RM 04-13-89 - Laserfiche WebLink

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