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4 r I <br />S umm x, � t v i ew_ F iILa D9 <br />AREA has conducted interviews with several (six) real estate <br />CW professionals who are familiar with the Near Westside <br />Neighborhood. Briefly, the key comments made by the interview <br />respondents are as follows: <br />1. During the early 19801s, real estate values declined in <br />South Bend due to local as well as national economic trends. <br />Tn recent years, these values have stabilized. While no <br />substantial appreciation in real estate has occurred, the <br />construction industry is currently "booming." <br />2. Local investment is occurring after a period when very <br />little investment was occurring locally. <br />3. Many persons interviewed feel optimistic about the recent <br />economic conditions in South Bend, and feel that the Near <br />Westside neighborhood is in a position to benefit from these <br />conditions. <br />1. Residents of the study area are perceived by some persons <br />interviewed to be immobile. The majority of residents in <br />the area are black, Hispanic or Polish. <br />2. There are no strong racial tensions in the Near Westside <br />Neighborhood, nor in South Bend, but one person stated that <br />the city has come a long way to reach this point over the <br />past 10 years. <br />Re s iSagal'111ark et m r e. Ca <br />1. The amount of rental housing is significant in the study <br />area, and contributes to physical deterioration of the <br />housing stock. According to one respondent, almost half of <br />all investment in the area is by speculators. Also, the <br />existence of multifamily zoning has also contributed to <br />physical deterioration of the area's housing stock. <br />2. The rental vacancy rate is quoted by many to be as low as <br />3%. <br />3. Housing values have been stable in the study area. <br />7 <br />APPLIED REAL ESTATE ANALYSIS, INC. <br />