Thinking of buying home in Greenwood area (Indianapolis, Bloomington: renting, mortgage)

[danton.bryans]

Hey all,

So here's the situation:
Wife and I are currently renting in south Indy and looking for "starter" homes in the area in the $75-125k range. We're planning on being around here for the next 5-10 years, paying off the mortgage, and then selling; so resale and stability of the area are our most important criteria. To that effect, Center Grove schools area seems like the best option for price/resale potential; however, we've not extremely well-versed in the rest of the areas around Indy (which is where I was hoping to crowdsource some info from you fine folks).

The only other limitation besides resale factors (i.e., safe area, relatively stable, and good shopping/schools/family area) would be distance to downtown, as I'll be working downtown starting in August. We'd prefer to stay within about 40 minutes of downtown, so down to say Franklin would be fine, but Bloomington would be way too far (Martinsville really is about max distance, and we'd prefer much closer... and less Martinsville-y).

In sum:

• Decent likelihood of maintaining resale value
• Less than 40 min from downtown Indy
• Safe
• Good schools
• Not incredibly expensive (i.e., could get decent a 3 bed, 2 bad for $125k or less)

Does CG seem like the best choice for our search? Are there any up-and-coming areas that we might want to look at (besides Fountain Square)?

Thanks much!

[MaxLMG]

I had a few coworkers commute from Martinsville, and in the morning it will be a decent commute in regular weather. Toss in ince and snow and Martinsville commute might be very difficult in the wintertime depending on how extreme the weather gets....I wouldn't put 1hr+ each way out of the question. I had a coworker live in Greenwood, and for him it was about a 25 minute commute. He took Madison Ave going on. Avoid US 31 both in the morning and in the evening. It is bumper to bumper and the traffic is bad, esp when you get near the south exit.

Greenwood isn't a bad area, and they have a lot decent homes that are fairly new for reasonable cost. My coworker bought a house built in 2007 starter for $80k and in a decent neighborhood. The Greenwood Park Mall and a lot of shopping centers are all off 31. It's a nice shopping strip.

I also worked in downtown, and I'd suggest you try not to get too far outside of Indianapolis. Greenwood is fine, but I wouldn't go much further in terms of distance. The winter time can bring harsh weather and living too far out can make getting into work downtown with even just regular snow can add considerable time to your morning commute.

[KristinTomyn]

I am a Realtor and might be able to help point you in the right direction with resources etc. Yes Fountain Square and Irvington as well are great areas that are typically good for resale because there is diversity of homes. But with that uniqueness comes a price and you won't get nearly as much for your money. Overall Greenwood, Franklin areas provide good access to freeways, downtown and plenty of shopping. Let me know if I can help in any way.
Kristin
[email]ktomyn@c21scheetz.com[/email] ; 317-430-5558

[danton.bryans]

Thanks for the replies!

MaxLMG: That's good real-world info to know. After three years of commuting between Indy and Bloomington for classes (my better half is at UIndy), I have definitely seen the cluster that is 37 during snow and ice; I think one time it took 2.5 hours to make it back up to Indy this year, so I can imagine the Indy morning rush will be just as painful.

Kristin: We'll probably start looking around for real in November or December of this year, which is when we're scheduled to have a recheck with our tentative mortgage originator (Austin Smith at Stonegate). We'll keep you in mind when we're looking around for realtors to set up searches for us!

An additional question that I've heard/read as of late: People seem to think that property values on the northern part of Greenwood are dropping, for one reason or another. I've specifically been told to look south of Smith Valley. Would you consider this an accurate depiction of the current trend (i.e., try for a bit further south to keep value more stable)?

Thanks!