St. John New Upscale Development: The Continental (Munster, Frankfort: home sales, buyers)

[johnsaint]

Its a total eye sore, they should open up the back entrance and let traffic flow thru that ghost town. If you had a million dollars, would you buy a crackerjack house in the middle of that congestion?

[ta1064]

Originally Posted by johnsaint

Its a total eye sore, they should open up the back entrance and let traffic flow thru that ghost town. If you had a million dollars, would you buy a crackerjack house in the middle of that congestion?

The developer likely misanalyzed the location. Makes you wonder if potential buyers have been turned off by the surroundings. It will be interesting to see what happens to this development in the next 12-24 months.

[Northwest Indiana]

Originally Posted by ta1064

The developer likely misanalyzed the location. Makes you wonder if potential buyers have been turned off by the surroundings. It will be interesting to see what happens to this development in the next 12-24 months.

In my honest opinion, I truly believe the location is good; however, one issue is that developers have misrepresented the distance from Saint John to DOWNTOWN Chicago all in the name of “the grass is greener in Indiana”. The distance they used to calculate seems more like the distance from Saint John to south side neighborhoods and not to downtown (where there is most of the employment). Of course now, it may not be as big of a deal with a lot of companies offering at least hybrid work schedules or some fully remote.

I would highly doubt if this was a financial struggle issue with the developer because Schilling is a strong company and their other high end (but not AS high end) neighborhoods have done very well. However, I do see some price reductions in the lots within the next year or at minimum, little to no increase in the lot prices. I could be totally wrong; however, that is what I foresee.

If I had to guess, I think the high cost of labor and materials right now is probably one of the reasons folks have not started building yet. Those issues are only amplified when it comes to higher end homes (despite those owners being more likely to be able to afford those costs as compared to majority of folks building).

[ta1064]

Originally Posted by Northwest Indiana

In my honest opinion, I truly believe the location is good; however, one issue is that developers have misrepresented the distance from Saint John to DOWNTOWN Chicago all in the name of “the grass is greener in Indiana”. The distance they used to calculate seems more like the distance from Saint John to south side neighborhoods and not to downtown (where there is most of the employment). Of course now, it may not be as big of a deal with a lot of companies offering at least hybrid work schedules or some fully remote.

I would highly doubt if this was a financial struggle issue with the developer because Schilling is a strong company and their other high end (but not AS high end) neighborhoods have done very well. However, I do see some price reductions in the lots within the next year or at minimum, little to no increase in the lot prices. I could be totally wrong; however, that is what I foresee.

If I had to guess, I think the high cost of labor and materials right now is probably one of the reasons folks have not started building yet. Those issues are only amplified when it comes to higher end homes (despite those owners being more likely to be able to afford those costs as compared to majority of folks building).

There’s a question of cost reductions impacting style quality. That is, will these homes look like those in The Preserve instead of Rosewood Estates? Will this remain a gated community?

[Northwest Indiana]

Originally Posted by ta1064

There’s a question of cost reductions impacting style quality. That is, will these homes look like those in The Preserve instead of Rosewood Estates? Will this remain a gated community?

The price reductions that I mentioned would be with regards to the lots. I am not talking about a major reduction either, maybe 10-15%.

As far as the style of homes, I do not think a reduction in lot cost would be detrimental to that because there are still architectural standards to be met for the home itself. If anything, it would probably be a good thing because the homeowner could possibly allocate that saved money to more architectural details to the home
(or a larger home).

With regards to no longer being gated, while technically I suppose it would be possible, it is highly unlikely for several reasons. First, this would mean that Saint John would have to take the roads into town inventory to be maintained instead of the HOA doing all of the maintenance. Second, that action (becoming un-gated) would have a devastating impact to the lot prices because the premium cost of those lots is directly tied to being in a gated community. Third, it would be a massive blow to the Schilling Ego as this subdivision was billed the "First Gated Community in Saint John". For that to be undone in Indiana's wealthiest town (not city--that goes to Carmel), that would not be good news at all.

I am hoping there is some development soon. I mean, look at Shannon Bridge in Briar Ridge now compared to 10 years ago. There's hope!

[richb]

A higher end subdivision will always take way longer to build out. Don't forget that over $1,000,000 home sales in NWI (both new and existing) are a tiny percentage of total sales. And they are custom homes, just planning them will take longer to do vs. picking a model from a track or semi-custom builder. It's likely it will be 30 years before all the lots and phases are filled, even Briar Ridge is not built out after 40 (started early 1980's).

[ta1064]

Originally Posted by richb

A higher end subdivision will always take way longer to build out. Don't forget that over $1,000,000 home sales in NWI (both new and existing) are a tiny percentage of total sales. And they are custom homes, just planning them will take longer to do vs. picking a model from a track or semi-custom builder. It's likely it will be 30 years before all the lots and phases are filled, even Briar Ridge is not built out after 40 (started early 1980's).

I think our curiosity is piqued because absolutely no construction has started (except for a built home on the far eastern end). The current economic situation is obviously having an effect.

[18Calumet41]

Interesting thread on the Continental.

I went to look at the lots and visited the sales office almost two years ago. The Schilling sales person was a bit condescending. He was quick to explain that these houses would be north of $800k for the smallest home and to plan on spending at least $100k on landscaping. The covenants they had were rather lofty. My wife and I decided to search elsewhere. Interesting to hear that they dropped the "gated" and there has been no progress on construction. When I was there (almost 2 years ago), the only home in the community was a large, beautiful home constructed in the back of the community which belongs to the seller of the land that Schilling purchased to start The Continental.

[ta1064]

Originally Posted by 18Calumet41

Interesting thread on the Continental.

I went to look at the lots and visited the sales office almost two years ago. The Schilling sales person was a bit condescending. He was quick to explain that these houses would be north of $800k for the smallest home and to plan on spending at least $100k on landscaping. The covenants they had were rather lofty. My wife and I decided to search elsewhere. Interesting to hear that they dropped the "gated" and there has been no progress on construction. When I was there (almost 2 years ago), the only home in the community was a large, beautiful home constructed in the back of the community which belongs to the seller of the land that Schilling purchased to start The Continental.

Oh, so it won’t be a gated community. The fact there is zero construction is sending a glaring message.

[Northwest Indiana]

Originally Posted by 18Calumet41

Interesting thread on the Continental.

I went to look at the lots and visited the sales office almost two years ago. The Schilling sales person was a bit condescending. He was quick to explain that these houses would be north of $800k for the smallest home and to plan on spending at least $100k on landscaping. The covenants they had were rather lofty. My wife and I decided to search elsewhere. Interesting to hear that they dropped the "gated" and there has been no progress on construction. When I was there (almost 2 years ago), the only home in the community was a large, beautiful home constructed in the back of the community which belongs to the seller of the land that Schilling purchased to start The Continental.

Originally Posted by ta1064

Oh, so it won’t be a gated community. The fact there is zero construction is sending a glaring message.

Both of you are confused. Poster, johnsaint, suggested that they open the back entrance (meaning they would have to build a road as there really is no back entrance for regular traffic flow--just emergency vehicles). I then commented about the issues that would arise would making the community "un-gated". It is still very much a gated community.