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4. Several realtors state that there are not many homes for <br />sale in the area, and those few that realtors are aware of <br />remain on the market for much longer than homes in other <br />South Bend market areas. A partial explanation of the <br />realtors perception of lack of homes for sale is that many <br />are privately transferred and do not appear in the multiple <br />listing service. <br />5. Many of the homes that appear on a listing service are <br />architecturally appealing and are located within the <br />Historic District. These homes are often sold to homebuyers <br />who are willing to invest in rehabilitation. The number of <br />these homebuyers is limited. Since few substantially <br />rehabilitated historic homes have been resold, the demand <br />for these homes and the potential resale prices have not <br />been determined. Most families (or couples) who are <br />interested in purchasing large, older homes with character, <br />and who have the financial resources to do so buy homes <br />across the river in the East Jefferson area where the <br />purchase of a home is perceived as a good investment. <br />6. Financing for many smaller homes on the Near Westside is <br />provided by FHA or VP_ loans. <br />7. The Near ivestside is perceived by some realtors as an <br />excellent starter home area, especially for young black <br />couples. There, they can get the most home for their money. <br />Other higher priced starter home areas include (in order of <br />the amount of investment required, low to high): <br />a. Miami Street area (south). <br />b. Fellows and Rush area (southeast). <br />C. River Park (off of Mishawaka). <br />d. Clay Township (Granger, Arlington Heights, <br />Swanson, Georgetown communities). <br />e. Scottsdale area. <br />8. Some minority families are discouraged from seeking homes to <br />purchase. Their perception is that financing is not <br />available to them. Many people who might buy a home in the <br />area actually rent there now. Related to this, while <br />apartments are currently on the market throughout the city, <br />it is difficult to find a vacant home for rent. <br />9. The study area is perceived to be gentrifying only within <br />and adjacent to the Historic District. Other gentrifying <br />areas in the city of South Bend include: <br />a. Park Avenue - 15 years ago this neighborhood was <br />much like the Near West"-side is today. Now it is <br />no longer affordable to many home- buyers. <br />b. Monroe - a targeted redevelopment area. <br />8 <br />APPLIED REAL ESTATE ANALYSIS. INC. <br />