Indy Home Book

Market Watch – March 2010 edition

Richard — Thu, 11 Mar 2010 19:26:56 +0000

The market in our area showed some impressive gains last month compared to the same month last year in several ways. Over 25% more homes sold in February 2010 than this same period last year. You have to keep in mind too that last month was one of the coldest and snowiest Februaries that we have had in a while, which usually helps to slow activity. The average sale price of a home in the nine county central Indiana area also rose, which indicates that sales of more expensive homes are now being added into the mix, raising the average price. In addition, the number of homes on the market dropped which means the market continues to head toward a more balanced market for both Buyers and Sellers.

For more detailed analysis of the local residential market with actual numbers, charts and graphs, view my latest Market Watch Newsletter.

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Garage Evolution

Richard — Tue, 09 Mar 2010 13:44:46 +0000

A garage is something that most of us probably take for granted. But if our cars had to stay outside during weather extremes, we’d appreciate them more. A customer of mine has been looking for a home in an area where most of the homes have garages, but maybe a fifth of the homes do not. Of the ones that do, most of them are detached garages that stand alone from the home. That’s just the way they built them back then in this neighborhood which was developed between 1925 to about 1945. I was thinking that the detached garage was probably a carry-over from earlier days when carriage houses and stables were located separate from the house. When the horseless carriage came along, it went in it’s barn too. The car evolved then into such an integral part of our culture and daily life…and the convenient access and use of them made way for attached garages, which are here to stay.

If a home does not have a garage, it is definitely harder to sell. Not that it won’t sell without a garage, but a lot of people will pass on it to find one that does. So it reduces the chances of a sale. If you look at an old home built before 1950, chances are the garage is not visible from the front…just the lines of the home itself. Now it’s not uncommon to see a home design where the garage door is probably the most prominent feature of the front facade. Most of that is because the architect or builder has to figure out how to fit both home and garage on a lot that’s not real wide. The garage door can take up a third or more of the front elevation. A side-load or rear-load garage solves that design issue, but a larger lot that accommodates the driveway and turning area costs more, raising the overall price of the home.

I was driving around recently, saw this garage and had to snap a photo. As garages go, I really like the look of this one. What car wouldn’t want to call this home?

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Receding Glacier

Richard — Sun, 07 Mar 2010 18:23:53 +0000

What a difference a few days make. The snow is practically gone except for where plows or shovels have made the deepest piles. It feels like we are coming out of a smaller version of the ice age. The glacier is finally receding and ice pack melting. Just a few days ago this scene above on White River was white and frozen. It might be interesting to come back here again in a few more weeks and document the change from the current browns and grays back to the fresh green of spring. It’s coming soon.

I love the changes in the seasons here. Unlike other places it’s very balanced between winter, spring, summer and fall, with a taste of everything. I suppose the coldest part of the winter is not the most fun part, but it sure makes springtime that much more enjoyable.

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Bravo

Richard — Fri, 05 Mar 2010 18:29:20 +0000

If Italian food is something that moves you, then this is someplace you might try if you haven’t already. I wasn’t sure what this place would be like initially because it’s a franchise…and the first thing you notice is the decor, which is made to resemble an old authentic Italian villa with hints of distressed and missing pieces of trim and old exposed brick here and there with plaster pulling away in sections. It just looked peculiar at first because it looked like NEW distressed trim and NEW old brick with NEW old plaster. Maybe I’m being too critical, but I felt like they were trying to trick everyone with the new ‘old’ features. Possibly now the natural aging process is catching up with that a bit in the years it’s been there. Perhaps that’s aided from a little smoke occasionally from their open wood-fired pizza oven among other things? (I love that wood-fired oven by the way!) But somehow the interior looks better than it did at first. Maybe it’s just that I like the whole dining experience enough now to enjoy it all.

When you go to a restaurant, the whole experience is everything, but the food is undoubtedly the most important part. All I know is everyone I’ve ever been with there seems to have enjoyed anything they’ve ordered. All very good. The servers and wait staff have been friendly, courteous and professional, and have made me or my companions feel welcome. I like the fact too that the menu is diverse and varied so that anyone can find something that looks tantalizing to them. So I would have to give Bravo the official IHB thumbs-up. Nice destination when you are craving Italian.

Bravo is located on the north side of 86th Street, just behind or north of Castleton Square Mall at 8651 Castle Creek Parkway East Drive.

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Chinese Please

Market Activity

Richard — Thu, 04 Mar 2010 13:52:05 +0000

Here’s a graphic representation showing the number of homes on the market in the nine county greater Indianapolis metro area vs. the number of sales there over the last 13 months. The numbers add some general perspective. Comparatively, the market now is slow in relation to earlier months or prior years with record number of transactions…and terrific if you compare to certain months or earlier years with low activity. If you are thinking about selling your home or buying another one, does it really matter how the market as a whole compares to another one? Well, an overall view of the market has it’s place I suppose. But each county, city, neighborhood and home itself is unique…and every Buyer and Seller has a unique set of circumstances that motivate them. Sales happen one at a time. Some homes still command top dollar and others do not.

I guess what I would take away from this graph though is…the market is not red hot like earlier periods…but still, it’s a good market, with lots of homes being bought and sold. Generally speaking, maybe it’s not the best time for someone to ask as much as possible for their home. But the flip side is, they can probably buy one for less now too. So the net effect is about the same as always, and maybe even better if they are moving up in price range. The only thing that will change that though is interest rates. I wondering what a graph like this will look like later when the low interest rates we’ve been accustomed to for a while begin to climb…which they will at some point. Higher interest rate translates into less affordability. Lots of people will wish that they had made their move earlier.

