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|  Tuesday, November 27, 2007 |
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October sees more new listings, unsold homes
The inventory of homes for sale in central Indiana continued to swell in October as new listings were added to the mix and sales continued to decline, reports the Metropolitan Indianapolis Board of Realtors.
The number of new listings last month increased 32.7 percent from the same month a year ago. The October figure of 4,435 is 11.5-percent higher than the same month two years ago. Year to date, the number of homes added to the market is up 15.9 percent over the first 10 months of last year.
Meanwhile, the number of homes sold in October fell 19.7 percent, to 2,092, from October 2006. Year-to-date, sales are down 8.9 percent. Among the 13 counties tracked, the largest decline last month occurred in Decatur County, where sales were down 43.6 percent. Only Hancock and Putnam counties saw increases, at 7.5 percent and 20 percent, respectively.
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The average October sales price fell 0.8 percent, to $149,836. Year-to-date, the average price is 1.4 percent less than a year ago.
On a positive note, a recent Fortune Magazine story included Indianapolis as one of only seven markets nationally where home prices are expected to increase in the next five years. The article looks at the relationship between property values and rent rates, which is considered a reliable guide to home values. The magazine predicts Indianapolis home values will increase about 7 percent.
Sales/acquisitions
- A 5.1-acre parcel of land at Interstate 69 and Olio Road in Fishers was bought by Grand Rapids, Mich.-based Goodrich Quality Theaters, which then sold the property and leased it back. A 75,000 square foot, 16-screen movie theater is expected to open in mid-March on the land, for which Goodrich paid $4.5 million. Goodrich then sold the property to Phoenix-based Spirit Financial Group in a deal valued at $27 million, which includes the purchase price and the value of the long-term lease. Jim Shook and Jonathan Hardy of Coldwell Banker Commercial Realty Services represented Goodrich. Spirit represented itself. The parcel had originally been owned by Hamilton Town Center LLC, a partnership between Simon Property Group Inc. and Gershman Brown and Associates, both based in Indianapolis.
- Locally based Maquina Realty bought 6.1 acres at 4321 E. 82nd St. for $4.3 million from Racquet Square Associates Ltd. and Indianapolis Racquet Club Inc. The site had been home to Racquet Square Office Park and outdoor tennis courts for the Indianapolis Racquet Club. Maquina demolished the office park, which had housed several tenants, including a chiropractor and Cosmetics Career Center. Marquina is developing the parcel into three outlots; the first will be leased to Lifestyle Family Fitness, which will open a 37,000-square-foot facility in May 2008. The other two lots have not been spoken for.
Leases/leasing contracts
- Clark Dietz Inc. has leased 8,429 square feet at 8900 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. James Marron and Brian Askins of UGL Equis represented the tenant, an engineering firm.
- A.G. Edwards & Sons Inc. leased 3,217 square feet at 9200 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. The tenant was represented by Jay Gehl of Hokanson Companies Inc.
- American Catastrophe Inc. has leased 1,683 square feet at 8900 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. The tenant represented itself.
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Housing
The pace of mortgage loan activity fell 3.6 percent last week, from the week before, according to the Mortgage Bankers Association. The refinancing share increased slightly, to 50.3 percent of all applications. Interest rates on 30-year mortgages averaged 6.18 percent, down from 6.19 percent. Rates on 15-year loans decreased to 5.71 from 5.77 percent.
Your vision for Lucasville?
The host of Property Lines, Cory Schouten, is on assignment this week. Meanwhile, the blog will feature discussion questions about Indianapolis  real estate. Today's topic is the area surrounding Lucas Oil Stadium. It has become a virtual Wild West, as one blog reader said recently. The area is home to several development proposals, including the giant Legends District-SoDo project, along with Merrill Street Tower. What's your vision for the area? Can the stadium truly "extend" downtown? Look for new topics on Wednesday and Friday. Live posting resumes Dec. 3.
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| Read the item above and more real estate conversation starters at Property Lines, IBJ's real estate blog. You can link to the blog, which is hosted by real estate beat reporter Cory Schouten, at www.ibj.com.
Edited by Tracy Donhardt
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