Centennial Village (Munster, IN) (Indianapolis, Schererville: rental, lenders, buyer)

[ta1064]

Originally Posted by Northwest Indiana

Centennial Village adds two more higher-end retail/restaurant locations:

Chicago's high-end Rosebud Steakhouse coming to Munster

Katie Rose Boutique opens in Munster

The building that Katie Rose is in appears to be almost complete. I have heard that condo sales had done well but do not have any current data on how well and if there is still momentum. They are extremely pricey and parking is not included (and is also pricey). Overall, it is great to see this progress!

I did a recent walk-through of a few models. The issue I have is that there are no outdoor balconies. Juliet balconies aren't sufficient. I also questioned the level of sound conditioning/proofing because looking at the construction in earlier phases, the floors and walls don't have concrete. I saw lots of drywall and wood. The builder rep said the construction quality is based on the nearby Marriott Springhill Suites, with first-level units actually having concrete floors (over the ground-level garage and retail). Considering the high price of these condos, all of the units should include full balconies and rock-solid sound proofing (similar to Museum Park condos in Chicago's South Loop).

The builder rep and realtor said the construction design could change for future buildings (as trends change).

But all in all, it's nice to see this type of development in northwest Indiana. It looks like Burr Ridge Village Center in Burr Ridge, IL.

[Northwest Indiana]

Originally Posted by ta1064

I did a recent walk-through of a few models. The issue I have is that there are no outdoor balconies. Juliet balconies aren't sufficient. I also questioned the level of sound conditioning/proofing because looking at the construction in earlier phases, the floors and walls don't have concrete. I saw lots of drywall and wood. The builder rep said the construction quality is based on the nearby Marriott Springhill Suites, with first-level units actually having concrete floors (over the ground-level garage and retail). Considering the high price of these condos, all of the units should include full balconies and rock-solid sound proofing (similar to Museum Park condos in Chicago's South Loop).

The builder rep and realtor said the construction design could change for future buildings (as trends change).

But all in all, it's nice to see this type of development in northwest Indiana. It looks like Burr Ridge Village Center in Burr Ridge, IL.

The lack of a true balcony is a major turnoff for me. They should have recessed or semi-recessed balconies especially at the prices that these units are.

[ta1064]

Originally Posted by Northwest Indiana

The lack of a true balcony is a major turnoff for me. They should have recessed or semi-recessed balconies especially at the prices that these units are.

Exactly! With these so-called upscale condos priced from over $200K through $400k+, a balcony should have been automatically included in the design. The builder rep said balconies would have required more concrete (?), thus adding to the cost…very confusing reasoning.

[18Calumet41]

We had interest in Centennial Village early on. The Developer is rather proud of this project as it's reflected in the pricing. I have never seen where a condo costs more than a single family home ($/sq ft). I could not find any luxury homes in Munster listed at the $273/sq ft equivalent (with parking) that Centennial Village was asking. There are no balconies. No pool. No sundeck. No amenities, whatsoever. When I inquired about the lack of true balconies, the agent informed me that the City of Munster would not allow it. It's an aesthetic issue.

Sales started over 18 months ago and have been rather slow. Why they have raised their prices since then, I have no idea (CoVid Tax??). The project is supposed to have 4 buildings on each of those corners with possibly 2 more closer towards the RR tracks.

The first building only has 36 residential units. Even in this white-hot real estate market, they haven't sold enough units in the first building to break ground on the second building.

I think the slow progress speaks volumes.

[skobabe8]

Originally Posted by 18Calumet41

When I inquired about the lack of true balconies, the agent informed me that the City of Munster would not allow it. It's an aesthetic issue.

Who makes these decisions? Town Council? Planning Commission?

[18Calumet41]

Originally Posted by skobabe8

Who makes these decisions? Town Council? Planning Commission?

