Indianapolis - Downtown Boom Hits Herron-Morton Neighborhood

[Matthew Schroeder]

Dear BP Members,

FYI.  Indianapolis often receives a lot of negative feedback on BP.  And, Center township in particular is often shunned outright by many investors and locals.  For those in the know & the ability to "peel back the onion", there are immense potential opportunities!

Question:  If someone told you that there was brand new construction, within walking/biking distance of downtown, for a list price of $1.3 million, would you believe it?  More importantly, would you consider that a sign of a declining area or an area that is growing?

In terms of neighborhoods, Fountain Square gets a lot of attention.  Bates-Hendricks is up & coming.  Meridian-Kessler & Butler Tarkington are established.  Holy Cross is revitalizing.  And while Herron-Morton does not get a lot of press outside of local circles, it is definitely an impressive neighborhood.  If you don't believe it, do a simple property search on your favorite online real estate site & check out the architecture (and prices) of some of the new builds - they are impressive!

Here is an article from the most recent Indianapolis Business Journal on the developments in the Herron-Morton neighborhood.

Downtown Boom Hits Herron-Morton

[Josh C.]

That blows my mind. Last summer one went for 600k and that was the highest I'd ever seen. 1.3M is ridiculous. I highly doubt there will be too many at that price point, but that's good for everybody who owns in that neighborhood. Like me. :)