Mortgage rates hit 6%, first time since 2008 housing crash
Rising interest rates—in part a result of the Federal Reserve’s aggressive push to tamp down inflation—have cooled off a housing market that has been hot for years.
Residential Real Estate
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Existing home sales continue to cool as interest rates climb
Closed sales in the 16-county central Indiana area drooped from 3,883 in August 2021 to 3,461 last month—a year-over-year decrease of 10.9%, according to the latest data from the MIBOR Realtor Association.
Proposed Monon 30 projects receive TIF approval, $15M in incentives
The Monon 32 and the Domino, two projects in the 14.5-acre Monon 30 project, have received approval for their own respective tax increment financing districts and millions of dollars in bonds.
City incentives still in the works for Jail II redevelopment
The developer behind the proposed revamp of the former Jail II and Arrestee Processing Center facilities on the eastern edge of downtown Indianapolis said he expects city incentives for the project to be secured by the end of this year.
Broad Ripple townhomes project along White River set to move ahead
The developer of Riverbank Townhouses—featuring units with listing prices beginning at $750,000—hopes the project will encourage more homeownership in the village.
Riley Towers owner replacing every brick as part of $7M project
The facade-replacement project is expected to resolve to longstanding water-infiltration issues at the 30-story towers.
Is gray fading? Designers say color is losing its dominance.
After decades of gray-dominated interiors, other colors are starting to rise to the forefront, including white, green, blue and yellow.
Craftsman home in Irvington blends historic design with owner’s art
Previous owners Brian and Emily Mack spent 17 years living in and lovingly restoring the 1908 Craftsman home built by Carlos and Anne Recker. It was designed by Gustav Stickley and is the only known example of his work in Indianapolis.
All-Star Real Estate Agents: The Indy area’s top teams and solo sellers
Jennil Salazar switched agencies to Compass Indiana LLC but held on to the top spot of the IBJ All-Star Solo Agents for the fourth straight year. And a trio of veteran real estate agent teams maintained their hold on the top three places in IBJ’s All-Star team rankings, with Dennis Nottingham’s Indy Home Pros Team in the No. 1 position.
Artist invests in fellow artists and near-east side
The idea came to Lobyn Hamilton after he moved into a former grocery store in the neighborhood where he spent the earliest years of his life.
AMH Development planning up to 168 new rental homes in Noblesville
The company presented plans to the Noblesville City Council for two new rental-home communities, but some councilors expressed concerns about the amount of housing under development in the city.
Indianapolis-based Lawn Pride acquired by home-service franchisor
Lawn Pride Inc., which was founded 40 years ago by its CEO, will become the latest franchise brand for Waco, Texas-based Neighborly Inc.
TWG beefs up plans for apartment project at 18th and Meridian
The local developer is planning several modifications to the complex, including the addition of two floors, more than 50 apartments and a new parking garage.
This year’s area homebuilding slump predicted to get worse
In a state-of-the-industry report released this week, the Builders Association of Greater Indianapolis predicted that new-construction home sales in the nine-county area would slow significantly through 2023.
Platinum Properties planning to build 65 townhouses in Whitestown
Ellis Acres would be built on 10 acres on the southwest side of the intersection of County Road 750 South and Indianapolis Road near the interchange of Interstates 65 and 865.
Firm plans 257 apartments, townhomes north of Indy airport
The site is just a few minutes from key employers in the airport corridor, including AAR Aircraft Services, Express Scripts, FedEx and Rolls-Royce.
Lennar Homes planning 53 townhouses at Fishers Marketplace
The three-story townhouses at Marketplace Towns would range from 1,700 to 2,200 square feet with an average cost of $400,000.
Existing-home sales sink 12.1% in central Indiana
Median prices of homes sold in central Indiana ticked down slightly from June to July, but are still significantly higher than they were a year ago.
Home affordability worsens in U.S. as higher mortgage rates bite
Families spent about 24% of their incomes on mortgage payments in the second quarter, up from 19% in the previous three months and from 17% last year.
Proposed developments could mean more than 150 new homes in Carmel
Indianapolis-based Onyx+East LLC, Carmel-based Pittman Partners Inc. and Carmel-based Estridge Development Management LLC are proposing new neighborhoods in Carmel.