Indy Realtor's Blog: Downtown Indianapolis

If you look at my last post on Indianapolis condos, I mentioned how supply was outpacing demand.  Well, while that is true, the average sales price for condos in downtown is up, way up. 

Despite the fact the number of Indianapolis condominiums sold is down by more than 100 or 36% since last year, the average selling price rose to $324,541 in 2008.  This price jump represents an increase of almost $50,000 or 18% over the previous year’s numbers.  Obviously, this means despite the decrease in units sold there are higher priced units selling in downtown Indianapolis. 

My best guess is that more and more people are finding that downtown living is more attractive with gas prices and the general cost of living increasing on a daily basis.  In addition,…

The Indianapolis condominium market is about to become even more of a buyer’s market; with over 1,000 units either recently built or under construction competition is getting fierce and prices are being reduced.  This situation is not unique to the Indianapolis area as developers across the country face the same situation.  Many condo projects were started several years ago during the real estate boom and have yet to be completed leaving developers with unsold units and a changed marketplace.  While some condos are being converted to rental units, there is still a huge supply of condos on the market.  According the National Association of Realtors, the U.S. finished 2007 with enough condos to absorb 10 months of demand; and with more and more projects…

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…

The former site of the Market Square Arena now has two developers vying for two very different visions of what downtown Indianapolis will look like.  The two developers that are interested in the site are Market-Ability Partners and Market Center Partners.

 The reason both of the developers are submitting new plans is because the first attempt to build a 31 story condominium project of the Market Square site failed to get financing last year and the project was scrapped.  One of the major reasons for its failure was that the project’s financing had a presale condition that required them to sell so many units before it could begin. 

Market-Ability Partners Proposal

Market-Ability Partners is comprised of Hearthview Residential, Mansur Real…