The first of four M&I Bank signs has finally taken its place
atop the former First Indiana Plaza. Workers were installing one of the signs in August when their scaffolding gave way, leaving
three men dangling next to the 31-story tower. Boarded-up windows remain as evidence of the lunch-hour incident. The other
sides will get signs in the coming weeks. What do you think?
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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.
The first of four M&I Bank signs has finally taken its place
atop the former First Indiana Plaza. Workers were installing one of the signs in August when their scaffolding gave way, leaving
three men dangling next to the 31-story tower. Boarded-up windows remain as evidence of the lunch-hour incident. The other
sides will get signs in the coming weeks. What do you think?
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Just because someone supports the project, they are a PR shill for the developer? Myself and everyone I know has no connection whatsoever to any developer. We just want Broad Ripple to move forward and develop, not stay stagnant.
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And the failure on the part of Indiana GOP to allow an expansion of Medicaid had nothing to do with Indiana hospitals' financial woes?
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It would have been nice if they could have arranged for at least some of Zaxby's menu to be sold at the concession stands as part of the marketing campaign.
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Get the feeling Browning has some PR presence on the message board this morning. I don't know a single person in the neighborhood who supports this project.
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Grew up in Warfleigh, which is the neighborhood directly across College from the proposed development. I am against the proposed project for several reasons: 1) Traffic Flow -- College is already a mess, especially with the new lane guidance which makes the southbound left lane 'turn only' at Broad Ripple Ave. Not to mention the backups at 64th and College. If this is in fact a Whole Foods, I would expect a steady stream of cars pulling in and out, either off College or 64th Street which are both bad already. 2) Use of TIF funds. I though TIF funds were for under-developed areas, to help bolster property tax rolls for the city. I agree with Barth that this area will do just fine letting market forces dictate what is developed. 3) Specialty Grocer Overkill. There is already a Fresh Market a mile south and a Whole Foods 2 miles north. This store is not needed. Frankly I shocked that the Whole Foods site selection criteria supports a store right here 4) Hurts the Character of the Neighborhood. This type of development, along with the (hideous) parking garage down the street are out of character with the history and fabric of this area. Broad Ripple has succeeded because it was quirky and different. It would be a shame if the city gets involved and helps support ANOTHER project that aims to turn Broad Ripple into some kind of manufactured urban center.
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When do I get any money to help me pay the 30 year fixed rate mortgage I signed in 2005? Stupid people making stupid decisions are at the bottom of this whole banking mess.
Bring back 20% down mortgages, and prove your income. nough of the gimmick lending practices that stupid people fall for, and end up in foreclosure because they can't afford a home in the first place.
Nowhere in our Constitution does it say anything about the right to own a home.
What I want to know, is when the government is going to pay off my car loan and my student loans and my credit card bills, so I, too, can get into a healthier financial situation? Hell, lets just erase everyone's debt so we can all start over with perfect credit scores. It's all about second chances, right?
But people are also to blame for taking something that they knew they couldn't afford to begin with... and just because someone tells you, You can afford it, doesn't mean you take it... we all have to take personal responsibility and make that decision. The same applies to the credit cards. People need to quit trying to blame someone else for their problems and start taking some responsibility.
Anyway, the main point of this thread was about the sign. It looks fine... just another bank sign on a building. Nothing fancy, just the standard.
Anyway, the main point of this thread is rather dull and segued nicely into a discussion on the proposed bail-out plan.
Blame the economic factors that led to the bubble. But then, that's a bit like arguing about the chicken or the egg... It's easier to just to blame the predatory banks or the ill-informed consumers.
Let's start with the banks... hey, I have a mortgage for you, you'll have really low payments right now, but in a couple years they may go up a little or they may go up a lot... I don't really know, but you can get the house now, and worry about that later. And it's not really a loan that will benefit you, but it will help me give you the mortgage now... and I could potentially make a lot of money on it... however, if I had any good sense, I would know that in a few years you won't be able to make the payments anyway and put my bank in trouble... hmm, let's go ahead and get this set up. Predatory and risky.
