Existing-home sales slip in central Indiana as prices hit new highs
Sales have been on the downturn in typical residential hotbeds Hamilton, Johnson and Marion counties, but have been on the rise in Madison, Hancock and Morgan counties.
Residential Real Estate
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Equestrian exhibition center, high-end home development proposed in Westfield
Plans for the development include a 69-acre equestrian exhibition center and 25 or so custom home lots priced at $1.2 million and up.
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Task force to examine building rules in effort to drop state’s housing costs
The 13-member body approved by the Legislature in March is tasked with addressing Indiana’s affordable housing shortage.
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Developer planning $40 million in apartment projects near Southport
The plan by Homestead Development consists of two components. The first would be a single apartment building for individuals age 55 or older. The other would be an eight-building complex containing market-rate apartments.
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Zionsville coworking center zWorks consolidating into one building
A smart-home automation business is set to take over one of zWorks’ buildings after the coworking center consolidates into one location.
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Articles
Average long-term U.S. mortgage rates edge up to 5.3%
Average long-term U.S. mortgage rates are continuing to rise, with interest on the key 30-year loan at its highest level since 2009.
Home furnishings retailer plans to turn DeHaan estate into giant showroom, restaurant
National retailer RH is teaming with a developer to take over Linden House—the 152-acre Indianapolis estate of late businesswoman and philanthropist Christel DeHaan—and turn it into a huge home furnishings showroom, interior design gallery, upscale restaurant, wine bar and outdoor furniture gallery.
Area homebuilders slowed by lot availability, supply-chain issues
Single-family building permits have fallen on a year-over-year basis for the past three months and in six of the past eight months.
Rents across the United States continue to skyrocket
The burden of rising rents falls heaviest on younger households, as well as on Black and Hispanic families, further exacerbating long-simmering inequalities.
Apartments planned for 110-year-old downtown office building
The Wulsin Building at 222 E. Ohio St. is expected to be acquired by an investment group later this spring. The buyers plan to spend up to $6 million to convert the eight-story structure to market-rate apartments.
Study finds housing costs detrimental to Hamilton County workforce needs
A family earning $97,920 can afford only 28% of new homes in Hamilton County and 12% of current listings, according to the study.
Cook Group planning to build 300 homes for employees
Bloomington-based Cook Medical Inc. is hoping to address Indiana’s housing shortage for middle-income families, and it is starting with its own workers.
Mortgage rates soar to their highest levels in 11 years
Meanwhile, mortgage applications fell again last week. The market composite index, a measure of total loan application volume, decreased 1.3% from a week earlier, according to Mortgage Bankers Association data.
Area’s second-largest apartment property sells for record $171M
The 1,261-unit complex on nearly 90 acres at Shadeland Avenue and 75th Street was purchased March 31 by Cleveland firm Pepper Pike Capital Partners.
Central Indiana fair housing group files suit against senior living developer
The lawsuit alleges Clover Group violated federal accessibility requirements at 38 properties in Indiana, New York, Ohio and Pennsylvania.
DeHaan estate could see new uses with zoning change
A zoning change would open the door for a number of new uses on the 152-acre property along the White River.
Ball State kicks off plans to revitalize Village district, build performance venue
The university hopes to bolster the declining business-and-culture district by creating a center for theater and dance and green-lighting an Ohio firm to develop a hotel, apartments, retail spots, and spaces for office and research work.
Residential Real Estate: Marketplace stats for March 25, 2022
A limited inventory of houses available for purchase has been driving up prices across the region, an ongoing trend that began about two years ago.
Tight market means heartbreaking house hunts, especially for first-time buyers
Central Indiana homes typically exit the market after only five days, according to Zillow, with the average Indy metro house priced at about $255,000 as of February—up 20.5% from last year.
Luxury apartments to open soon in former AT&T building
A local developer’s $80 million conversion of a 20-story office building into luxury apartments is the largest project of its kind downtown.
Area homebuilders off to slow start in 2022 despite demand for houses
Supply-chain issues, labor shortages and a lack of suitable lots are holding back sales, according to the Builders Association of Greater Indianapolis.
Downtown apartment property sells for more than $120 million
The acquisition by Indianapolis-based Zidan Management Co. is believed to be the largest single-property apartment sale in Indiana history.
Home values soared during the pandemic, except for these Black families
Just one lower appraisal could affect the cumulative wealth of an entire community, according to a new Biden administration report on the causes, extent and consequences of property misvaluation.
U.S. plan aims to end racial, ethnic bias in home appraisals
The plan contains 21 steps to improve oversight and accountability, including a legislative proposal to modernize the governance structure of the appraisal industry.