Hey Indy-Dwellers. What happened to the downtown housing boom?

[BiggJawn]

I was in town today and cruised through the old Herron-Morton 'hood where I lived.

What happened? Seemed like every other house had either a "for Sale" or "For Rent" sign out in front. A couple of comerical renovation projects that were getting started when I moved away in '98 seem stalled or abandonned. The old "Mid-Town Antiques" is still vacant. Flock's "spec" house that he built in '96 at the corner of 19th and New Jersey is still un-sold, and I KNOW I saw vacant lots that weren't there 2 years ago.

Looks like the 'hood is falling back into blight. What happened?

[blogbear]

1. Job / Economic / Investment/ Political / Uncertainties?

[BiggJawn]

2. Boy, that sucks.

I thought it might have been because Mark and Jan moved away...
It was painfully obvious that the neighbourhood is going noplace fast.

[blogbear]

3. A lot of neighborhoods in Indy seem to have been going noplace fast ....

and yes it does suck..Unreal property tax increases in addition to other escalating costs have caused problems for many in Indy..I hope the economy picks up and people can see relief..Then maybie it can be a normal spring when folks shop for homes and other commodities because they aren't afraid to spend..

[salin]

4. Money diverted

to the area of the site of Market Square Arena once stood... and to the Mass Ave area and Fletcher Place (though less in the last one.)

[BiggJawn]

5. When you say "money diverted"

Are you talking about commercial development money? I can see that, but what's putting the focus on Fletcher Place and the Chatham-Arch neighbourhood? is the perception that those 2 'hoods are "more cool" to live in than Old North or St. Joe or HMP?

BTW, my grandfather was born in the 600 block of Arch more than 100 years ago. Wonder what he'd think about the renovation?

I'm thinking that if I had stayed in HMP that I'd still be seeing the value of my property slipping down the sewer. The valuation of it was inflated in the first place, I think mainly on the promise that the neighbourhood was on its way "up".

[salin]

6. I think the Market Square area is about bringing wealthy

professionals who work downtown back to live downtown - so very upscale living going in there.

Not sure about why more emphasis on Fletcher Place than the areas moving north from 10th or so near meridian (new jersey, etc.)... except, perhaps, targetting the Lilly crowd. I heard that Lilly had sunk some money into the dev. of the Fletch Place area (and perhaps also the nearly adjacent Fountain Square area.. though that development isn't as top-end.)

I think more redevelopment would have continued had the state and city economy become so strapped. Thus I think the dev continued and became concentrated by two factors - one, where there was other money being poured in (eg fletcher place with lilly and some fed $ tied to fountain square (redevelop $), and two, where private investors were likely to throw a lot of money because of location (eg the Market Square area).

If the economy picks up again, I would expect that areas that were beginning to get gentrified would start moving again.

[Ouabache]

7. I have NEVER seen so many 4sale and 4rent going up College Ave

from 38th St. to Broad Ripple a few days ago. Man there is a housing bust on those 15 blocks of College Ave. for sure. I wonder if the new re-assessment based on market values hit these areas in a 'let's raise the rent or put it up for sale' kind of way?