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Old 09-18-2017, 06:01 AM
 
809 posts, read 2,190,109 times
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Specifically for real estate professionals although all comments are certainly welcomed. It's been several years since we took inventory (no pun intended) on how the Northwest Indiana area is doing as it pertains to residential real estate. What are you seeing lately? A few questions to start the discussion:

Is NWI real estate growing in line/slower/faster than national rates?

What areas/towns are hot?

What areas/towns (other than the obvious) are struggling or have flat-lined, seeing less demand than most expected?

Still a huge influx of Illinois transplants?

How is the inventory?

Where are you seeing most young families buying?

Common complaints/concerns with buyers that you've heard?

If you had $400k for investment to buy 1 SFH now and had to sell it in 10 years, where are you buying that would maximize your return on investment?
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Old 09-18-2017, 10:12 PM
 
Location: Edmonds, WA
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I only have secondhand knowledge. My mom is in upper management in a prominent real estate firm in NWI and says inventory is flying off the shelves. She says it's largely Illinois buyers but also natives and people from other states.

But numbers speak for themselves. NWI has blazed past pre-recession levels. Very low inventory, and homes frequently go above asking price due to bidding wars.

Northwest Indiana housing prices rise in July, sales drop - Post-Tribune

Porter housing prices rebound to decade-old highs | Government and Politics | nwitimes.com

I think the Tri Town area is going to be a good investment as is Munster. Valpo and Chesterton seem to be on the up and up as well. Dark horse may be Miller Beach and environs, as well as Whiting.

Overall I think southwestern Lake County is a solid investment. They offer many of the same things Illinois suburbs do but with a fraction of the tax burden. I can see home values continuing to rise to match or even exceed similar areas in Illinois because there is not the same downward pressure on prices caused by the outrageous Illinois property taxes.

I also wouldn't rule out certain neighborhoods in Michigan City. I'm very optimistic about the downtown area there.
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Old 09-18-2017, 10:19 PM
 
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I've not done extensive statistical research but new homebuyers in my area of Munster (White Oak Estates) are young families typically with at least one spouse working downtown or in an IL suburb. The houses that are priced right seem to go like that. It seems the larger/higher-priced homes are the ones that don't trade as quickly. Anything under $500K seems to move FAST.

I think there is upside potential if the train gets extended to Munster/Dyer. $400K puts you in a number of subdivisions either withing walking distance of the train or a very quick drive. This may be a great play over 10 years, if they execute property development around the train correctly and they don't force it too much. Smart development takes time and when public incentives are at play there is always a balancing act with other services that depend on taxes to operate (schools, police, etc.)
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Old 09-19-2017, 07:38 AM
 
Location: Saint John, IN
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We're in St. John and the housing market is hot here! Existing homes are selling in less than a week, especially under the $350k price point and inventory is low. A lot of new construction happening in North Point, Renaissance, The Gates and of course the newest subdivision The Preserve. We're in North Point and the base price just to start a new build has risen by $20k since last summer! Mostly younger families here with children under the age of 7; however, there are all different age groups. We have about 25 kids on our block alone! The majority of families moving in have at least one spouse that commutes to Illinois for work. I know a few commute downtown.

People moving here came from Illinois (Oak Lawn, Plainfield, Downers Grove, Romeoville, Tinley Park), but we have a few "move-up" buyers that came from various towns in Indiana such as Schererville and Dyer and a few from other states as well like Michigan, Arkansas and Ohio.

Last edited by CGab; 09-19-2017 at 07:52 AM..
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Old 09-19-2017, 07:46 AM
 
Location: Hammond
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Even in one of the more desirable areas of Hammond, which of course is not know for having as strong of a housing market, we are noticing that houses are selling relatively quick. Many this summer have been under contract within a couple weeks of coming on the market. Our prices haven't quite reached their last peak in 2005, but this year they are getting very close.
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Old 09-19-2017, 05:15 PM
 
Location: Schererville, IN
143 posts, read 190,277 times
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A house in my neighborhood just went on the market 2 days ago and got an offer within the first day it was listed at $400k. The house was really nice on the inside, but I thought the backyard was pretty small for a $400k house. Another house down the street from me also listed at $400k got an offer fairly quick, and this one I thought was actually a little dated and the kitchen was lacking an island, which most houses at that price point have. Also, my sister's old house in Griffith sold the first day it was on the market for $3k over list price, and she bought a house in Munster within the first week of it being listed. Overall, I'd say the Northwest Indiana housing market is doing fairly well!
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Old 09-20-2017, 08:51 AM
 
