Resurgence of Apartment Living in Indianapolis
Posted on May 17, 2008
Filed Under Apartment Living | 9 Comments
In response to the trends noted by the Indianapolis real estate community in the last three years, many commercial condominium developments are converting to apartments. As lenders are becoming more restrictive in continuing construction loans and developers are finding that they are unable to sell the units already finished and move-in ready, developers are beginning to adopt the same posture as that taken by homeowners who purchased the next home before selling the first – put the property up for lease to pay the bills until the market turns around.
Purchase minded consumers wishing to downsize their expenses, including lawn maintenance and property taxes were expected to flood into the condominium market as the home sales market diminished. Instead, developers are finding that the current market trend is too far into the trenches, in that those potential buyers that were going to eat up the condo market, have already done so, and the remaining who have the desire to do so, have homes in other areas that cannot be sold.
Since the Indianapolis real estate market is one of the last in the nation to really feel the pinch of credit problems and plummeting property values, there is a lot of wonderful opportunities to make money in Indianapolis real estate, if you still have the financial security to hold the properties without risk. Apartment buildings are available at relatively low cost and are a good investment.
As more and more people realize that the indulgences of the last ten years are coming to an end, and are worrying about job stability, many are foreclosing on their homes and finding themselves needing a place to live without the benefit of good credit to secure a mortgage. The resurgence of apartment living is evident, and there are plenty of apartment buildings for sale in the Indianapolis real estate market. The stumbling block will be in dealing with a flinching credit market while trying to obtain a commercial loan. This can be accomplished with some planning and investigation.
While a good Indianapolis real estate agent will be a critical asset, retention of a real estate attorney is always a wise move when purchasing your first multi-family building. An attorney from the area will not only be expert in dealing with the financial and legal ramifications of a commercial real estate transaction, but also have knowledge of the current economy and market trends which will not affect his invoicing. Therefore, the attorney will be more honest in his advice than someone who is dependent on sales commission for income.
Another consideration is establishing enough income from rented units to cover the loss of unrented units at any given time. Generally, the larger the number of units, the more opportunity to rebound from a small percentage of un-leased units. Fortunately, the Indianapolis real estate trends are showing that more and more people are returning to apartment living. Even for those who have maintained their job and have substantial income, are generally unwilling to purchase real estate for fear of having to transfer out of state and are therefore leasing apartments instead.
Since the Indianapolis real estate market has been traditionally strong, even in the recent downturns in the economy and the real estate market as a whole, the local economy is still drawing new population, making the purchase of apartment buildings a lucrative investment.
Watch the video related to small apartment living
This is a home we are leaning towards. The main living area and a separate apartment form the boundaries of a central courtyard that you walk into when you enter the house from the street. The courtyard has a small pool and spa, outdoor kitchen and plenty of covered lounging/eating area. The pool/courtyard are readily visible from both the casita and the main living area.
Help answer the question about small apartment living
What is a normal/average monthly utilities bill for someone living in a small apartment?I'm helping a friend budget themselves for next semester… and I have no idea how much water/electricity is per month. Thanks
About Author
This article is brought to you by Joseph FeRoss along with the help of the Indianapolis real estate team at Indy metro homes. For more information on Indianapolis homes for sale visit their website at http://www.indymetrohomes.com
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9 Responses to “Resurgence of Apartment Living in Indianapolis”
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There are some great water based gloss paints to do the paint job, but stripping may be a problem unless you can open some windows to get ventilation. If you can get a waterbased stripper, that would be best. Hand sanding after removing the old paint would work. You will need some sort of scraper to remove the stripper and paint.
Go to Target and check out their chrome racks. Make sure you get the one withe zig-zag line running through it. A four shelf unit is around $40 or less.
The shelves adjust to whatever height you need. I use one and I have my photo albums on top with bookends.
My XM radio and Apple Hi-Fi on the next shelf.
My television on the next shelf.
And finally my DVR/Cable Box/DVD units on the bottom.
To hide the wires I just bundled them up along the post and held them there with zip ties (just make sure you clip the long ends off). You can't even see them. But if I need to check wires it is much easier.
Here are some of the advantages:
Cheap
You can by smaller units to hold books or DVDs.
My friend bought a flat screen and hung it on a wall, now they have a entertainment center down in their basement.
If you do the same in the future or move to a bigger house you can just use the shelves as storage in your garage or basement. No damage done.
Paint the walls white/very light as it will bounce the light around and make it appear bigger.
Try not to use large patterns on anything as they will make everyting around them look smaller.
If you can afford it, get a flat-screen TV as it will save space and be further away from the couch. Use smaller furniture as large pieces will increase the feeling of closeness.
Avoid clutter as much as possible and populate the place with clean, crisp lines with just a few brighter pieces to liven the place up. A good bright area rug on the floor may also help.
Use the whole apartment!!
http://www.lakeside.com/details.asp?I=OZX&Ntt=orgnizers&N=36&Nao=0&R=550&product=Multicolored-Canvas-Organizers
I love this website, their stuff is inexpensive…this comes in primary or pastel colors. =)
i am not trying to insult you but……why would someone live in a small apartment , with no yard and in an unsafe neighborhood…….nots not LIFE!,…..move to where you can go and come with freedom and safety
I live in a 4 bedroom house and my water bill runs me about 48.00 a month and my aps bill is about 60.00 in the winter and 120.00 in the summer
Ill assume the kitchen doesnt have a built in fan… but really you might have to just use a small plug in fan when cooking.. I'm not sure what you cook but it doesnt really stay in the clothes permanently- I guess also a plug in air freshener or candle smell in the clothes would be better then food.
no roommate. it would be a bit arkward to share such a small space with a friend.