The foundations and garage slabs are in place for the next phase of Lockerbie Park, but construction is
on hold for now. The project at College and Michigan streets has not sold well, to say the least. Out of 22 units built, only
two have been sold. And plans call for a total of 77 condos and brownstones developed by a partnership that includes locally
based Hearthview Residential. Company officials blame sales woes on a sluggish market and a glut of homes for sale. Units
at Lockerbie
Park range from mid-$200,000 to more than $400,000. Across downtown, there are about 150 condos listed in that range.
Still, the developers are confident of a recovery. “The reality is that property, on a per-square-foot basis, is one of
the great values downtown,� said Jim Thomas, a Hearthview partner. “It should absorb fine as the market recovers.�
- Home
- NEWS
- REGIONAL
- THIS WEEK'S PAPER
- BLOGS
- Multimedia
- OPINION
- A&E
- LISTS
- PEOPLE
- EVENTS
- Classifieds
- Subscribe
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 foundations and garage slabs are in place for the next phase of Lockerbie Park, but construction is
on hold for now. The project at College and Michigan streets has not sold well, to say the least. Out of 22 units built, only
two have been sold. And plans call for a total of 77 condos and brownstones developed by a partnership that includes locally
based Hearthview Residential. Company officials blame sales woes on a sluggish market and a glut of homes for sale. Units
at Lockerbie
Park range from mid-$200,000 to more than $400,000. Across downtown, there are about 150 condos listed in that range.
Still, the developers are confident of a recovery. “The reality is that property, on a per-square-foot basis, is one of
the great values downtown,� said Jim Thomas, a Hearthview partner. “It should absorb fine as the market recovers.�
Sponsored by
ADVERTISEMENT
-
Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.
-
Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.
-
I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.
-
The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
-
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!
ADVERTISEMENT
Back to TopCopyright © All Rights Reserved. Privacy Policy | Terms of Use.
Design, CMS, Hosting & Web Development :: ePublishing.
Additional Hosting & Delivery by
IBJ Conversations
48 Comments
Add Comment
Or maybe they should recongifure the entire eastern half of the project for lower-price-point condos and see how they do.
I hope more of these condos sell, perhaps lowering the prices would help.
Large highrise apartment buildings of decent rent would be great,
I mean condos are great, but apartments go alot faster, and get more people moved in downtown alot faster.
I think that turning upper levels of old commercial buildings into apartments or offices would be fantastic, and as for those condos.
Lower the prices and people will come, not everyone moving downtown is rich, or even upper middle class, people with decent incomes want decent prices places.
My wife's knees have been the reason why we've never purchased a two-story house -- she has sited her current pain and considers the worsening condition in years to come.
That said, the remarks on multi-story apartment- and house-dwellers of other locales are points well-made.
Think of the hundreds of years' worth of people who climbed their stairs -- to cellars, attics, etc. My great-great uncle shimmied up an outdoor wrought iron 2nd-story single stair to get in and out of his apartment.
I do think there is a glut of townhome condos in Indy right now, but I don't think the problem is with the prices. IMO, the problem is with the amenities downtown offers. As mentioned on the mediocre pizza thread, you can't find a store open after 7pm. There is essentially O'Malia's for groceries: no Trader Joes, no Whole Foods (both of which are going into urban neighborhoods, why not here?), no corner produce markets, few restaurants open late, nowhere to walk out and get Thai food at 10pm...basically not enough of the downtown amenities that make a car-free lifestyle so appealing AND functional.
Please correct me if I'm wrong - I chose not to live in downtown two years ago for exactly those reasons: have things changed? Did I not see all those places while looking for houses?
what is your definition of late? Most of the downtown restaurants I know of stay open as late as their suburban counterparts.
150K these units would fly off the market. This is a clear case of OVER PRICED. Trying to cash in on the Naming and location.
http://www.indygov.org/eGov/City/DMD/IHPC/Districts/Historic/lockerbie.htm
And this is what the front side of Lockerbie Park looks like:
http://www.hearthview.com/images/PropertyPhotos/LP_Brownstone_Exterior_corner_of_MI_and_Park.JPG
Sure looks like brown stone to me. And I doubt you've been in one of these townhomes because you wouldn't be making comments about their quality if you had. Go take a tour and you'll see the quality construction.
even if I lived in the burbs, I would still have to get in my car and drive to a big box.
Retailers follow rooftops. People have to move downtown first, the retail will follow (and it is now)
trying to get a piece of the pie when certain market
segments are hot. That is what they do; whether it be apartments, single-family, office towers, condos, retail or industrial space. That is the nature
of development.
As for brownstone. Brown brick dose not a Brownstone make. WHERE’S THE STONE? REAL BROWN SANDSTONE BLOCKS?
AS PER the Architecture Dictionary
Brownstone:
A Dark Brown or reddish-brown sandSTONE, used extensively for Building in the United States During the middle and late nineteenth Century.
All is see is 'BROWN' Brick, concrete block RUFF FACED, stucco and VINYL windows.
IF, they are using the word “BROWNSTONE do describe a Townhouse then that just MARKETING. And not a TRUE Brownstone Building.
As for quality construction. Well I guess your level of quality is just lower then mine. They are NOT worth the asking price.
Its a shame that the proposed condo building at the corner of Michigan and College wasn't started first. That would have been a nice structure and really would have added to the College Ave streetscape.
Finally, mixed-income. There are A LOT of people with less than $150,000 to spend that want to live downtown, yet can't. We just bought a 3br home in Washington Township in a great area for less than $150,000. We wanted to be in downtown/center township, but we were priced out. We make over $110,000/yr combined, but we are too poor for our downtown. Unfortunately, if the city continues to throw money to those that already have it, our downtown will just become a suburb based on demographics. In order to have a truely viable and healthy downtown, you need people of ALL INCOMES.
For some reason Hearthview, Kosese etc believe that slapping in some granite countertops and stainless appliances is worth and extra 50-100K.
Indiana Jones...your observation is correct, you can't store things in areas where stairs are placed either, so what is the difference??
I do not think developers have a monopoly on overindulgence....what about Starbucks and $4+ cups of coffee, and them on every corner? What about us getting excited that gas is ONLY $2.60 a gallon today? Let's face it...EVERYTHING is more expensive. $5 for four sweet peppers? $3 for milk?
I suppose there are many things to judge, including the fact that Indiana ranks among the top 5 states with the most smokers and obese residents. Hmmm..That may say it all....