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Quote:
Originally Posted by Daze55 View Post
A house in my neighborhood just went on the market 2 days ago and got an offer within the first day it was listed at $400k. The house was really nice on the inside, but I thought the backyard was pretty small for a $400k house. Another house down the street from me also listed at $400k got an offer fairly quick, and this one I thought was actually a little dated and the kitchen was lacking an island, which most houses at that price point have. Also, my sister's old house in Griffith sold the first day it was on the market for $3k over list price, and she bought a house in Munster within the first week of it being listed. Overall, I'd say the Northwest Indiana housing market is doing fairly well!
I think you may be referring to this house that was listed at about $400k that sold instantly: https://www.realtor.com/realestatean...5_M32878-76538

I saw that listing day 1 and had serious thoughts of moving myself to that house. I think it was $50k undervalued and by the immediate demand, I tend to think I'm more right than wrong on that. Maybe there was a bidding war that drove the price up.

It's also good to see flippers doing good work in Schererville, as is shown in a house over on Capri Drive:

What this house used to look like in May of this year as a foreclosure: https://www.coldwellbankerhomes.com/.../pid_16938942/

After renovations:
https://www.realtor.com/realestatean...5_M40700-93746

Flippers probably going to make well over $100k profit on that house in something like 4 months time.
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Old 09-20-2017, 01:11 PM
 
Location: Saint John, IN
11,584 posts, read 5,866,025 times
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Quote:
Originally Posted by svillechris View Post
I think you may be referring to this house that was listed at about $400k that sold instantly: https://www.realtor.com/realestatean...5_M32878-76538

I saw that listing day 1 and had serious thoughts of moving myself to that house. I think it was $50k undervalued and by the immediate demand, I tend to think I'm more right than wrong on that. Maybe there was a bidding war that drove the price up.

It's also good to see flippers doing good work in Schererville, as is shown in a house over on Capri Drive:

What this house used to look like in May of this year as a foreclosure: https://www.coldwellbankerhomes.com/.../pid_16938942/

After renovations:
https://www.realtor.com/realestatean...5_M40700-93746

Flippers probably going to make well over $100k profit on that house in something like 4 months time.






WOW! That's amazing!! That house looks great!
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Old 09-20-2017, 03:17 PM
 
Location: Schererville, IN
143 posts, read 190,277 times
Reputation: 127
Quote:
Originally Posted by svillechris View Post
I think you may be referring to this house that was listed at about $400k that sold instantly: https://www.realtor.com/realestatean...5_M32878-76538

I saw that listing day 1 and had serious thoughts of moving myself to that house. I think it was $50k undervalued and by the immediate demand, I tend to think I'm more right than wrong on that. Maybe there was a bidding war that drove the price up.

It's also good to see flippers doing good work in Schererville, as is shown in a house over on Capri Drive:

What this house used to look like in May of this year as a foreclosure: https://www.coldwellbankerhomes.com/.../pid_16938942/

After renovations:
https://www.realtor.com/realestatean...5_M40700-93746

Flippers probably going to make well over $100k profit on that house in something like 4 months time.
Yep, that house is a few doors down from me across the street. Two years ago, i paid $350k for my house with a much bigger, private wooded yard and lovely deck with a hot tub and brick patio/fire pit. Granted my house is not nearly as nice as this one, and the previous owners had some pretty awful paint colors which I was able to look past, but it's still crazy to believe that a house similar in size to mine with a small yard ass able to sell for $50k more than mine! I'll have to start seriously considering selling my house if I could get that much money for it
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Old 09-24-2017, 06:16 AM
 
5 posts, read 5,975 times
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We were in the process of building a house in Manhattan Illinois but decided to ditch that and buy in NWI. We ended up putting an offer on a house in St John. Illinois taxes are rediculous to the point where the 380k 3200sq/ft house on a 1/4 acre we were building had an estimated 12k/year taxes. A 450k 5000sq/ft house in St John on a half acre that we had an offer accepted on is at 4k. That's a huge burden and buying a house in Indiana for 100k more is far cheaper due to that. Granted we are getting a hell of a lot more house at the expense of having a further drive to Chicago. None of which matters as I work from home and the wife is a stay at home mom
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