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o A significant amount of investment has occurred in the <br />Near Westside's historic district. The level of demand <br />for housing in this area is however difficult to <br />measure, since few rehabilitated houses have been <br />resold. Realtors whom we interviewed question whether <br />or not study area homeowners who have made major <br />housing improvements would be able to fully recover <br />their investments if they attempted to sell their <br />homes. <br />o Demand for rental units also appears to be strong in <br />the study area in part because of the area's affordable <br />housing. According to one realtor, with the exception <br />of the historic district, rental rates are <br />approximately 10 to 25 percent lower in the study area <br />than in other neighborhoods closer to the St. Joseph. <br />River. <br />o As in most of South Bend, the vacancy rate for rental <br />housing in the clear Westside is very low. Realtors <br />estimate a citywide rental vacancy rate of three <br />percent. <br />4.ti L°�a5� Trends <br />r o The study area's former commercial districts along <br />Washington Street at Walnut, and along Chapin Street <br />retain few active retail uses. These uses consist <br />primarily of small taverns and eating places. <br />o yny structures in the commercial districts are vacant <br />or partially vacant and have a negative impact on the <br />surrounding area. <br />o The commercial districts have a negative image due to <br />perceived high crime levels, physical deterioration of <br />buildings, and loitering around the few remaining <br />establishments. <br />O Retail concentrations located outside the study area <br />serve the Near Westside population, especially for <br />comparison retail goods.* <br />* Comparison retail goods include those items such as <br />clothing, appliances and furniture for which shoppers are <br />willing to travel long distances in order to compare prices. <br />in contrast, convenience retail goods include items such as <br />food for which shoppers are not willing to travel long <br />distances. <br />3 <br />APPLIED REAL ESTATE ANALYSIS, INC. <br />