Renovating Gary.... (Merrillville, Hobart, Crown Point: rental, hotels, new home)

[midwest1]

A great article about the rapidly expanding movement to renovate homes in Gary. Every neighborhood of the city is seeing increased numbers of homes being saved/renovated.


https://chicagocrusader.com/cast-dow...ket-where-you-are-renovating/

[midwest1]

Here is just one example ...this is not Miller Beach...

https://www.redfin.com/IN/Gary/449-E...home/132333621

[midwest1]

Here is a listing in Miller Beach....near 400,000

https://www.redfin.com/IN/Gary/7641-...home/132388007

[midwest1]

Another non-Miller renovation. The whole city of Gary is seeing such investment....


https://www.redfin.com/IN/Gary/3540-...mpaign=1038276

[midwest1]

And another

https://www.redfin.com/IN/Gary/1125-...home/133634537

The numbers of homes getting renovated is rapidly increasing. It is only a matter of time before Gary's population will stabilize and begin to grow

I'd wager a bet that 2030's census numbers for Gary will be rather surprising for many.

[Dr. Blish]

Originally Posted by midwest1

And another

https://www.redfin.com/IN/Gary/1125-...home/133634537

The numbers of homes getting renovated is rapidly increasing. It is only a matter of time before Gary's population will stabilize and begin to grow

I'd wager a bet that 2030's census numbers for Gary will be rather surprising for many.

While the renovation does look nice, a basic non-historic home like that should have just been demolished and replaced with a more modern property built on site. $200k for a home like that in Gary is insane considering it’s awkward layout. If Gary is going to turn around, the only ones moving there to make it happen at this point will be childless younger millennials looking for a decent starter place.

[midwest1]

Originally Posted by Dr. Blish

While the renovation does look nice, a basic non-historic home like that should have just been demolished and replaced with a more modern property built on site. $200k for a home like that in Gary is insane considering it’s awkward layout. If Gary is going to turn around, the only ones moving there to make it happen at this point will be childless younger millennials looking for a decent starter place.

Remember taxes are capped at 1% in Indiana, and there are 8,000,000 people taxed to death 20 miles west. That's why you are seeing this rapid increase in investment all through Gary. It's not like Gary is Flint or Youngstown...it is part of a global metropolis....

Best beaches too.

Not sure if you read the article yet n the opening post, but the huge success of the Hard Rock Casino on 80/94 at Burr in Gary is spurring many renovations, as there are no hotels near the casino, although there is a plan to add a hotel.

Gary is rapidly getting it's **** together. So glad I invested 10 years ago!

[midwest1]

Aetna...the small neighborhood to the south of Miller is seeing a lot of reinvestment. Here's an example...walking distance to the brand new Miller Station/Lake Street.

https://www.realtor.com/realestatean...3_M41697-25206

[Northwest Indiana]

1. Regarding the first article about Wayne Young, I was glad to see he kept the family home. I am also glad that he sees the feasibility of the long-term investment plan of the short-term rental business because for that home, that type of investment will pay off way better than selling it as-is would have. Also, he could recoup the investment from renovations much quicker and then decide to sell if he wants to (which does not sound like it, thankfully). I know many people from Gary who either they or a family member inherited a home from parents or grandparents just for them to sell it for pennies on the dollar or worse, lose it to a tax sale. Some of those properties are still in derelict condition even with a new owner and I explained to some of them that people--often from out of state--bought the properties and will hold onto them by barely paying the taxes. I also know folks who still own the homes they inherited but either do not have the funds to renovate or they are too afraid to invest because they grew up seeing the neighborhood get torn up and do not believe it is ready yet to invest. However, other folks--often outsiders with deeper pockets--are able to see the light at the end of the tunnel which leads to my next comment...

2. Since the pandemic, there has been a significant increase in the amount of renovated homes in Gary that have sold for record prices in those immediate neighborhoods. It is great that renovations have occurred but just like anywhere, some projects were done much better than others. Some you could tell they really wanted to preserve the look of whatever period the home was originally built and others were just quick jobs to make a quick buck from the unsuspecting buyer. Unfortunately, the vast majority of the renovated homes were purchased by folks local to Gary or the immediate area and are making someone from outside the area richer. While there were some local investors, in Gary, they are outnumbered by larger institutional investors often from out-of-state. It would be so great if there were more "Wayne Young" folks but sadly Gary is not there...yet! I love that there are folks from Gary that have been able to find their dream renovated home in Gary without feeling the need to move to Merrillville, Crown Point, or Hobart; however, sometimes what comes to mind is "I just wish they would have been able to renovate the homes themselves and enjoy it without making an outside investor rich". Still a net positive to have the homes occupied though. While Illinois has its tax issues, the vast majority of the folks that were homeowners with high property taxes in Illinois--especially in the suburbs--are not seeing Gary as a destination for a new homestead especially if they have school-aged children. They still see it as a risky investment and are more likely going to take the safer route and invest in west/south Lake County or Porter County.

3. Gary just kicked off a neighborhood stabilization movement in Aetna: Gary tears down blighted homes in Aetna

This is what needs to continue to happen. The old way of just demolishing a few houses in each neighborhood seemed to be the most equitable on paper; however, Gary needs to continue to operate on the mantra of "perception can be greater than reality". If people perceive Gary to be undergoing a massive redevelopment in one specific neighborhood, I think that it would encourage folks to look at Gary as a whole as a place to invest in the future because it is easier to see progress when a whole neighborhood is revitalized as opposed to just a few homes across each neighborhood at a time. On this same note, the Washington Manor subdivision--a redevelopment started in 2001 that saw only 27 of the 32 lots developed has now been reenergized to see the remaining lots completed hopefully soon. The Broadway Area CDC owns the land. This can only help of course, but the city has a long way to go overall and addressing blight neighborhood at a time while somewhat unpopular--because some folks will have to wait longer than others--I truly believe will help the city prosper moving forward.

[midwest1]

Excellent post NWI. I am excited to see continued progress in the city. And sadly, I agree that many locals have really missed the boat on the potential upside in Gary. Too many refuse to see either the progress or the ridiculous potential inherent in a place like Gary.