Indy Realtor's Blog: All Categories

The corridor along I-65 in Greenwood is apparently the place to be right now.  Two more hotels, on top of the other three, may go up in Greenwood near the new Cablea’s store.  La Quinta and Value Place are the two newest companies looking at Greenwood.  The proposals would put La Quinta on the north side of Main Street and Value Place on the south side of County Line Road. 

These proposals come on the heels of the giant 125,000 square foot Cablea’s going up at County Line and Graham Road.  Since then plans for 3 other hotels have been announced: Hilton Garden Inn near Cabela’s, Candlewood Suites on Graham Road, and Splash Universe a water park is also planning a hotel. 

These two new proposals certainly indicate that Greenwood is on the move and… Read Full Post

Broadripple, which is arguably Indianapolis’ coolest area, is about to get a little cooler.  The Fresh Market has started construction of its second store in the Indianapolis area.  The Fresh Market is an upscale grocery store that has everything from fresh produce, gourmet meats, specialty foods, and great wine and beer selection. 

The store will be located on the site of the former Atlas Supermarket at 54th and College Avenue.  One of the neatest things about the construction of this store is that due to limited space they will be utilizing the rooftop for parking.

The store is being developed by Kite Realty Group and is scheduled to open in May.  The Fresh Market has another location in Carmel off of 146th Street just east of US-31.  This store is…

Property tax reform is coming in Indiana, one way or another, good or bad, it is coming.  This is THE top issue on everybody’s mind and agenda right now, however the details of the tax reform are getting sticky. 

Governor Mitch Daniels has proposed his “1-2-3 plan” which limits property taxes to 1% of the assessed value for residential, 2% for rentals, and 3% for commercial.  I think everyone agrees that this is good starting off point, but many disagree about the details of the tax reform.  In addition, in order to pay for this tax reform the governor is proposing a 1% sales tax increase.

The 1% sales tax increase could prove to be a very hard measure to pass for Indiana lawmakers.  The speaker of the house has already said that it not be easy to the…

Amid all the media coverage of the housing bubble bursting it may seem impossible to sell a house in this market.  However, if a seller is willing to do the right things to sell their home it can be accomplished without having a fire sale.  I recently put a house on the market and it sold within 30 days of being on the market.  Why did this home sell while it seems other languish on the market for months on end?  While there are many factors that contribute to whether a home will sell or not, I believe there were 3 main factors that contributed to this homes quick sale:

1)      Price – The homeowner was not in denial of the market and priced their home aggressively.  They didn’t overprice it, nor did they under price their house.  We took a…

Medco, one of the nation’s largest pharmaceutical distribution companies, announced yesterday that they will be building a $150 million distribution center somewhere in the central Indiana area.  Greenwood which is seeing explosive growth along I-65 corridor is among the favorites sites for the center.  If Greenwood could land this deal, 1,300 jobs would be created with salaries ranging from $40,000 to $100,000 per year which translates to an annual payroll of $60 million for the local economy.

Needless to say, this would be HUGE for the city of Greenwood and Greenwood real estate.  $60 million dollars per year would have a great impact on the local economy and would create more demand in the real estate market.    Greenwood is landing big deals right… Read Full Post

Downtown Indianapolis could have a new destination if three Indiana based developers have their way.  Cedar Run Ltd., Zickler Associates, and Mennen-Gutwein are teaming up to try to change the face of downtown Indianapolis.  They are working on a plan to transform 11 acres on the southern portion of downtown, 2 blocks east of the Lucas Oil stadium, into a “Times Square Feel”.  The project is in its infancy; however preliminary plans call for 2 -3 hotels, 200 condos, 175,000 square feet of retail, a 3,500 seat theater, and parking for 2,200.  All of the hotels will be connected via walkways and most of the buildings will be centered around a large public plaza.  The developers seem confident that they can make this $480 million dollar dream into a reality…

Anybody in the Indianapolis area is well aware of the tax increases and the genius ideas of issuing a rebate check to offset the increase that occurred this year.  Well, as the issuing of the rebate checks draws nearer for some counties it seems the tax payer will get stuck footing the bill for actually getting these checks out.

While the money for rebates is obviously coming from the state, what the state failed to provide money for was the cost to issue the checks.  Marion County may not face this issue because its checks will be delayed due to the reassessment, however Hamilton County will have to pick up the cost to issue checks to some 70,000 taxpayers.  Hamilton County estimates that it could cost around $100,000 to get the job done.  The state… Read Full Post

Fishers has taken the first step to redevelop the aging downtown area along 116th street.  Right now it is just a concept, but the Town Council did give preliminary approval to rebuild downtown with Fairmount properties of Ohio.  The $100 million dollar project would cover about 70 acres on either side of 116th street and would require several homes and businesses be bought to make way for the project. 

This is far from a reality but the developer has an initial proposal of 250,000 square feet of office space, 155,000 square feet of retail, 100 – 200 apartments, and 40 – 50 town homes.  The plan also might include a hotel if the demand can warrant it.  The whole development will be centered around a 2,000 square foot outdoor pavilion, which would be…