New monthly event aims to recruit downtown residents

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.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.