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Retirement in Indiana for only 750,000. Make it make sense.
As a reminder, this is in Carmel, an exception to nearly all the rest of the state in terms of home prices, values, household income and wealth. Many of its long-time residents have seen their home values double or even triple over the last 10-20 years making a $750k retirement home within reach if they want to stay in the area.
Even for Carmel, this seems a bit over priced. Design is ugly, and looks like a standard 350-400K house. Plulte and Schafer seem to be dipping for that extra cash without making the houses look like it deserves it.
I have lived in Carmel for the last 18 years and I concur with Jason B.’s comment. A 2,200 to $2,750 square foot Pulte house in a dense neighborhood with small lots for $750,000 seems a bit high, but I am sure people will be lined up to buy.
I’m a 25+ year Carmel resident and while I wouldn’t buy one these homes, the great thing is the free market will be the arbiter of what’s too expensive and what is not. I would point out that the new Courtyards of Carmel Epcon development across from the CHS stadium (also a 55+ community) starts in the low $500s with the smallest homes being 1,519 square feet. My math says that’s about $330 a square foot. The Pulte homes outlined in this article start at $700k for a 2,200 square foot home which is about $320 a square foot. As far as lot sizes go, I’m not aware of too many people in this age category looking for 1/3 to 1/2 acre lots. If anything, they’re looking for smaller lots that either take far less time to maintain or maintenance-free options where yard work and snow removal (seems funny after this snow-free winter) is all taken care of.
Only thought to the price tag (which agree the design itself does NOT look extra special or worth $750K). But part of the cost could be the amenities going in this place. Hearing Pickle ball courts, indoor/outdoor pools, very nice gym facility, and of course all, 100% maintenance handled for all residents. Are they building in amenities value into the pricing?
But back to design, wish these builders could show more design creativity, to create developments that don’t seem so…stagnant, boring or builder basic at first blush.
Nice to agree with you again Steve! Ha!
If only the development community could-would attempt some 21st century modern versions of the old mid-century modern designs, and the gullible public move past their expectations of same old, same old late 20th century track house designs, maybe our new communities would finally enter the 21st century.
One of the things even devleopers complain about is the suburban cities and towns and especially in HamCo is that their municipal boards are much more picky about exterior ashetics, materials, etc… which drive up the price and add nothing to the home as far as living there goes. It just drives up the price and the tax revenue.
Only in Carmel would an “affordable” development go from $500k to $750k and we would call that a success.
Also I think these homes are huge for what are supposedly being marketed to empty nesters who are attempting to downsize. And if this is the home they’ll spend the rest of their lives in, eventually stairs and basements are going to pose mobility challenges.
1. People who are willing to spend $750K for their last home are probably used to a home with more than 3500 square feet, so this does represent downsizing in square footage if not in value.
2. There is nothing in the story about basements or 2nd floors, so I don’t assume stairs are part of the equation. On the other hand, I wouldn’t spend $750K on a house in Indiana that didn’t have a basement.
3. I agree that the exterior elevation is suburban-subdivision bland. I’d expect all-stone or all-brick exterior for the money.
4. Custom interior finish is likely what’s driving the cost; a full-custom kitchen is a $100K+ line item. Likewise for the principal bath and closet: expensive upgrade options. Real hardwood or stone floors or a wood-burning fireplace are another upcharge. Maybe outdoor patio kitchens too.
This looks like classic Pulte construction. Boring outside design and facading, minimal brick, or stone material for an upscale look, and most importantly way overpriced for the finished product and quality of construction. I wish they and other mass production homebuilders would go away.