That would be a question for the Centennial Village selling agent, Kris Hoge, krishoge@gmail.com

or call/text - (219) 630-6381

[ta1064]

Originally Posted by 18Calumet41

We had interest in Centennial Village early on. The Developer is rather proud of this project as it's reflected in the pricing. I have never seen where a condo costs more than a single family home ($/sq ft). I could not find any luxury homes in Munster listed at the $273/sq ft equivalent (with parking) that Centennial Village was asking. There are no balconies. No pool. No sundeck. No amenities, whatsoever. When I inquired about the lack of true balconies, the agent informed me that the City of Munster would not allow it. It's an aesthetic issue.

Sales started over 18 months ago and have been rather slow. Why they have raised their prices since then, I have no idea (CoVid Tax??). The project is supposed to have 4 buildings on each of those corners with possibly 2 more closer towards the RR tracks.

The first building only has 36 residential units. Even in this white-hot real estate market, they haven't sold enough units in the first building to break ground on the second building.

I think the slow progress speaks volumes.

I agree with your assessment of this development. While it's co-located with retail, the condos themselves are underwhelming and lack amenities. How did the Town of Munster not allow balconies for these high-end condos, yet allow them for previous condo developments such as White Oak Woods? I don't know if I completely accept what the agent told you, as I received a completely different answer from the developer.

Potential buyers are sophisticated and knowledgeable enough to know what should be included in a development such as this. And for that reason, they are balking at the product, resulting in slow sales. This should send a strong message to the developer.

[18Calumet41]

Originally Posted by ta1064

I agree with your assessment of this development. While it's co-located with retail, the condos themselves are underwhelming and lack amenities. How did the Town of Munster not allow balconies for these high-end condos, yet allow them for previous condo developments such as White Oak Woods? I don't know if I completely accept what the agent told you, as I received a completely different answer from the developer.

Potential buyers are sophisticated and knowledgeable enough to know what should be included in a development such as this. And for that reason, they are balking at the product, resulting in slow sales. This should send a strong message to the developer.

I noticed they just updated or refreshed their listings. There are 18 units still available on Zillow. Wow!! That's only 50% sold.

I forgot to mention, once you add on the upgrades, we were looking at another $50-$60k (approximately another $30/ sq ft.) That puts you over $300/ sq ft. (They increased the prices since, so I am sure it's more, now.)

They were also trying to sell the idea that walkability could add over $77,000 to the value of a property. (This was based on a study that was funded by Redfin.) This study states a Walk Score over 50 (out of 100) is considered "walkable" and could fetch a premium in metropolitan areas. This premium varies from 29% in Boston to 1.3% in Oakland. So, the market area is also a big factor.

Ironically, Centennial Village's own listing on Zillow has a Walk Score of 20 stating that Munster is car-dependent.

Sure, that small area around CV has some conveniences, but to use this report as leverage to up-sell potential buyers on the merits of that study is a bit comical.


Caveat emptor


.

[ta1064]

Originally Posted by 18Calumet41

I noticed they just updated or refreshed their listings. There are 18 units still available on Zillow. Wow!! That's only 50% sold.

I forgot to mention, once you add on the upgrades, we were looking at another $50-$60k (approximately another $30/ sq ft.) That puts you over $300/ sq ft. (They increased the prices since, so I am sure it's more, now.)

They were also trying to sell the idea that walkability could add over $77,000 to the value of a property. (This was based on a study that was funded by Redfin.) This study states a Walk Score over 50 (out of 100) is considered "walkable" and could fetch a premium in metropolitan areas. This premium varies from 29% in Boston to 1.3% in Oakland. So, the market area is also a big factor.

Ironically, Centennial Village's own listing on Zillow has a Walk Score of 20 stating that Munster is car-dependent.

Sure, that small area around CV has some conveniences, but to use this report as leverage to up-sell potential buyers on the merits of that study is a bit comical.


Caveat emptor


.

Just checking back in. Wow, the low sales are concerning in this hyper real estate sales environment. If the first building is having issues, the buying market is sending a message. Regardless of the marketing spiel, these prices are offering a bland interior, no balcony, and other missing amenities, which are turning off potential buyers.

[ta1064]

Crews are digging up land directly east of the first constructed building. So development is progressing, right?