Broad Ripple Condo

Looking for a great buy in Broad Ripple? As investor’s my husband and I are always on the prowl for a great buy. A couple of weeks ago we happened to stumble upon a fabulous opportunity for buyers in Broad Ripple. I’m sharing this with you because there are more than twenty of these properties available, but I have a feeling as word gets out they won’t last long.

If the high prices of Broad Ripple have been putting a frown on your face, or you just don’t want to mow the lawn every week or rake the leaves every fall, and you anxiously wait for your IKEA catalog to come in the mail every spring, then Sycamore Woods is the place for you. This awesome new development is ideal for the first time buyer. You may remember the apartment buildings at the intersection of Kingsley Drive and 56th Street? Or maybe you never even knew there was an apartment building there! Well, these developers came up with a fantastic idea – convert them into AFFORDABLE CONDOS!

As a buyer, you get to customize the design of your unit…think: IKEA meets Pottery Barn. Each condo features new IKEA kitchen cabinets, all new hardwood laminate, ceramic tile, and carpet flooring, granite counter tops (yes, granite counters!), all new stainless steel appliances, new IKEA bathroom cabinetry, all new lighting, all new paint…oh, did I mention this is all included in your purchase price of a mere $95,000. Yes, I said only $95,000! There is a completed model that you can walk through so that you can envision exactly what your 2 bedroom, 1.25 bath condo would look like (of course colors/styles will be customized to match your personal taste.)

Sycamore Woods is nestled along Logan Lake (I bet you didn’t even know there was a lake in Broad Ripple) and it’s only a 4 block walk from Canterbury Park (the cool park with the sand volleyball court) and the Monon Trail. What I especially like about this area is that it’s tucked away in an exceptionally quiet and serene residential neighborhood (except for the occasional quacking duck on the lake). Your condo has two scenes to chose from, wooded view or lake view. There are three buildings, each building has eight condos, and each building is a separate Phase of construction. (ie Phase I, Phase II, and Phase III) Right now, only Phase I is available for sale. Once the developers have sold 75% of the units in Phase I, they will then open up Phase II for sale. However, word on the street is that Phase II will have a price increase.

If you are interested in viewing the model or would like more information about the condos, feel free to E-mail me, or contact me directly at 317-250-0129. Not ready to buy just yet? My husband and I will be renting out two of these luxuriously appointed condos, stop by my Web site for pictures and additional details.

What is a Short Sale?

Indiana’s housing market has seen better times. On a national scale, our state ranks #2 in the number of foreclosed homes. The average dollar loss on Fannie Mae and HUD homes is $36,000. Neighborhoods are slowly declining in value due to the surplus of foreclosed inventory. In fact, according to the National Association of Realtors, Indianapolis only ranks 121st in home appreciation out of 129 other metro areas on a national basis.

These statistics are a harsh reality and are now causing the banking industry to look at other alternatives to defaulted loans in high foreclosure states. One of the more common alternatives is called a PFS (Pre Foreclosure Sale) also known as a Short Sale. A Short Sale consists of a lender satisfying the loan, paid in full for an amount less than the original pay off. For example, if your mortgage is $165,000 and you cannot pay that amount, if your lender approves a Short Sale amount of $145,000 – your loan would be considered paid in full upon sale. The benefits to the homeowner, lender, and the neighborhood are considerable.

For instance, the homeowner can reduce derogatory information reported in their credit file, it avoids deficiencies, avoids a foreclosure, and they receive monetary compensation up to $1000.

For a lender, it reduces non-reimbursable costs, avoids the process of seizing a foreclosure property, reduces their dollar amount of claims that are paid, reduces interest paid, and improves their relationship with the homeowner. After all, they want you to get back on your feet one day…in hopes that they can give you another home loan.

Last but not least, the neighborhood’s value is retained and it helps stabilize the local community. Most foreclosed homes sell below market value which in turn decreases overall neighborhood values. They also tend to sit vacant for several months during the foreclosure process causing them to lack curb appeal and hinder the sale of other homes in the same neighborhood.

