Real Estate Slowdown? Not in Northwest Indiana!
There may be a housing market slump nationally.
But no one told buyers in Chesterton, Indiana.
“Residentially, we’re in a little bit of a slowdown, but I attribute that to build-out of subdivisions,” said Building Commissioner Mike Orlich.
Since Orlich took his position five years ago, three subdivisions on the town’s west side - Dogwood, Golfview and Westwood - have been built. Another, Abercrombie Woods, is nearly completed.
“But we’ve got some new subdivisions in the process of annexation east and west of town that will open it back up,” he said.
The housing market already appears to be on the upswing as Indiana mortgage demand remains strong.
Even as Northwest Indiana home sales fell short of 2005 records, last year was a strong one for the local market, with this year off to a good start as well.
One development, Village Green Townhomes at Coffee Creek will come before the Plan Commission next week for secondary approval for its first phase, which includes 100 condominium units.
Olson Farm LLC got the council’s approval last week to appear at its March 26 meeting to begin the public hearing process for annexation of 133 acres of the old Olson farm at East Porter Avenue and County Road 250E.
Orlich said the town’s location, proximity to major highways and even the Chicago housing market, as well as its small-town quaintness, are all presenting a draw for families.
“We’re a bedroom community, and we’ve got a good school corporation and low property taxes,” he said, noting that the combination has been drawing a lot of people from Chicago’s suburbs.
“A lot of them commute to Chicago,” Orlich said.
New subdivisions since 2000 include Abercrombie Woods, 144 lots; Dogwood Estate, 88 lots; Touch of Green, 23 lots; Rose Hill Estate, 73 lots; and Parkview Place-Griffin Lake Avenue, 22 lots.
Subdivisions approved in 1999, which continue to boost this segment of the Indiana housing market, include Golfview Estates, 105 lots; Villages Sand Creek IV, 20 lots; Village Sand Creek V, 26 lots; Pere Marquette, 23 lots; and Tamarack III, 44 lots.
Plan Commission member Sigmund Niepokoj said the town is “going to see some more building” as affordable home mortgage costs continue to lure buyers.
“The whole housing industry has been slowing, but it’s still going in Chesterton,” Niepokoj said. “It’s a good area to live in. When I moved here in 1966 the population was about 2,900. Now they say it’s nearly 15,000.”
SOURCE: Gary Post-Tribune