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Carmel Indiana 46033 homes for sale

EastOfKeystone.com is undergoing a redesign that will better serve all of Carmel. While I may live in the 46033, my west Clay friends have requested more info that relates to their side of town. As always you can reach me at 317-848-GREG (4734). From Gil Thorp and all of us...we thank you!

Tuesday, October 28, 2014

When Down Is Up - Carmel Housing 2014

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I feel like every year I say this...but every year since '08 it's held true. It's been another weird housing year to date in Carmel. The stats are both down and up and for the most part that's good news.

Through October 28, 2014 1465 homes have gone under contract and closed in Carmel. Last year on 10.28 1605 homes had sold or about 9% more in 2013 than '14.  That seems like it would be a negative but not when you dig further. 

The average sales price in Carmel this year is $344,320 compared to $326,425 one year ago. In 2013 on October 28 homes were on the market an average of 72 days compared to 62 this year. One year ago on 10.28 homes were selling for an average of $120 per square foot compared to $123 this year. 

In general we went through a very busy April and May, tailed off in the main three months of Summer in June, July and August in some of the upper price points (above $500,000) and then in later September and October have surged again in both units sold and in values. No doubt the lowest interest rates in a year this month have helped but assuming that to be the cause would be an oversimplification. Bottom line to so far in this year's housing market is that units are down but values are up....and that's not bad.
greg cooper, to selling carmel indiana realtor agent broker neighborhood specialist 

Tuesday, October 21, 2014

Johnson Acres Overlay....What's It REALLY About?

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There's an interesting debate going on in our community right now about a proposal being brought to our city government. It originated with a group of property owners in an east Carmel neighborhood called Johnson Acres. In summary this is a proposed conservation district that if enabled would restrict what can happen to certain properties in east Carmel and midtown. It goes far beyond the actual legal description of Johnson Acres and it's residents north of Smokey Row Road. It extends along Main Street and ensconces a number of properties through the Arts and Design District, as a simplification. 

Before I offer some thoughts on this...here's why I feel I'm qualified to offer an opinion. I have had the privilege of selling property in Carmel since 1986. I have sold nearly 50 million in real estate in Carmel and have literally seen it all. I have sold condos in The Maples for $90,000 and the former Hilbert Estate to Forrest Lucas for millions....and EVERYTHING in between. In fact I lived on 1st Avenue N.E. for 16 years when the streets and sidewalks were crumbling into each other.  I have seen every conceivable affect of things occurring in our community on the values of property. So as I offer these thoughts I do so not by playing favorites or by having a dog in the fight. I do so simply by sharing what decades of experience have taught me from seeing things first hand. As an aside...I have no issue telling people what I think even if it's not what they want to hear. You cannot possibly find my word credible when I tell you something that is positive if I don't have the courage to tell you the truth when it's challenging. 

Let's call this overlay proposal what it is. There are those in our community who are uncomfortable with the reach of the redevelopment that's going on and this proposal is an attempt to slow that down. This has less to actually do with Johnson Acres per say but more about a broader area. Certainly the new home on the corner or West Main and 4th Avenue have contributed to that as have the numerous tear downs in what used to be called 'Old Town' in the A & DD. I understand those fears and concerns and I am not insensitive to them. I listened to the public comments from those in favor of the overlay at the City Council meeting on 10.20. In essence the arguments for the overlay ranged from fears of a lack of affordable housing in the future to fear of somehow being over run by the newer homes being built. However one feels about those here's what I can absolutely tell you what will happen if the overlay is passed. Property values will stagnate. That's correct - less choices on what one can do with their property mean one thing....less value growth. When you limit options you limit potential. You may not care about that but the people who have sold their homes as tear downs certainly do. They care because some of them used that money to send kids to college. Some used the money to pay medical expenses. Some used the money for retirement. We should think long and hard about the affect an overlay like this would have had on those individuals. 

As for the fears of someone being forced out of their home by ongoing development, no one is going to force anyone to sell their two bedroom ranch in Old Town against their will to a developer. The taxes aren't going to run someone out of their two bedroom ranch in Old Town either. As for affordable housing in Mid Town....I understand that argument to a degree. The oldest homes in the core area of the A & DD are NEVER going to get sold cheaply any more anyway. Basic economics as driven up the value of the land alone. If we want what some would categorize as affordable housing then we should be lobbying our city leaders to encourage that in newer developments, not choking the value of the current individual tracts of land. 

I can't speak for the actual residents of Johnson Acres but I did hear several of them come out strongly against the overlay in no uncertain terms last night. Whether they adopt a more restrictive set of building requirements is their right as a neighborhood. It's pretty clear that given the extent of total land that this proposal encompasses outside of Johnson Acres it's about MUCH MORE than that specific area. To that end we should think very carefully as to whether we want to affect our residents in such a significant way by enacting this type of a proposal.


Friday, October 17, 2014

After The 3rd Quarter....

It's official. I'm now seeing Carmel housing stats in my sleep.  As the kids would say 'I'm sick with this.' After pouring over numbers for 2014 and 2013 side by side for most of a week, I'm certainly something. First, with our overall geography it's virtually impossible to address every neighborhood in this singular post. As I've offered to do for anyone, if you want your neighborhood stats sent to you by email, I can do that very easily. Just drop me an email greg@gregcooper.com and tell me what neighborhood and I'll send it on to you ASAP.  

Here's how I broke this down.  I did price points for ALL of Carmel in general and then drew some regions by geography. Let's start with home price ranges for all of our community.  These are properties under contract or closed for 2014 compared to 2013.

$1 to $200,000 2014 = (309 sales)
                      2013 = (357 sales)

$201,000 to $300,000 2014 (385 sales)
                                               2013 (450 sales)

$301,000 to $400,000 2014 (286 sales)
                               2013 (313 sales)

$401,000 to $500,000 2014  (178 sales)
                               2013  (175 sales)

$501,000 to $750,000 2014  (166 sales)
                               2013  (154 sales)

$751000 to $1,000,000 2014 (41 sales)
                                 2013 (39 sales)

$1,000,000+                2014 (21 sales)
                                  2013 (17 sales)

As for geography....we'll start with East Carmel defined by the 46033 zip code.  
All 2014 sales for 46033 = 406
     2013 sales              = 503

In the 46033 the average sales price to date in 2014 is $354,639 compared with $329,209 one year ago on October 1.  In both 2013 and '14 homes were selling at $119 per square foot. The average days on the market in 2013 was 61 and in 2014 it has been 63.


Now for Midtown...defined as the areas between Keystone and US 31:

All 2014 sales = 352
    2013 sales = 374

Midtown's average sales price in 2013 was #311,423.  It's average days on the market per home was 48 and values were $124 per square foot.  This year to 10.1 the average sales price in Mid Town was 343,100, days on the market averaged 41 and values were $131 per SF.

As for West Carmel, this is how the year to date numbers are so far:

2014 sales = 546
2013 sales = 627

In west Carmel the average sales price to date in 2014 has been $433,029 compared with $402,725 one year ago on 10.1. In 2014 homes averaged 68 days on the market and $136 per square foot. Last year homes averaged 77 days and $130 per square foot. 

So what's the conclusion?  Values are better while overall sales of individual units are down slightly.  Also...these are AVERAGES. Please don't go into a tail spin because your home differs in some way from these numbers. Like wise don't pop the Moet Chandon because you think your home is now worth infinitely more given the 2014 data.  What this all means is that Carmel is a vibrant, evolving, diverse housing market with both ownership and lease opportunities for a wide array of incomes and interests. 

Greg Cooper, top selling Carmel Indiana realtor agent broker