Help me pick a neighborhood (Indianapolis, Lawrence: real estate, renting, condo)

[rkleem]

I've been an Indianapolis native my entire life. I've been in Dallas and Louisville for the last 3 years. I then decided to move my practice back to Indianapolis. I'm 25 and just trying to figure which area I'd prefer. I'm currently renting in So-Bro 53rd and Ralston. Here's the areas I'm looking at....
1. So-Bro 2. Garfield Park (inside park)
3. Fletcher Place/Fountain Square 4. Downtown Beech Grove area.
5. Holy Cross area. 6. Sacred Heart Area (South Meridian)

Basically my budget is 110,000. I'm also buying a condo in the Tampa Area. I'll work from my home so that's not an issue. I'm looking for a walkable area that will prosper the most over the next 10 years or so. I'm somewhat familiar with all the areas, but wanted to hear what others had to say. Thank you.

[Ravekid]

Originally Posted by rkleem

I've been an Indianapolis native my entire life. I've been in Dallas and Louisville for the last 3 years. I then decided to move my practice back to Indianapolis. I'm 25 and just trying to figure which area I'd prefer. I'm currently renting in So-Bro 53rd and Ralston. Here's the areas I'm looking at....
1. So-Bro 2. Garfield Park (inside park)
3. Fletcher Place/Fountain Square 4. Downtown Beech Grove area.
5. Holy Cross area. 6. Sacred Heart Area (South Meridian)

Basically my budget is 110,000. I'm also buying a condo in the Tampa Area. I'll work from my home so that's not an issue. I'm looking for a walkable area that will prosper the most over the next 10 years or so. I'm somewhat familiar with all the areas, but wanted to hear what others had to say. Thank you.

Out of all those areas, I think Broad Ripple is the only one that will "prosper" over the next 10 years. If gas goes to $7+/gallon, and stays there, then I can see a massive influx of the producer population into the city centers, while the consumer (welfare) populations get pushed into the burbs (they don't have to worry about gas to drive to work). As such, all those areas could "prosper." If gas/energy prices don't force the producer class back into the city center, I think those areas (except Broad Ripple) might actually get worse.

[sweetana3]

For easy access to a lot of stuff, Broad Ripple has it over the others.

Lots of grocery stores, entertainment, doctors/dentists, bakeries, stores of all kinds, etc. are all really in walking distance.

The others are mostly closer to downtown but do not have the family commercial properties to the extent that Broad Ripple does. Having Meridian Kessler, Butler Tarkington, Arden, etc. areas near to BR, will add to its stability.

The others are improving the housing stock, but the commercial still lags.

All that said, you will need to buy a fixerupper in SoBR to live there. $110,000 wont get you much and you will be farther and farther south.

[Toxic Toast]

Originally Posted by Ravekid

I think those areas (except Broad Ripple) might actually get worse.

I am going to respectfully disagree. Fletcher Place is a very stable neighborhood. Fountain Square, while still somewhat gritty, has improved a lot in recent years. Fountain Square is somewhat walkable; but lags well behind Broad Ripple and downtown. Holy Cross has cleaned up and is now a stable area. I don't think any of these areas are going to suddenly start declining in the next 10 years.

Garfield Park-South has a very involved neighborhood association and is certainly not on the decline. The same for the neighborhood north of the park and west of Shelby; though not as much as GP-South. Garfield Park is not a very walkable area. You have CVS and Safeway at Shelby and Raymond; and Dinner Bell near Shelby and Yoke; but that is about it. It is a rather car dependent area.

Sacred Heart........... they're trying. Coupled with efforts in Bates-Hendricks; the near southside is really trying to get in shape. Time will tell if that actually occurs.

[rkleem]

I quess my choices really should be between fletcher place/fountain square and the So-Bro area. I have looked at the MlS a lot though and you can certainly find remodeled homes around 49th to 52nd street for well under 110K. I don't think most people realize how dire the real estate situation is though. I am a bit priced out of the holy cross and cottage home area.

