that there is an engineering issue or something that is holding back some owners in Shannon Bridge from developing? Because there are a few other houses under construction in Briar Ridge...just not in Shannon Bridge. Do you think you could find out somehow? Being in Real Estate, you would probably have easier/more reliable access to this information than I do. Thanks!
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Old 07-23-2011, 07:03 PM
 
2,155 posts, read 5,449,526 times
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Default Very interesting!

Briar Ridge lots heading to sheriff sale
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Old 08-06-2011, 05:38 AM
 
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Default Ouch!

Centier Bank takes back Shannon Bridge lots

One quote from the story that struck me:

"That development should have houses on it just like those at Park West in Munster"

I was a little surprised that Park West and the Shannon Bridge extension were started roughly the same time, yet, Park West is near 50% built whereas nothing in Shannon Bridge has been built. Personally, I feel that a gated community in Munster was such a "should have been there all along idea" that it attracted many buyers who would have otherwise moved to Briar Ridge.
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