Locally based Sparks Restorations has spent more than $1.5 million to buy and renovate an Italianate
mansion in Lockerbie that was built in 1876. The mansion is now two giant townhouses that carry pricetags of just under $1.1
million each. Jeff Sparks, the developer, said he paid $475,000 in August for what amounted to a brick shell next door to
the James Whitcomb Riley home. He said the mansion had been a national fraternity headquarters and was in Animal House condition,
with amenities like Astroturf. The project now is called "Crown Jewel of Lockerbie." Each side has 3,900 square feet with
4 bedrooms, 5 bathrooms, a theater room and two fireplaces. Features include Brazilian cherry floors, porcelain bathroom fixtures,
slate floors, exposed brick walls, 12-foot ceilings and a $30,000 appliance package. Sparks isn't worried about the slow residential
market. "If you just build it off the hook, people will buy it," he said.
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
Locally based Sparks Restorations has spent more than $1.5 million to buy and renovate an Italianate
mansion in Lockerbie that was built in 1876. The mansion is now two giant townhouses that carry pricetags of just under $1.1
million each. Jeff Sparks, the developer, said he paid $475,000 in August for what amounted to a brick shell next door to
the James Whitcomb Riley home. He said the mansion had been a national fraternity headquarters and was in Animal House condition,
with amenities like Astroturf. The project now is called "Crown Jewel of Lockerbie." Each side has 3,900 square feet with
4 bedrooms, 5 bathrooms, a theater room and two fireplaces. Features include Brazilian cherry floors, porcelain bathroom fixtures,
slate floors, exposed brick walls, 12-foot ceilings and a $30,000 appliance package. Sparks isn't worried about the slow residential
market. "If you just build it off the hook, people will buy it," he said.
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The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
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I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!
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Coming from her background,she should be used to those kinds of advances! Menard probably figured it was ok to tuck a buck!
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I'm still waiting for the list of available, high quality apartments in the Village.
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This criminal masquerading as a lawyer obviously has serious issues. He’s been proven by his own testimony to be a pathological liar and probably has a personality disorder as he seems to be constructing a reality around himself. He places no value on truth, honesty or loyalty as evidenced by what he has done to his clients and his own family. And by the demands and lies he has made in court, it is evident he feels entitled to do and say whatever suits his purpose and everyone else is expected to nod obediently and believe him because he is, after all, Bill Super Lawyer; or BS lawyer for short. This millionaire wanna-be no longer owns anything of value; he squandered it and put everything he had into foreclosure. He has no money, house, car, boat or vacation home left to show for what he earned or what he stole. He’s just another loser without morals who will be doing time. I’m certain all of his courtroom shenanigans are antagonizing his poor victims. As Lamar said, his behavior and claims in court have been outrageous. The judge needs to be more than concerned; he needs to be judicial and end this nonsense.
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Exposed brick walls? This is a historic mansion, not a 1920's warehouse. Honestly people looking at structures like this usually expect an interior of equal or higher beauty. Not a modern interior that lacks the victorian beauty that the exterior holds.
They care about the big bucks and whats hip and cool.
Ten years from now somebody will be trying to return the interior to its former glory and would be thinking what on earth were they thinking?!.
Most people I know who look for homes say that historic fixtures are a plus. Mainly because they tend to be pretty and last a really long time.
http://www.laurel-hall.org/
If you would like to know the fascinating background of this home go to www.windridgecondos.com then click on the history tab. The cost of the home in the early 1900's would be equal to about $37 million today.
When Phi Psi bought the building, it was gutted and carefully restored. They were among the early pioneers in Lockerbie.
Did he really invest $1.1 million?
$1.1 mil for 1/2 house with a single car garage door (it's a 2 car garage, but there's a lift that allows you to stack your cars...if what I'm seeing is correct). No yard to speak of.
It doesn't surprise me that the developer said he basically bought a 'shell'. The Phi Psi's did take care of it, but they used it as an office. Not a residence. He would basically half to gut what he could in order to enlarge the rooms and make them more attractive to capture that 1.1 mil price. Not to mention turning it back into a double with the amenities they're advertising.
Hopefully I can get over there during the Sunday open houses. I definitely want to see this place. And, all the luck to the developer in find buyers. I think it would be tough given the large number of options in downtown...especially at that price point. Wow!
And now this is a developer pioneer of destroying it. :) Makes you warm inside.
$700K is too much profit? Really? Why don't you take a loan out against your pension and try a project yourself.
He's asking 2.2 mil to sell. Take 10% off for advertising and realtor fees. That brings it down to 2 million. Now your profit is down to $500K.
Nothing sells fast. Let's say this takes two years, beginning to end, to complete. He's borrowed $1.5 million for two years, at say 8%. That's $240K. Now he's down to $260K profit.
Let's suppose he doesn't get a full-price offer. Now what are you going to tell him?
You bureaucrats just simply don't get it. You get a GUARANTEED pension. How is it guaranteed? The men with leather boots and guns come out and take our homes from us and throw us in the street if we don't pay our property taxes. What are those taxes for, by and large? Salaries and pensions of ... bureaucrats!
This guy's plan doesn't work out he has NO POWER over me whatsoever. He cant' come take my house. His loss is ... his loss. It isn't my problem.
Your fups and disasters, however, never cost you a dime. You just hire more people to help out around the office. And we pay more taxes. Enough is enough. Get off his back