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Old 10-14-2017, 07:34 PM
rec rec started this thread
Location: Indianapolis area
47 posts, read 121,209 times
Reputation: 96


We are considering buying a residential lot in Bloomington and I'm curious about a development called Iron Gate Farms in the western Bloomington area. Just from internet research, it looks like there are multiple lots of 3-5 acres available, as well as some homes for sale built as far back as 2009.

We are empty nesters living in the Indy area and would be looking to build a custom ranch home of 3,000 sq ft with a basement. Seeking the privacy of a 1-4/5 acre lot but reasonable access to Bloomington's restaurants and activities, as well as grocery stores, etc.

There is not much information on the development itself online but I have not called the realtor who has some of the lots listed. Curious if anyone can give information on it, the general area, issues about reputation of the area (young kids, retirees, home values, etc.)

Thanks much.
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Old 10-15-2017, 06:59 AM
Location: Bloomington IN
8,590 posts, read 12,334,693 times
Reputation: 24251
I'm familiar enough with Iron Gate Farms. The development started about 12 years ago. I knew a couple that built there about 10-11 years ago. They are now empty nesters. They maybe retired by now. They liked it there. I haven't been out there in about 8 years or so as our connection was related to our now grown children.

Houses there are generally in the $400-600K price range. To get to the development, one will drive through a more rural part of Monroe County. If you're not used to the hills and curves of the more southern part of the state, it can be a bit tricky until you are used to it. Primarily you will use 45 to get anywhere. Once you are closer to town, 45 becomes Third St. You'll find a couple of grocery stores, some big box stores, and a lot of chain restaurants at 45(Third) and 37. It will take about 15 minutes to get there. One warning--45 can be very busy at certain times of the day. It's the primary route to points west including Crane Naval Base. (although 69 is now open to Crane so some of the Crane traffic may be lessened--but it's still busy). 45 also sees fairly frequent accidents because it's one lane in each direction and a lot of truckers still prefer that route to Bloomfield.

Getting to downtown Bloomington and IU will take about 25-35 minutes.

I wouldn't be worried about the fact that it's taken what seems like a long time to build out the neighborhood. I have lived in a similar neighborhood for about 17 years. Just a couple of months ago the last building lot was sold to someone that is starting to build so it's taken about 20 years for the neighborhood to be completed. Where I live is generally a better location given proximity to a couple of things. I suspect Iron Gate will be a similar situation for a few reasons. The price of homes there are in the upper end of the Monroe County market, and many of the people that can afford that price range prefer to be in town.

My best guess is you should plan on spending at least $500K, including a lot, to build a ranch of that size in Bloomington. Be aware that should you ever want to sell it will take longer than normal to do so because of the price range and location. I realize this will be your retirement house, but in my opinion one should always consider the need to sell.

I'm sending you a pm as there are a couple of additional things I would prefer not to put in a public forum.
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Old 01-15-2023, 07:02 AM
5 posts, read 18,536 times
Reputation: 10
Like the original poster we are looking for a residential lot around Bloomington to build on. Interesting that the prediction of Rrah is true; 5 years later there are still open lots in Iron Gate Farms. Any additional feedback on that subdivision or others that might be coming available? We've looked at lots that are listed in Zillow and other places, and are surprised at how few are available.
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