Centennial Village (Munster, IN) (Hope: sales, restaurants, price)

[SomeGuyNamedDave]

I emailed the realtor via the website link found on this forum, and she sent me a PDF which I converted into pictures so that they could be uploaded here. It's 25 total pics, which show artist renderings of some of the
condo buildings planned, the various condo layouts by name and size, unit design details, as well as estimated price ranges at this point in the project. I would like to note that in her email to me that there's a good chance the prices for the CV condo units will go up at some point.

[Northwest Indiana]

Originally Posted by SomeGuyNamedDave

I emailed the realtor via the website link found on this forum, and she sent me a PDF which I converted into pictures so that they could be uploaded here. It's 25 total pics, which show artist renderings of some of the
condo buildings planned, the various condo layouts by name and size, unit design details, as well as estimated price ranges at this point in the project. I would like to note that in her email to me that there's a good chance the prices for the CV condo units will go up at some point.

I knew the units were going to be pricey but WOW! The smallest unit (1 bed/1 bath/1052 sq ft) on the lowest level starts at over $220K and the largest unit (3 bed/2.5 bath/1830 sq ft) on the highest level starts at over $460K! I know they will sell because it's a unique project (and they've already sold at least one. Well, anyone that had any concerns about this project becoming a "section 8" building will not have to worry about that! The 10 year tax abatement is a nice perk for being a resident because that is rare for residential. Overall, I like what I see. I have always been very confident of this project and this can set the stage for other potential projects in NWI.

[CGab]

Originally Posted by Northwest Indiana

I knew the units were going to be pricey but WOW! The smallest unit (1 bed/1 bath/1052 sq ft) on the lowest level starts at over $220K and the largest unit (3 bed/2.5 bath/1830 sq ft) on the highest level starts at over $460K! I know they will sell because it's a unique project (and they've already sold at least one. Well, anyone that had any concerns about this project becoming a "section 8" building will not have to worry about that! The 10 year tax abatement is a nice perk for being a resident because that is rare for residential. Overall, I like what I see. I have always been very confident of this project and this can set the stage for other potential projects in NWI.

WOW, that is expensive! However, the tax abatement is fantastic and I think this will be a success overall not only with young professionals, but with older retirees as well! I bet they sell out quick, especially with more an more people looking to get out of Illinois!!

[SomeGuyNamedDave]

Originally Posted by CGab

WOW, that is expensive! However, the tax abatement is fantastic and I think this will be a success overall not only with young professionals, but with older retirees as well! I bet they sell out quick, especially with more an more people looking to get out of Illinois!!

From everything I've seen about this project so far, I have to say I'm pretty excited. Even though I'm not in a position to be buying any property quite yet, it's still nice to see that developments like this are really taking shape. However, as someone who hasn't bought property before, what kind of risks are inherent in committing to somewhere that can't be viewed in person yet? On paper everything looks and sounds fantastic. My concern is that the finished project won't live up to what's shown in these pictures. I don't mean to sound pessimistic, but if people are dropping this kind of money on condos they can't even see first, I myself would be at least a bit skeptical. Thoughts?

[Northwest Indiana]

Originally Posted by SomeGuyNamedDave

From everything I've seen about this project so far, I have to say I'm pretty excited. Even though I'm not in a position to be buying any property quite yet, it's still nice to see that developments like this are really taking shape. However, as someone who hasn't bought property before, what kind of risks are inherent in committing to somewhere that can't be viewed in person yet? On paper everything looks and sounds fantastic. My concern is that the finished project won't live up to what's shown in these pictures. I don't mean to sound pessimistic, but if people are dropping this kind of money on condos they can't even see first, I myself would be at least a bit skeptical. Thoughts?

It's actually more common than people think to purchase units like this before even seeing them. Additionally at these price points, the owners of the units are likely choosing the finishes to customize their units so they will know what they are getting. Some models may be finished with upscale but neutral finishes to show prospective buyers IF the units do not sell out first. There's a lot of units for this project so I don't know if they will sell out before construction finishes but I do see many being sold before they are finished. Overall, to me, this seems less risky than buying an older property sight-unseen where there is a whole host more of potential issues.

[SomeGuyNamedDave]

Originally Posted by Northwest Indiana

It's actually more common than people think to purchase units like this before even seeing them. Additionally at these price points, the owners of the units are likely choosing the finishes to customize their units so they will know what they are getting. Some models may be finished with upscale but neutral finishes to show prospective buyers IF the units do not sell out first. There's a lot of units for this project so I don't know if they will sell out before construction finishes but I do see many being sold before they are finished. Overall, to me, this seems less risky than buying an older property sight-unseen where there is a whole host more of potential issues.

I guess the biggest advantage an older property would have is that since it's obviously already built it should be easy enough to view it. If someone was relocating from long distance and needed to find a place in a hurry then it would make sense that they might buy without at least taking a walk through, but I feel like you would have to be pretty desperate to buy an old property without seeing it. At that point you might as well rent short term until you can find something you actually want to buy. Do you know anyone personally who's interested in buying one of these units, or has already? I myself am, at some point in the future, but right now it's not really realistic. From talking to people I know though no one really seems to know much about it or has much interest in buying there. CGab mentioned down below that they would be good for young professionals and retirees...

[ta1064]

Originally Posted by Northwest Indiana

I knew the units were going to be pricey but WOW! The smallest unit (1 bed/1 bath/1052 sq ft) on the lowest level starts at over $220K and the largest unit (3 bed/2.5 bath/1830 sq ft) on the highest level starts at over $460K! I know they will sell because it's a unique project (and they've already sold at least one. Well, anyone that had any concerns about this project becoming a "section 8" building will not have to worry about that! The 10 year tax abatement is a nice perk for being a resident because that is rare for residential. Overall, I like what I see. I have always been very confident of this project and this can set the stage for other potential projects in NWI.

I've seen the condo plans, which are nice. But there are no walkout balconies, just Juliet design, in all units. Realtor said not having walkout balcony might be due to cost of having underground parking. I think the walkout balcony is still a missing feature, considering the price.

[Northwest Indiana]

The hotel is scheduled to open on Tuesday

SpringHill Suites by Marriott to open in Munster

[Northwest Indiana]

The Town Manager, Dustin Anderson, was on WJOB earlier this week and he revealed that the 4th restaurant for this development will be Harvest Room, a farm to table restaurant. There is a current location in Palos Hills. I have not been to this restaurant before but I have been to a few farm to table restaurants...I think this will do very well in the area! Many food items are...unique...to say the least, but the experience of these types of restaurants are usually excellent! Can't wait hear more announcements for restaurants, stores, and other businesses!

On a large side-note, 3 Floyds welcomes Travel Channel to Munster craft brewery's 'Food Paradise'

I am wondering if the new hotel and Centennial Village are mentioned in this episode..

[219Dave]

What are the first three restaurants? I know one is El Salto. Have they announced two more?