Geist Bubble (Fishers, Carmel, Zionsville: houses, taxes, living)

[sanjose]

Does anyone think the home prices on Geist are in a bubble that's ready to pop? Most of the houses we've been looking at in Carmel/Zionsville/Fishers are about $100/ft. However, the Geist homes on the water are about 165/ft. Do you think these houses will hold their value or has the runup happened in the last few years and there is a bubble that's going to pop? Are these houses really worthy of that high of a mark-up?

[sweetana3]

I would give living on a lake front lot on Geist much higher marks than sitting in a cornfield no matter how nicely landscaped. I like Lake Kesslerwood also but the traffic on Fall Creek is pretty heavy and the lake isnt that large.

However, I would not want to drive to downtown Indy each day from many of the areas of Geist. So it all is a balancing act. Lakes that size are not being created so there is a vanishing supply. Still a lot of cornfields to develop. You do the math.

[domergurl]

It all depends on how desperate the homesellers are to sell. Geist is, for some reason, very prestigious ... I don't know, I lived about a mile from the reservoir and I didn't see the allure ... just algae blooms and shallow water and drunk people on boats and jet skis. Plus a lot of those homes are or were on septic. With the impending annexation, their taxes are going to up quite a bit as well. I don't know, I just saw too may "we have arrrrrrrrrrrrrrrrrrrrrrrrrrrrived" types who lived there.

[sanjose]

does morse have the same algae problems? i know morse isn't as affluent as geist... but how big is the gap.

[domergurl]

Not sure of the affluence gap with Morse, but I remember last summer, Morse dried up. All the lawn fertilizers contributed to the algae bloom in Geist. It's just not that deep and all the chemicals make it go haywire rather quickly. I read over the weekend that they don't suggest people swim in the water.

But back to your original question, I think that Geist homes, on the water tend to hold their value because of the waterfront.

[Mike Taylor]

Originally Posted by domergurl

But back to your original question, I think that Geist homes, on the water tend to hold their value because of the waterfront.

You hit the nail on the head. It is all about supply and demand. They are just not making any more waterfront homes where as in Carmel or other places anyone can clear a cornfield and put up homes. If you can afford it, waterfront anything is almost always a sound investment.

[bryan61]

My family laughed when I pointed out that Indiana is a Great Lake State. The boating and fishing opportunities appear to be very limited here in Indy

[domergurl]

There are a lot of big ponds, but the LAKE is up north.

[Southside Shrek]

I would agree with Sweetana about the Geist. There's something very special being by the lake and that's what commands a premium price.

[sanjose]

i agree that's it's huge to be on a lake... just wish the quality of water was better.