Westfield to McCordsville? (Fishers, Carmel, New Palestine: middle-class, section 8, real estate)

[DisneyEmily]

My husband and I are getting ready to sign a contract to build a home in McCordsville. He grew up in Fishers, and since being married we have lived in Fishers, Carmel, and we are currently in Westfield.

I am not familiar with the suburbs of Indy other than the ones listed above. I moved here from Ohio about 4 years ago and have not ventured out of the "north side" much.

My question is - is McCordsville safe? Do they have good schools (Mt. Vernon)? I am just trying to get some first hand information, so that we can determine if we will be happy here long term? One thing I already like is that it is not as busy or hectic as Carmel, Fishers, and Westfield......but is it getting to be that way? I noticed a LOT of new subdivisions going up....

Any info would be helpful! thanks!

[chalcedony]

Any place that is desirable will eventually become busy. 40 years ago Carmel was much like McCordsville; only 20 years ago Fishers was like it. Everyone moves out to the burbs seeking peace and quiet and a safe place to raise a family with good schools--eventually everyone has moved there and the qualities people originally sought are gone. Then they pick up and move again. The cycle continues.

It's their right, but I wouldn't harbor any illusions about McCordsville: if people like it because it's quiet and uncongested, you'd better believe it won't stay that way for long. It was barely a dot on the map 10 years ago but has really begun to take off in recent years. Schools should be good.

However, someone on here recently posted about too many homes getting built by foreclosed developers right before the bust, and then they sat vacant, or many went into foreclosure. HUD may often buy the homes and sell them back to much lower income people, taking what were once middle-class neighborhoods and making them not so middle-class. I'm only basing this on hearsay though; perhaps someone with firsthand knowledge may care to elaborate.

[Ravekid]

Originally Posted by DisneyEmily

My husband and I are getting ready to sign a contract to build a home in McCordsville.

My question is - is McCordsville safe?

For the most part, McCordsville is safe. I would seriously caution you about moving there though. I live in Buck Creek Township, the township south of where McCordsville is located. What happened to the townships (three of them) that serve Mt. Vernon schools is sad. I am calling it the Ghettoization of Hancock County. Some very important politicians ruled the county here. Their families went back generations. However, their kids, some of whom are may age, early 30s to late 30s, aren't doing the whole farming thing. As such, these people, whose farms were north of US 40, didn't care about zoning plots of land to where we could have some decent homes built on them. There is too much high density, vinyl village homes that were allowed to build in this area. Some politicians didn't care what residents thought, their life long friend was going to get a paycheck, and no member of the public was going to stop that.

The problem I am seeing, and it really does scare me, is that over the last year, I have been reading the real estate transfer section for these three counties that serve Mt. Vernon Schools. The amount of cheap foreclosures is scary. These homes are being turned over the Sec'y of HUD, who turns around and sell these $100Kish homes for $50K-$60K. The problem is that these companies have names such as "Affordable American Living" or "US Family Housing". I tried to do some research, but there isn't much I can find. My opinion is that this is a bad thing:

#1: If these companies are buying these homes for almost half of their original value, and their goal is to flip them, they likely won't be asking near the $110Kish original asking price. If they are getting what is a five year old, totally up to code home, for $50Kish, they are going to be happy making just $15K, maybe even just $10K on each home. Such a lower price is going to drive down everyone's home values. Not only that, it means lower income people might actually be able to buy the home. Some will disagree, call me names, but I know that a larger % of lower income types usually have morals and values that are in conflict with mine (ie: Education not that important, living on cradle to the grave welfare OK, teen pregnancy and births no big deal, daddy not in the picture not an issue, etc.).

#2: While #1 _might_ be bad, my #2 is the worse, and it is what I think is really happening. Instead of flipping these homes for re-sale, I think some of these companies, given their names, are Section 8 rental companies. This actually is a great investment for the owners of said companies: You get a newly built home, maybe even still with a warranty, that should be up to code since it is new construction. Not only that, I am not exactly sure how Section 8 works, but my understanding is that say HUD says the home can rent to a single mother for $650.00, then the government is going to pay 3/4ths or more of that rent. Well, the amount the government is paying will likely cover the small monthly mortgage payment if they are buying these homes for $50K to $60K/year. This appears to already be happening to vinyl village additions to the west of this area, in Hancock County. The HOAs don't seem to be doing what needs to be done. People with damaged homes _still_ have siding missing, horrible yards that need mowed, tarps on their roofs from one or two years ago, etc.. I fear this lifestyle will come to this area, and these cheap vinyl village additions are going to be affected. Understand that we have another massive ARM reset in the near future, we could see even more foreclosures coming.

Originally Posted by DisneyEmily

Do they have good schools (Mt. Vernon)? I am just trying to get some first hand information, so that we can determine if we will be happy here long term? One thing I already like is that it is not as busy or hectic as Carmel, Fishers, and Westfield......but is it getting to be that way? I noticed a LOT of new subdivisions going up....

Any info would be helpful! thanks!

The schools are good, _if_ your kid wants an education. Mt. Vernon has turned out their share of Doctors and lawyers I am sure. I know some grads who have done just well for themselves. They are a good enough high school that can give a good foundation for college, where it really counts anyways.

It is getting somewhat more busy in that area, but not too bad. The subdivisions are mostly at a stand still. The vinyl village near me built 20 or so homes, and then folded up. Another vinyl village addition built a model home, and ended up in foreclosure. They tore the foreclosure down and it sat as vacant, developed land for a while. A new company has now built two model homes, and I think they will end up in foreclosure. I hope the owners got the property dirt cheap, as I don't see many homes being built here in the near future.

If you haven't signed the contract yet, I would serious consider this. I strongly suggest you look at the New Palestine/Sugar Creek Township area. Residents there have successfully blocked the building of really cheap subdivisions. A vinyl village style home in New Pal is going to costs you at least $140K, maybe $130K with the market the way it is.

Let me know if you have any questions.

Originally Posted by chalcedony

However, someone on here recently posted about too many homes getting built by foreclosed developers right before the bust, and then they sat vacant, or many went into foreclosure. HUD may often buy the homes and sell them back to much lower income people, taking what were once middle-class neighborhoods and making them not so middle-class. I'm only basing this on hearsay though; perhaps someone with firsthand knowledge may care to elaborate.

That was likely me, and I believe that is exactly what is happening. Buy at your own risk.

[DisneyEmily]

Thank you very much for your thoughts, concerns, etc.

Ironically, I work with foreclosures on a daily basis, specifically with Sheriff Sales. So, I completely understand your concerns regarding Section 8 issues. That is something I am going to do some more research on.

Thanks for all your help!