Recently, I was asked to provide some data about the state of foreclosures in Indianapolis and how it is affecting the economy. It was an eye-opening excercise, but certainly not surprising.

While the data reveals the state of foreclosures in Indianapolis (Marion County), the depth of what the statistics doesn’t reveal is mind boggling. The far reaching effect of foreclosures in many areas of Marion County will probably not be known for several years. I certainly have opinions about how we reached this point, which I’ll write about next; first I’ll show you the statistics.

*2009 data through 6/30/2009      *YonY = year on year % increase

Although I’m not a big gambler, I’m willing to bet the % of foreclosures in Indianapolis was less than 2003 or close to the same percentage. Back then we ranked in the top 10 states for % of foreclosures, often in the top three. Right now, we rank #13. Staggering………….

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Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.

 

Read More about Chapel Glen:

The neighborhood of Chapel Glen

Indianapolis Real Estate

Wayne Township Homes for Sale

Wayne Township Subdivisions

Indianapolis Real Estate Blog

Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.

 

___________________________________________________________________________________ Indianapolis Real Estate Wayne Township Homes for Sale Wayne Township Subdivisions Indianapolis Real Estate Blog Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.

 

Come by and see me................... at my new Indianapolis Real Estate Blog.

 

 

Chapel Glen in Indianapolis

Chapel Glen is an established neighborhood of homes in Indianpolis on streets lined with mature trees and large grassy lawns. Chapel Glen has long been a favorite community of people moving to Indianapolis west side.  The neighborhood consists of single story, two story and tri-level homes built between 1964 and 1977. The homes range in size from about 1400 square foot to over 3000 square foot.

I recently had the opportunity to tour several homes in the neighborhood and my clients eventually decided on a 1700 square foot single story home which had been updated. The family room had a full wall fireplace with a hearth, great for a cold winters night. They have a four season room and large deck, a bricked front courtyard and a large lot. The beauty of an established neighborhood like Chapel Glen is evident in homes such as this one.

 

Chapel Glen Elementary School is located in the center of the neighborhoood across from the Community Center and Park. A serene walk through the neighborhood provides a view of the water fountain and paved walking trails. The park has basketball court, picnic and seating areas, great for a relaxing afternoon or watching the children at play. The community pool will keep you cool in the summer.

The current homes available range from a 1460 single story for $149,900 to a 2600 single story for $187,500.

 

 

View the Chapel Glen Neighborhood and Community Shows!

Chapel Glen HOA

Chapel Glen Elementary School

MSD of Wayne Township

 Indianapolis Real Estate

Wayne Township Homes for Sale

Wayne Township Subdivisions

Indianapolis Real Estate Blog

Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.

 

Real Estate provides an opportunity to meet people from all different walks of like with specific needs and wants in their Indianapolis home.

I often encounter those who want to try their hand at flipping properties. As long as they know what they are getting into and have adequately considered both the renovation and holding cost, I will be their real estate scout.

Others, want to buy something low and fix it up themselves, also known as "sweat equity". I admire, appreciate and applaud those who are able to do the work themselves. Their goal and dream is to have a home they have created. My goal is to help them achieve their dream.

I also have clients who are weighing the cost of remodeling their home or adding on vs. selling and moving into something new or bigger. This is often a task which involves serious conideration since you are living in the home while it is being renovated. A homeowner also does not want to put more into the home than the potential resale value.

Then there is always a person. like myself, who dreams of remodeling and renovating one of the Historic, Victorian homes in Lockerbie Square. Now, that's a project!

Each of these scenarios has their own advantages and disadvantages. My advice is "always consider the true cost of taking on such a project". I often find those who have underestimated the cost of a project end up losing much more in the end, if they have to sell before finishing the project.

 

My recommendation is to seek an expert in the field of remodeling and renovation. Having expert advice beforehand can save you thousands later. One such renovation company in Indianapolis is Renovation Resources.  Jeff Echols is a Renovation Consultant who has experience in determining the cost involved in remodel and renovation of properties.

 

Jeff's experience includes:

• An architect by training in the residential market for the past 10 years and more varied markets the 5 years prior having worked on everything from corporate headquarters to preserving historic covered bridges and firehouses.
• He has very strong ties to the construction field having worked in just about every major trade.
• His current projects range from a second floor addition, a master suite / pool house / summer kitchen addition, a complete home renovation, to an exterior facade renovation of a small but prominent condo building downtown.
• Evaluates properties that clients are considering purchasing for the renovation / remodel potential.

Contact Jeff Echols before you begin the project. You'll save time and money.

Jeff is a guest contributor on my IndyRealEstateTalk blog.

Copyright Paula Henry 2007.
All rights reserved.  No reproduction permitted.  

Indianapolis Real Estate

Avon Indiana Homes for Sale

Avon Indiana Subdivisions 

Indianapolis Real Estate Blog

Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.

 

 

Indianapolis is Home

Although I have been back a while, I recently submitted my post to "I Choose Indy". The website is a tribute of sorts to those who choose to live in Indy.

There are many reasons to choose Indy as home, mine has to do with family and  quality of life ( no more two hour commutes in traffic) the seasons, (fall is my favorite), family get togethers, and Hoosier Hospitality.

