Some of the coldest weather so far this winter here has helped to turn normal downspouts and gutters into fine art galleries instead, displaying curtains of icy sculptures like these.
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Market Watch – January 2011 edition
Posted on January 19th, 2011 by Richard. Categories: Market Conditions, Market Watch
A look back at last months residential real estate activity in the 9-county greater metropolitan Indianapolis area shows a market much like other Decembers. It’s always one of the slowest months because the weather turns much colder, and moving during the holidays is the last thing most people want to think about. Still, sales in December 2010 were about 15% less than the year before in this same month. For the year, total sales in 2010 were almost 11% less than 2009. But more than 21,500 residential sales occurred. That’s still a lot of people buying, selling and moving.
A bad market? Not really. The average sale price increased from 2009 and the average number of days on the market declined. To me this shows a stronger market that’s stabilizing. If you have been around the industry as long as I have, you know that the demand never changes much year to year. It looks like it lately I know, but people have just been holding off pulling the trigger. They still want to move, and demand keeps backing up. Pent-up demand at some point will push through no matter what and will balance out the recent lackluster years. Signs point to this being sooner rather than later.
For an in-depth look at last months activity, including analysis, real numbers, charts and graphs, take a look at the latest editing of my Market Watch Newsletter.
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Holding your breath
Posted on January 15th, 2011 by Richard. Categories: Cuisine & Restaurants, Nature
As a native Indianapolis and lifetime Indiana resident, I’m accustomed to and enjoy our climate cycles. Our weather is almost perfectly balanced. We get a bit of everything here. Winter is as long as the Summer, with Fall equal to Spring. Summer is moderately warm usually, but sometimes gets a little too hot. Temps in Winter are moderate usually, but sometimes it does get a little too cold. There’s enough of everything to appreciate the changes when they happen. January and February are the only two really consistently cold months. You just have to hold your breath for a couple months. Over before you know it. When the calendar flips over to March, then we made it…out the other side.
Backyard grilling is on hold now, and the Weber is hibernating as winter settles in. I have grilling capabilities inside but it doesn’t have quite the same taste and a lot harder to clean up afterwards, so I haven’t used that so far this Winter. Instead it’s time to get creative with the oven more than in warmer months. My favorite lately…a batch of chipotle chicken enchiladas. Pretty soon though, smoke will be rising again from ‘ol Blackie in the backyard.
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2011 Predictions
Posted on January 13th, 2011 by Richard. Categories: Market Conditions
I went to a presentation this afternoon at the Murat Theater at Old National Center called the State of Real Estate, that gave a glimpse of commercial real estate activity in our area. One of the reasons I went was that Lieutenant Governor Becky Skillman was one of the speakers. But the main reason was to get a sense of how commercial real estate had performed in 2010 and where the experts felt it was headed this year. The residential market is driven by optimism about the economy or lack thereof. And so, a window on the commercial side should help reveal the direction that the residential market will also go. The root of optimism for the residential market is simply employment. So, if the commercial world is retreating, jobs are going away. If it’s staying the same then employment will also. If it’s expanding then more jobs are coming.
The Lieutenant Governor painted a picture of a state government with financial stability and a true balanced budget. Very few states can say this now after the last few years. Our economic climate has attracted some major employers, and small businesses are holding their own or growing.
Also, the other presenters demonstrated how basic indicators such as rents, development, vacancy and absorbtion rates point to stability or growth in our local commercial real estate. The economy, which has been improving, is expected to keep doing so through 2011, with 2012 even more accelerated.
As I was leaving, I overheard someone talking to their friend saying, “It sounds real good doesn’t it. Sure hope it’s true”. All of us probably feel the same way.
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Snow squall
Posted on January 11th, 2011 by Richard. Categories: Nature
The prediction was for 2-4 inches of snow overnight…which means all the kids were hoping for 2-hour school bus delays this morning. The rest of us have to go to work at the same time no matter what happens. But early this morning, there wasn’t a whole lot on the ground. Later, it snowed so hard at times that it was hard to see through it while driving.
Usually predictions are overly stated, but maybe this time they got it about right in the end. All the snowplowing services had a good workout.