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Warm Reception

Richard — Tue, 02 Mar 2010 04:03:09 +0000

I was on my way somewhere earlier today which led me to cross the causeway over the northeast end of Geist Reservoir, and thought the view there captured above was worth stopping for. I couldn’t decide what was more beautiful…the frozen surface of the lake stretching to the horizon, or the dozens of immense clouds floating like giant zeppelins everywhere, back-lit by the Sun with the deep-blue backdrop. It was great to finally feel the sun again, even though just in spurts, as the beams angled through the open spaces when they could, creating ribbons of light on the surface and warming whatever they touched.

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Good Fortune

Richard — Mon, 01 Mar 2010 18:54:30 +0000

A few months ago, someone I know sent an email to me with this picture and instructions to pass it on to everyone I know. The ‘ol chain letter idea gone digital. The image is supposed to be of a Money Goddess…and supposedly the more people I forwarded it to, the more successful I’d be in receiving great riches afterwards. Let’s say I believed it…or even if I just wanted to pass it along as harmless fun, on anything like this, I’m suspicious that someone might have embedded some sort of virus or invisible program code in the email that will harvest addresses from me and everyone it’s sent to and then send them to someone someplace. As you can see I’ve become quite cynical and paranoid about spam. But I liked the picture…she’s kind of cute and colorful huh?…and so I copied the image and saved it. (I did pass the image file through the virus scanner 5 times first though just to be safe!) Instead of forwarding the email and picture, I printed it and have her on my bulletin board watching over my daily operations. I figure, what can it hurt? If it doesn’t work, then I’m no worse off than before…and if it does work, well, that would be good…right? With tax time coming up soon and heading out of the slower winter months, I thought we all could use a little more positive financial energy. So, I have decided to share it with everyone I could afterall. Don’t worry though, no Trojan Horse viruses or address gleaners added.

May this bring you good fortune…and may your bank account overfloweth.

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Walking

Richard — Sun, 28 Feb 2010 19:00:57 +0000

The streets have been so icy for a while that eventually my normal routine of jogging was disrupted and instead I’ve just been walking occasionally, running a little when the ice is clear in spots. Sometimes instead I exercised and “ran” using the Wii Fit when it’s been really snowy…which is really fun and a more serious way of getting exercise than you’d think if you haven’t tried it. But today I had some time and wanted to get outside so I took a walk along the canal from Broad Ripple today. I hadn’t been there since last Fall and thought it would be more interesting than doing the normal routine around the neighborhoods and back. When I got to the trail, it looked like I might have been the first one there since the recent snows. No other footprints and very soggy where the snow had melted. So it was harder going than I hoped it would be. I did only about a mile or so down the path on the north side and then came back on the trail on the other “street side” of the canal on Westfield Blvd. That side had seen quite a bit of foot traffic but the slushy footprints had frozen into a really uneven surface and was difficult to walk or run on except in a few spots. Still I enjoyed the air and scenery and felt like it had loosened me up by the time I got back to my car…so mission accomplished. I took a few photos too.

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Short Sales

Richard — Sat, 27 Feb 2010 12:00:19 +0000

Everyone has probably heard the term “Short Sale” in the last few years. You’d think that those kind of sales are commonplace, but that type of transaction is probably one of the toughest deals to put together if you want to buy or sell a home. Unlike a REO or bank owned property which is a property that has actually gone through foreclosure with the bank emerging as the actual owner, a property that is a short sale candidate is still owned by the homeowner. Typically the owners are behind on the house payments several months and foreclosure proceedings may or may not have begun. The chances of a transaction being successful on a Bank Owned home is a lot greater because you’re dealing directly with the owner.

The reason they are called a Short Sale is, for one reason or another, the amount that the sale of the home will bring on the market is “short” of what the Sellers owe to the lender. For that sale to work, the lender has to decide if they are willing to take less than what is owed so that they will release the current lien for the new sale to proceed. That’s not easy to get done. Every lender has their own policy about how to approach that and every home and sale has unique circumstances. Even if the lender decides that they would be willing to take less to get the property sold, the original home owners usually are required to pay back the difference, so they are not off the hook.

If someone wants to buy a home that is a possible short sale, they must be in a position where they can wait for the outcome and decision of the current lender. If it works great, if not, then it’s not critical. And they must be in a situation where they do not have to move by a certain date. So if this fits your situation and you found a home that you really want that’s a possible Short Sale and you are willing to step through the process to see if it works, then I’d say to go for it. Your wish might just come true.

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Future Memories

Richard — Thu, 25 Feb 2010 04:26:41 +0000

It was a great day to work inside on all things large and small that needed starting or finishing, and I was happy for the opportunity to do that as I’ve been so busy running around lately it seems. The visuals through the windows were so wonderful though that my boots finally convinced me to put them on and get out into the swirling snow. It fell so hard at times I could barely see through it as I went for my walk. “Go ahead” I laughed. “Is that all you’ve got? I can take it. It’s almost Spring and you’ll be just a memory soon”. A good one though. It will be fun later when it’s warmer and look back at these photos just like it is to look back at summer photos now. Have you noticed that all photos get better with age?

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