Get out your checkbooks

July 3, 2007
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First IndianaAs first reported in Property Lines on May 2, the owners of First Indiana Plaza are considering a sale of the struggling 31-story skyscraper. Who do you think will buy it? The 425,000-square-foot building is owned by New York-based Crown Properties Inc. It now has about 150,000 square feet vacant and could soon lose another 80,000 square feet if law firm Bose McKinney & Evans bolts to Chase Tower as expected. It was built in 1988 and rises 401 feet, making it the city's sixth tallest building.
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  • Condo conversion?
  • Cory, don't even mention the thought of condo conversion. lol
  • That may, believe it or not, be a possibility. For a story I wrote in March, a couple of brokers told me the building's owners were considering conversion of the top floors if more tenants bailed.
  • When does the condo market in this city dry up? seems like the supply is already outweighing the demand.
  • Kevin G -- I've heard many people say that there's a glut of condos on the market but I've yet to see any numbers indicating that. Kosene and Kosene sold out The Hudson and The Desoto just finished and is already over half sold. Condo projects farther outside of the core may not be selling quite as well, but I think there's still high demand for condos in the heart of downtown.
  • People love to live in condos in downtown Indy - and why wouldn't they? It's a perfect location for everything. It's be a cool idea to have condos at the top
  • When will the condo market dry up? When there is no longer a demand! Both home sales AND apartment rentals appear to be going strong. In fact, apartment vacancy rates are lower downtown than most any other part of the city. I don't see the downtown housing market slowing any time soon. Like the poster before me said.... downtown IS the perfect location and with the growth and accompanying expansion of retail options, it should continue as such.
  • With property tax going up, I think there will be a slow sale of condos downtown. Tax downtown is even higher.
  • I'm not sure why anyone awaits the cease of downtown development.
  • Bill, the tax downtown is higher than what? Isnt it the same as the rest of center township?
  • I'm not awaiting the slowing of the downtown market. I just don't think you get much for the money. I've been in some of these $400K condos and found the workmanship leaving something to be desired. For 400K, my 700 square feet better at least include solid frame doors, real wood floors and decent windows.

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  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

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