Indianapolis Downtown Inc. is launching a new monthly event to encourage more people to live downtown just as real estate brokers say interest in available homes is picking up.
The not-for-profit group plans to host open houses at 25 downtown homes for sale or apartments for rent on the third Thursday every month through September. The open houses from 4:30 p.m. to 6:30 p.m. will be followed by a free reception at a downtown restaurant.
The downtown residential market has improved "180 degrees" from this time last year, with historic homes selling especially well and condos in the $200,000 range attracting interest from multiple potential buyers, said Joe Everhart, a real estate agent with locally based The Sycamore Group who focuses on the downtown market.
"I've done as much volume in the first five months of this year as I did all of last year," said Everhart, who also has seen page views on his website double. "Some of the higher-end things are starting to move again. The momentum didn't even stop when the tax credit ended."
Everhart sees pent-up demand for downtown homes, in part because uncertainty over property taxes caused the downtown market to slow earlier than the suburbs. He's listing one of this week's 25 homes for the IDI open house, a 3-bed, 2-bath house built in 1990 at 1428 N. Alabama St. The home is listed at $875,000.
Prices on available units vary widely, from the $600 per month range for a rental to more than $1 million for a penthouse condo.
The event includes open houses at new condo units at developments such as Allen Plaza, Landmark at Lockerbie, Meridian Arch, Residences at 429 and Villaggio at Page Point, along with open houses at established condos developments, including 757 Mass Ave and Mill No. 9. Apartment communities including the Cosmpolitan on the Canal, Ambassador, Blacherne and Riley Towers also will have open units.
“We hope people considering downtown living will stop by after work, check out the homes and apartments on the market and then come to the reception to sample some of downtown’s wonderful restaurants while meeting their future neighbors," said Terry Sweeney, IDI's vice president of real estate.
The downtown open houses are May 20, June 17, July 15, Aug. 19 and Sept. 16. For a list of homes and apartments in this week's lineup, click here. This week's 6:30 p.m. reception will be held at Euphoria in Buggs Temple, 337 W. 11th St.
Attendees who buy or rent a place downtown will receive an IDI "downtown amenity package" including gift certificates and memberships.