Here's the post I submitted to I Choose Indy!

In the summer of the late 60's, my family decided to leave Louisville KY. to start a new life in Indianapolis. You could say Indianapolis chose me! With six children in tow, my parents settled in the area now known as South Broad Ripple. Back then, the name and area of Broad Ripple did not hold the allure it does today. The Monon Trail was actually still a railroad track.  

We used to play for hours at Arsenal Park, running under the water of the spray pool, swinging and singing the words of Rod Stewart's, "Maggie Mae". The whole family took swimming lessons at Broad Ripple Park. My brothers played little league close by and we went to the State Fair every year. It was the life.  

In the early seventies we moved to the near west side where you could hear the roar of the Indy cars from your back yard.. I remember it was the first home my parents owned. They were so excited and I had little understanding as to why. To me, it was another home. I spent the rest of my home years there. The westside of Indianapolis became home to me.

I eventually married, had three of my children at Methodist Hospital and started my own journey. My family's journey took us to New Jersey, St. Louis, Missouri, Phoenix, AZ, Southern California, back to Phoenix and now here. We have come full circle and this time, "We chose Indianapolis!

 

My husband could probably live anywhere........me, I love to be with family and friends. As my children have grown, I have a daughter, son-in-law and two grandaughters here in Indy. A daughter, son-in-law and a grandson in Ohio, plus a grandbaby on the way. And one daughter who is still at home. She actually wanted to move back here and she is the only one not born in Indiana.

 

Most of my family still lives here as well as a few high school friends. What makes a person leave the beauty of the Southwest for the plains of Indiana. It is a home coming and one which is overdue. I love the seasons, the trees in bloom, the warm loving people. I am a hoosier at heart and I have come home.

 

Today, I am a Realtor who understands what it means to buy your first home, sorry Mom and Dad! I also know and understand the need for more space when the children are growing and now, I know what it means to downsize. I am happy to be home and look forward to assisting many in their search for the home which matches their life phase and lifesyle

Copyright Paula Henry 2007.
All rights reserved.  No reproduction permitted.  

Indianapolis Real Estate Blog

Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Hendricks County, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.

Sunday afternoon, a gentleman called and left me a message. He owns some land in Indianapolis he would like to sale. Since I could not access the GIS maps at the time, I called and told him I would research the property information and call him back on Monday.

Joe was a pleasant person who had bought this land to make a profit. He lives in another state and has purchased several properties around the country. He has never seen the property. I know agents whose clients have purchased real estate, sight unseen. This was a first for me.

Joe gave me the address and Parcel ID number. He had been told the following about the land:

2.3 acres

Wooded Lot

Property has a Creek

Zoned Residential

I start my research by checking the Parcel ID number in the tax database. I found the land was exactly as he described and he had paid less than half of the assessed value.

So far, so good! Now a click on the GIS map.

HUH??...... what's this. This is the land that Joe bought:

 

 

Joe owns the land inside of the red property lines. Except he does not own the six buildings at the front of the lot, only the land around them

Curiosity got the best of me, so I drive out to see what exactly is going on here.

The buildings at the front of the property line are six paired ranch condos and the address listed on the imap indicates this land is common property.

I send the information to my broker to verify my opinion about the property and it's value.

My broker sent me the following.

Scroll down to view........

 

 

 

 

 

 

 

 

 

 

 

 

Not only does the land have no ingress or egress, it is in a flood zone. That is not just a little creek and it rains in Indianapolis.

The dark purple is floodway, the darker blue, the 100 year floodplain and the lavendar, the 500 year floodplain. The floodplain extends all the way to the edge of the condos. All the land behind the condos, a bunch of trees. which I guess you could call  a wooded lot.

My opinion: this land is only valuable to the state in the form of taxes it collects.

Joe told me he normally consults a Realtor first. Unfortunately, he did not this time. Today, he told me he spoke to the people who sold him the land. He was hoping maybe, just maybe he did own the condos. He doesn't!

He believes they may work something out with him, I hope they do.

The moral of the story...............Please consult a Realtor first.

Joe's name has been changed and the street and parcel number have been removed from the maps to protect his identity

Indianapolis Real Estate

Indianapolis Real Estate Blog

Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Hendricks County, Zionsville, Carmel, Fishers and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.

 

 

Lockerbie Square Homes For Sale

I was showing a condo to couple in Lockerbie Square on Friday. Every street in the area has homes which appear to be For Sale By Owner. The street pictured here has four in a row.

I wasn't quite brave enough to knock on the door and ask the price. Since none of the signs have a contact number, I can only assume they are not really for sale.

The owners of these homes in this beautifully revitalized area of Indianapolis are obviously frustrated at the recent tax assessments which went out on July 1st.

Just for the sake of knowing what the homeowners are facing here, I searched the database for an example. One of the homes here had a 2006 tax of $1600.00 semi-annually. the 2007 tax bill raised the tax by $860.00 semi-annually. Another home on the same street had an increase from $1223.00 to over $3500.00. We are talking $2400. every six months.

I would certainly be frustrated too!

Advance America

Indianapolis Real Estate

More Avon Neighborhoods

Indianapolis Real Estate Blog

Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Hendricks County, Zionsville, Carmel, Fishers and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.