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Area home-sale deals rise for 17th straight month

 IBJ Staff
October 15, 2012
Keywords
F.C. Tucker, Home Sales, Real Estate & Retail, Residential Real Estate
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Home-sale agreements in the nine-county Indianapolis area rose 3.8 percent in September, the 17th consecutive month of improvement in sales contracts.

The gains were concentrated in Hamilton, Madison and Shelby counties, Indianapolis-based real estate agency F.C. Tucker Co. said Monday. Sales actually fell in four out of the nine counties, including Marion, Morgan and Johnson. 

Purchase agreements for existing homes totaled 1,788 homes for September, up 66 homes from September 2011. Madison County led the way, with a jump from 86 pending sales to 126. Hamilton County had 372 pending sales, up 13.4 percent from the same month in 2011.

Sales agreements dropped 1.6 percent in Marion County, from 773 to 761.

Recent home-sale figures still pale in comparision to pre-recession numbers. More than 2,400 homes were sold in the area in September 2006, about 34 percent more than last month.

Year-to-date, home sales in the area have risen 14.6 percent. Average sale prices for the year also have risen, 2.2 percent, to $155,987. The only county to record a decline in average sale price this year is Hamilton, down 1.9 percent, to $239,920.

Meantime, the inventory of available homes is falling fast. There were 12,727 existing homes available on the market in September, down 2,132 from September 2011.

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

  2. I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.

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