To qualify for a Short Sale, you must prove to your lender that you are in financial hardship. This means, you must have no desire to remain on the property and are not able to continue making monthly mortgage payments. In addition, you must be in default a minimum of two or more installments to qualify. Most importantly, you cannot have any money in either your checking or savings accounts.

Once you contact your bank to petition for a Short Sale (it usually helps to have a Realtor at this time to help you through the process) they will send you a package to determine whether you are qualified for the program. Your credit history will be run, and an appraisal will be ordered on your home, and title checked for any liens on your property. Your home must retain an appraised value of 63% or higher to be considered. If it is less, your home will go directly to foreclosure. You will also need to contact a HUD approved credit counselor to work with you through the Short Sale. Once all requirements are met and the lender approves a Short Sale, you have 90 days to sell your home through a Realtor. If your home does not sell within the 90 day time frame, the lender can proceed to foreclosure.

Remember, this is just a brief over view of a Short Sale. There is a lot of time and paper work involved.

If you decide to apply for a Short Sale, word to the wise:

1. You must remain in your home until it is SOLD – do not move out, or the lender will cancel the Short Sale and proceed to foreclosure.

2. Remain in constant contact with your lender – do not avoid their phone calls.

If you would like more information or are considering a Short Sale, feel free to contact me at 317-250-0129.

November’s Hot Picks

Now that we have watched the leaves turn, here are some other suggestions to keep you busy during…

November 9-13, Christmas Gift and Hobby Show – The time is now to start your holiday shopping! Over 400 exhibitors will be featuring everything of your hearts desire from toys, crafts, cookware, clothing, and more.
Tickets: $7 (children under 12 are free) Location: Indiana State Fairgrounds/West Pavilion, call for times Info: 317-576-9933

November 11, Veterans Day Parade – In honor of veterans, parade and memorial service and ceremony will begin at the War Memorial and will then continue with a celebration parade through downtown.
Admission: Free Location: downtown, 11:30am-1:30pm Info: 317-247-3296

November 12, Indiana Ice – I figure if I am going to pay homage to all the other sports, I must also recognize Indiana’s hockey team. Even though we don’t have a NHL team, we do have probably one of hockey’s most hard working groups of individuals – USHL. These determined young men have their goals set in hopes of one day making pro’s. First game is against Green Bay.
Tickets: $9-$15 Location: Pepsi Coliseum/Indiana State Fairgrounds, 7pm
Info: 317-925-4423

November (now through to the 13th), The Crucible – Written by one of America’s greatest writers, Arthur Miller tells a tale of horror and suspense set in 1692 Salem, Massachusetts during the witchcraft trials. A great play to bring teens to as it is normally a required high school reading topic.
Tickets: $15-$24 Location: Marian Hall Auditorium/Marian College, check for times
Info: 317-923-4597

November 18, Nintendo Fusion Tour– If your kids just don’t seem to get enough video games at home, or if you’re just a kid at heart and enjoy the post-punk fusion bands such as Fall Out Boy, The Starting Line, Motion City Soundtrack, Boys Night Out and Panic! At the Disco; then this is the ticket for you.
Tickets: $20 Location: Murat Center, 6:30pm Info: 317-239-5151

November 19, Elton John – On tour with his new album, Peachtree Road, tickets will most likely go fast. I only wonder how many costume changes he will have…that might be worth the ticket itself. This is sure to be a wonderful concert with many crowd pleasing songs as well as many of his new collaborations.
Tickets: $37-$77 Location: Conceso Fieldhouse, 8pm Info: 317-239-5151

November 25, Circle of Lights – The holidays in Indianapolis truly begin once the Monument is lit! This will mark its 43rd year and now attracts more than 100,000 spectators. Over 4,700 lights drape the Soldiers and Sailors Monument. Live entertainment will be included during the celebration.
Admission: Free Location: Monument Circle, lighting approx. 7:50pm Info: 317-237-222