Really if the uptown development goes through at 49th and College that would almost be a deal maker for me, however I don't think it will. Also Fountain Square might be really great in 10 years and I'm afraid of missing out on it while it's cheap.

Toxic Toast how is the area immediately west of the arts center/police station? The one that abuts interstate 65.

Thank you.

[Toxic Toast]

Originally Posted by rkleem

Toxic Toast how is the area immediately west of the arts center/police station? The one that abuts interstate 65.

In appearance, those couple of blocks are not much different than the rest of the neighborhood. Some rehabs, some poorly maintained longtime residents, a couple of empties. The views of the skyline above the freeway on Leonard are not as good as when you get north of Prospect.

Through much of Fountain Square, streets where most of the houses have been rehabbed, there are still often a couple of houses that are falling apart. On my block, the last empty/boarded up house is going through a rehab now.

[Michelle Morris]

I sold a really cute little rehabbed house in Fountain Square, and I've had people ask me about buying houses there really cheap so they can fix them up and sell them. It seems like a cute little area. I also really like Broad Ripple's walkability though.

[chalcedony]

Agree with Toxic Toast completely. I think all of the neighborhoods listed by the OP only stand to improve--the question is how quickly. The only ones that will be slower in their revival are Sacred Heart and Bates Hendricks. The others will be a smart buy, particularly Fountain Square, which is poised to gentrify greatly in upcoming years.

Ravekid's speculation is compelling, but my guess is the "consumer" class will continue to move to the inner-ring suburban areas so that they will only get worse. If the yuppies continue to head toward downtown, the "consumer" class will never be able to afford it; areas like Wholesale DIstrict, Lockerbie Square, and Chatham Arch are completely out of their league. Even somewhat sketchy neighborhoods like Herron-Morton and Woodruff Place still have many homes starting at a quarter of a million (others going for half a million), so these places are poised to force out the remaining poor before too long, if that's your kind of thing.

Conversely, areas like 38th and Post have yet to bottom out, whereas the near East Side, with a lot more architectural character and urban hipness, is likely to appeal to a certain demographic. The area south of Lawrence, or Eagledale, or Mars Hill in Decatur Township, is not likely to appeal to anyone but those who can't afford to live anywhere else.

[Ravekid]

Originally Posted by chalcedony

Ravekid's speculation is compelling, but my guess is the "consumer" class will continue to move to the inner-ring suburban areas so that they will only get worse. If the yuppies continue to head toward downtown, the "consumer" class will never be able to afford it; areas like Wholesale DIstrict, Lockerbie Square, and Chatham Arch are completely out of their league. Even somewhat sketchy neighborhoods like Herron-Morton and Woodruff Place still have many homes starting at a quarter of a million (others going for half a million), so these places are poised to force out the remaining poor before too long, if that's your kind of thing.

What drives me nuts is that state bailout of these rich yuppies. They move into these areas, knowing the school district (IPS) serves a much higher % of poor students than others, then complain when their property taxes went sky high. So they complain and protest, only to have the state tax taxes from everyone in all 92 counties to bailout IPS, and a lesser extent the poor serving schools in the other larger cities in Indiana. With the tax caps, not really an issue anymore, but many others are being used to bailout a handful of school districts throughout the state.

I personally don't see these areas growing at all. There are only so many people that can afford $250K homes, and everyone I know who has kids has fled to the burbs for better public schools (because private schools cost so much). Crime is still bad in the center city area. Yea, homicides are down..big deal, every time I watch the news another person has been shot it seems. The problem with crime is that we don't usually separate, that I know of, victims who are totally unattached vs those that are related (ie: Two drug dealers where the deal turns bad vs someone getting carjacked, held up on the street, etc..).

[Naptowner]

There's nothing at all "walkable" about the So-Bro neighborhoods that might (emphasis on MIGHT) be in the OP's price range of less than $110,000.00. I mean, you can walk, but for that money you'll be at least several blocks east of College, probably much closer to 49th than 52nd.