Now the consumer... Hey, I can get this massive house now even though my credit is in the gutter (because I don't pay my bills on time anyway)... and I don't have to put any money down. I could do some research on this and maybe realize that it's not a good deal, or maybe I could do some personal budgeting and realize I really can't afford it after all... but they're telling me I can have it now and worry about it later.. sign me up! Stupid in this case is when you know the truth and choose not to recognize it. And consumers are very informed in this era, with TV, the Internet, and not-for-profit resources (that do not require the Internet). Consumers who are still ill-informed are the ones who choose to be ill-informed. And when someone chooses not to do the research or budgeting on a purchase as large as a house (the largest single purchase you'll make in your life), I call that stupid. The purchase of a house should not be treated like an impulse purchase. I may be cold and heartless, but it's reality. The resources are all around, they just have to be used.
So, yes, both sides are at fault in my opinion, and it's 50/50 on who should take the blame. But I do like Levi's argument. I think that inflated housing prices do come into play on this issue... but with a purchase as large as a house... it was risky to bet that the market would continue to rise as fast as it was forever. And that leads me back to that responsibility issue... if you're going to gamble, be prepared to lose at some point, and just hope you've won enough to cover that loss for the long term. By the way, that applies to the banks just as much as the consumer... so, I'm not for a bailout either. I didn't mean to sound like I was for a bailout... I just wanted to point out that it's not just the banks at fault.
NEWSFLASH for you... the ones that didn't have bad credit are the ones who over-extended themselves and made bad decisions just to get a bigger home (personal budgeting isn't hard). And yes, some people are victims of unfortunate circumstances... but, when it becomes as many as it has become now, I'm going to guess that the majority of people didn't foreclose because of unfortunate circumstances... and I would consider unfortunate circumstances as a spouse dies, a high unforeseen medical bill, etc; my ARM rose and now I can't pay my mortgage isn't in my eyes an unfortunate circumstance.... so, I'm going to guess it was because of the lack of planning (again, back to that budgeting thing). These may be generalizations... but, let's call it like it is and not avoid the reality.
Finally, are you THAT naive to think that everyone is just a poor consumer that didn't have any idea of what was going on and no resources to find out... or THAT naive to think that people weren't trying to over-extend to get that McMansion or super-sized SUV. Since you're attacking me, you're probably one of those people.
Under those circumstances, even prudent people can get hung out, and it's more common than you think.
The things you just listed, I would agree are unfortunate circumstances, bad luck and can't be predicted. I did say that in my post above as what I would consider unfortunate circumstances (it's in there).
My point is, that the number of foreclosures has mounted so high that it can't all be unfortunate circumstances. And I'm sure it's more common than I think, but even so... a bunch of unfortunate circumstances didn't create the situation... did unfortunate circumstances just start happening in society? Banks being predatory and risky, and consumers trying to over-extend and be greedy (larger than needed houses and giant SUVs) is what created it. The mix of those two is what has created this situaton... it was not just one or the other, it was both. Take one piece or the other away, and the problem more than likely wouldn't have gotten this bad. Just my opinion.
I see comments about a spouse losing a job, about a home's value declining, etc. As well, there are comments about being overextended, ill-informed, etc.
I'd like to add this. When we bought our last home, we were pre-approved for a mortgage of $750K. Absolutely ridiculous. But I knew that we could really afford a home in the $400K price range. I only wanted to count on one of our incomes, not both. I knew that I wanted immediate equity, so a no money down loan was not one that I would consider. I knew that I did not want to be a slave to my mortgage. Call me an informed consumer.
We went with a 20 year fixed mortgage. Lenders were trying to steer us into ARMs, 30 year fixed, interest only, no money down, and a realtor was trying to steer us into homes above $500K.
Bottom line is this:
PERSONAL ACCOUNTABILITY needs to take over at some time. I could have had a $750K interest only, no money dow mortgage. But, I didn't believe what people were telling me. I put together a budget for my family. I took ACCOUNTABILITY for my actions.
I could not sleep at night if I had done anything other than this.
Our society has lost all sense of personal accountability. It's all about what can society and the government do for me. And I for one, am fed up with it!!!