Indy Realtor's Blog: Indianapolis Real Estate

I reported this on my personal blog several days ago, but I thought I would write about it here too. Ryan Homes has entered the Indianapolis real estate market taking over a defunct local builder’s land and appears to be coming into the market full force. Starting out with 10 communities across the greater Indianapolis area, Ryan Homes is offering homes for the first time home buyer with homes starting from the 90’s. Ryan Homes will be building homes in Franklin Township, Brownsburg, Noblesville, Westfield, and Greenwood to start out.

We have created a few different resources to keep track of Ryan Homes as they enter the market. Please feel free to visit the following websites for more info:

Ryan Homes Indianapolis

Ryan Homes Branches

Ryan Homes…

Well, not quite but almost.  According the most recent PMI Risk Index there are some areas of the country where there is over a 99% chance that home prices will decline in the next two years.  However, Indianapolis along with several other metro areas in the country are at the complete opposite side of the spectrum.  According to this index, Indianapolis has less than 1% chance that home prices will be lower in the next two years.  That is a number worth betting on.

This really drives home the point that all real estate is local.  While some parts of the country are all but guaranteed to see declines in home prices, others are likely to see price increases in the same time frame. 

Here is the full list with their corresponding risk indexes:

   …

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,…

Rebate Real Estate in Indianapolis is proud to announce that we will launching the first ever Indianapolis Foreclosure Bus in the area.  Similar bus tours have been offered by other real estate agents across the nation, but none in the Indianapolis area.  Rebate Real Estate is taking the lead is this and many other areas and is offering a FREE bus tour of the area’s best foreclosure deals in Indianapolis.

The inaugural bus tour will be offered July 12, 2008 starting at 1PM and will visit between 10 – 15 foreclosed homes for sale in the Indianapolis area.  The meeting place and route are TBD as we will be taking input from our registrations in order to best meet their needs.  

The tour will not only include a free visit to hand selected foreclosed…

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…

The spring Indianapolis Parade of Homes is taking place over the next two weekends April 26 and 27 and May 3 and 4 from noon to 6:00 PM as is being billed as Indianapolis’ largest open house.  The Indianapolis Parade of homes will feature over 120 new homes from various builders and price ranges.  Custom home builders and production builders alike with partake in event and all of the homes are for sale, except certain model homes.  There is no charge for the event, all you have to do is pick up a Parade of Homes guide and hit the streets. 

IMHO, the neatest part of the Indianapolis Parade of Homes is seeing the homes being built by the custom home builders and smaller builders that may not have regular model hours.  In any case, if you are considering…

The new upscale condo project in the Keystone area Renaissance Bay is ruffling some feathers with its some its neighbors over the future use of the current sales trailer.  Some of the neighbors are in a tizzy because after the initial plan for Renaissance Bay were approved; the developer acquired an additional piece of land north of 78th street and is currently using that for their sales center. 

The neighbors are concerned that once the sales center is no longer needed they will either build who knows what on the property or sell it to a third party to build who knows what.  They are also arguing that the land is not currently zoned for the commercial activity the developer is currently using it for.  The neighbors and the city council would like to…

What seems like forever ago, I wrote this post about the totally screwed up tax situation in Indiana and especially Marion County.  After much haggling and debate, our beloved Indiana lawmakers finally passed some meaningful tax reform.  This past Friday the State House and Senate voted into law Act 1001 which, theoretically, will change Indiana’s tax system forever. 

What does this mean for my property taxes?

-    This year the average tax bill will drop by an average of 30% thanks to additional homestead credits.
-    In 2009, your tax bill will be no more than 1.5% of the assessed value of your home.
-    2010 and on your tax bill will be no more than 1% of the assessed value.
-    Rental properties and farms are capped at 2% and businesses…