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Old 05-28-2013, 08:22 AM
 
Location: Tampa
285 posts, read 296,074 times
Reputation: 305

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Hi everyone,

my fiancee is going to be starting her medical residency at IUPUI, so we're moving down to Indy from Chicago (West Loop). I have spent a lot of time in Indy, so I am pretty familiar with the city.

I'll try and be as succinct as possible: we're looking for a 3+ bed, 2+ bath single family home. Our limit is $300k. Based on both of us working downtown, we'd like to stay as close to there as possible (no Fishers, Carmel, etc, for the time being). Around downtown, it looks like it's mostly rehabbed homes, but in potentially dodgy areas. We're both from Chicago and aren't uncomfortable with random petty crime in the neighborhood, but we also don't want to be "pioneers", if you know what I mean.

I'm familiar with the Fall Creek Place story, and the homes look like they'd fit what we want. A big questions of mine about Fall Creek Place is the property values and what the outlook is for them. I just want to see if anyone on here lives/lived there, has any good information about the development, or can offer alternatives in buying property near downtown. I realize there probably isn't much in the way of restaurants/nightlife nearby, but that's fine. Schools are not a factor either. Realistically, we are looking for a place to live in for 3-6 years, after which we would most likely leave.

Thank you!
Matt
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Old 05-28-2013, 09:10 AM
 
3,008 posts, read 4,326,484 times
Reputation: 1524
Quote:
Originally Posted by Prost View Post
Hi everyone,

my fiancee is going to be starting her medical residency at IUPUI, so we're moving down to Indy from Chicago (West Loop). I have spent a lot of time in Indy, so I am pretty familiar with the city.

I'll try and be as succinct as possible: we're looking for a 3+ bed, 2+ bath single family home. Our limit is $300k. Based on both of us working downtown, we'd like to stay as close to there as possible (no Fishers, Carmel, etc, for the time being). Around downtown, it looks like it's mostly rehabbed homes, but in potentially dodgy areas. We're both from Chicago and aren't uncomfortable with random petty crime in the neighborhood, but we also don't want to be "pioneers", if you know what I mean.

I'm familiar with the Fall Creek Place story, and the homes look like they'd fit what we want. A big questions of mine about Fall Creek Place is the property values and what the outlook is for them. I just want to see if anyone on here lives/lived there, has any good information about the development, or can offer alternatives in buying property near downtown. I realize there probably isn't much in the way of restaurants/nightlife nearby, but that's fine. Schools are not a factor either. Realistically, we are looking for a place to live in for 3-6 years, after which we would most likely leave.

Thank you!
Matt
You will definitely save money as 300k is overkill around these parts. Fall Creek place itself is pretty gentrified although there are some sketchy areas around the neighborhood boundaries that have yet to go through that. Home values in FCP should stay relatively what they are now +/-. Outside of moving into an "emerging" area where 3-6 years down the line you can make a nice profit as the neighborhood appreciates expect a lower margin of ROI for an established neighborhood. Housing isn't bad but it's still for the most part cheaper to build from scratch here than buy an existing unless you are rehabbing.
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Old 05-28-2013, 03:59 PM
 
3,751 posts, read 9,600,559 times
Reputation: 7034
Very important to have an indepth home inspection.
Watch for the use of soft wood on trim as it has not been lasting. Hardiplank siding or cement fiber or brick is the way to go. Some condos across from us had all the wood trim on bay windows replaced after only 3 years due to rot. I have noticed this a lot of the newer builds on some FC properties. Basements are popular here and those without will sell for a lot less.

I have more to say but am in Japan at present and not a lot of time.
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Old 06-06-2013, 02:59 PM
 
Location: Tampa
285 posts, read 296,074 times
Reputation: 305
What about to the immediate east of 65/70 (Woodruff Place, Holy Cross, Arsenal, Windsor Park)?
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Old 06-07-2013, 08:42 AM
 
Location: Englewood, Near Eastside Indy
8,340 posts, read 14,095,346 times
Reputation: 5958
Quote:
Originally Posted by Prost View Post
What about to the immediate east of 65/70 (Woodruff Place, Holy Cross, Arsenal, Windsor Park)?
Reading your OP, sounds like those neighborhoods would suit you.
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Old 10-27-2013, 07:12 PM
 
4 posts, read 5,749 times
Reputation: 10
Does anyone have any information on the property taxes in Fall Creek Place? They seem to be all over place, some $3.5K and up. Is it just me, or is that incredibly high? Anyone know the reason for the big disparity in property tax rates for this area?
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Old 10-30-2013, 08:01 AM
 
Location: Indianapolis
505 posts, read 789,566 times
Reputation: 717
Quote:
Originally Posted by Moving321 View Post
Does anyone have any information on the property taxes in Fall Creek Place? They seem to be all over place, some $3.5K and up. Is it just me, or is that incredibly high? Anyone know the reason for the big disparity in property tax rates for this area?

probably rental property vs. non-rental property. Owner-occupied Primary residences have the lower tax rates.
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