Thanks Shooter. See you in 3 1/2 years.

Dennis Hopper has once again endeared himself to the people of Indiana with a standing ovation performance as a part of Indy's Super Bowl presentation for the 2012 game. Hopper, referring to the giant inflatable mushroom like objects that will tower over the Indy streets during Super Bowl weekend 2012, said they 'looked like something he may have have eaten during his younger years.' Mr. Hopper was the perfect example of why people buy something. They like the salesman. No doubt Colt's owner Jim Irsay scored more than a few envy points by having Hopper lead the charge in selling Indy to the NFL for the cost of a couple of game tickets to the event, just 43 months away

Huge Benefit For The City.....
No matter whether you agree or not, image is everything. Having the most watched television event in the world in your back yard will certainly add major cred to Indianapolis' reputation around the world.

True, most companies don't make decisions about their geographic futures simply by a sporting event, but it certainly won't hurt to see our city basking in the international glow of the world's eye in early February of 2012. Weather issues? That whine will emulate only from certain media outlets who pride themselves on patronizing the 19th hole and certain special female guests during SB week. The reality is that with the plan that's laid out, downtown Indy will be a Super Festival with a Saturday night party that will be successful and unique. Consider this: What if by some quirk of fate, we get one of those occasional 45-50 degree and sunny February weekends? If that would happen, it would be an absolute outdoor grand slam. People here would act like they had just gone to Florida and probably would roam the festivities in sweat shirts and flushed cheeks from the fun they would inhale downtown. No matter, you don't plan an event like this by the weather and I'm betting the party and the long term benefits will both be great no matter what. That doesn't change the fact that I still would rather not see 4 degrees and snow that weekend.

Random thoughts actually related to the real estate business....
In one snapshot we can get a pretty good summary of the housing market. In April of 2007 versus April of 2008, the eleven county metro area was off by about 24% in units of real estate sold(that's April only, not YTD). Again real estate is a micro economic medium meaning individual price points and geographies within the metro can be very different. The short version is we're off significantly from April of 2007 which was off by about 18% from April of 2006. We're bouncing along the bottom now. Look for better times in 2009 but certainly not before the presidential elections later this year.

Questions...comments...donations:
Greg@GregCooper.com or 317.848.GREG (4734)

Special quality abounds in our House of the Week

It's tough enough to sell a home in this market without any internal issues to deal with in a given property. On the rare occasion that a residence is truly right, the story is an easy one to tell. As things are today, many homes are good....few are great. Great Indiana homes ultimately are a pristine reward for their eventual new owners. The incredibly detailed and intricate craftsmanship is everywhere in this residence and at $797,900, 3969 Chadwick Drive in Carmel is a great home.

Built by Will Wright and completed 8 years ago, there is little detail or true quality left out. From the endless hand crafted wood work to the constant attention to every well thought out design element, it's difficult to find a flaw and probably would be well in excess of $900,000 to reproduce if you could find a comperable lot. With great complimentary community amenities like the
Arts and Design District,the sparkling new fifty five million dollar Monon Fitness Center and the Indiana and national award winning Carmel Clay Schools, it's an area that enjoys great quality of life.

The home is a daylight ranch with complete exposure on the lower level. It has four solid bedrooms with the potential for a fifth on the lower level. There is a grand gourmet Kitchen and Great Room combination that pulls all who enter into the center of the main level. From the double ovens to center island and into the Great Room, it's a remarkable area.

Sitting just to the right of the flat screen is the Sun room entrance, a bright and picturesque retreat that works beautifully for office or a quiet reading or relaxing area.

The main level also boasts the Master Suite with spacious sitting area and roomy, opulent bath and walk in closets. The laundry also occupies the main level and here's a rarity: The laundry actually has abundant room for appliances, folding space and an entire wall of cabinetry above a secretarial area. In today's new homes too often the laundry areas are depleted, but not here.

The lower level has bedroom space, exercise and storage with the highlight being the rec area.

Billards, theater viewing and a cozy fireplace combine with the wet bar to set the perfect entertaining location. This is a part of the home that could have great access to the rear yard, a perfectly manicured stretch that the current owner has considered a pool on and has the renderings to illustrate the possibility.

One of the unspoken high points to this home in Carolina Commons is that is sits on a remarkably convenient location. Just north of 106th and Haverstick and backed up in the neighborhood to a family estate, this marvelous residence/location package are a fantastic combination that's rarely found in today's marketplace. You can view the complete visual tour here or you can contact us directly for more information.

Greg@GregCooper.com or 317.848.GREG (4734)

I'm tired of the horse bleep.
No, really, I have lost my patience for those in my business that keep preaching roses and lollipops. The real headline in the Indianapolis real estate market is that it truly is an incredible time to buy a home.

Let me say it again. It truly is an incredible time to purchase a home.

Where I have issue with my brethren in the real estate industry is that we should stop entirely with the 'well, it's getting better' horse bleep. It is not getting better right now. It will get better eventually. It may bottom out later this year. It will begin to slowly crawl off the carpet next year. We are not in a market that suffers like Southern California, Florida, Phoenix-Scottsdale, Las Vegas and others that are losing 50% or more of their value in the last 18 months. We are in market that has lost value and units sold and STILL has huge property tax issues....most specifically Marion County.

Sit down for this one....Marion County in many places has gotten worse with the new reassessment of the new reassessment of residential property taxes. Case in point...three bedroom, one bath home in Arden on Indy's north side will be paying $4400 year this year plus the additional tax bill of about $1600 that's a 'make good' from 2007. The same home in Carmel will pay $1560 this year based on square footage. The Arden home will come down to $3100 in 2009 and $2250 in 2010 but that will do nothing to help home values for at least the next two years. The collateral damage is that the perception of tax problems will plague ALL homes in Washington Township for some time to come.

Here are the most recent numbers for April 2007 to April 2008:

Homes pended in central Indiana April 2007: 2735
Homes pended in central Indiana April 2008: 2076
Differential -23.85%

Washington Twp. Marion County Closed sales April 2007: 208
Washington Twp. Marion County Closed sales April 2008: 147
Differential: -29.4%
Average S.P. Washington Twp. Marion County 4/2007: $224,649
Average S.P. Washington Twp. Marion County 4/2008: $181,866
Differential: -$42,743

The numbers go on and on like this with only Boone and Hamilton Counties actually seeing price increases but with units sold in decline.

Be it Indianapolis real estate values, Hamilton County real estate or any of the contiguous counties, it is an incredible time to buy real estate. It will be one that we may not see again for many years on the buyer's side. It will be one that many will look back on as being one of the best investment times of their lives. That doesn't mean there isn't pain. It simply means for those who must sell, reality is a very large pill to swallow and will require difficult decisions. Failure to do so will mean a 'for sale'sign could still be in the future of those who can't make the tough decisions. It could mean that in May of 2009, that 'for sale' sign is still in front of their property. Or for some, it could and will mean worse.
Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734)

Potpurri and 'wagging the dog' in Today's New World Of Real Estate.

A random collection of Real Estate 'potpurri' is up for today's post.

Right now it's the 'Wag the Dog' Theory when it comes to the current state of the housing industry. Think about a dog chasing a car or for our purposes, the News Media and home sellers reacting to the housing market. No matter how fast the dog runs, it will never catch the car. The dog will never slow the car down. And, the dog will never bite a moving tire. What must the dog be thinking? In parallel, the media will continue to report on any and all bad news about real estate. The consumers will always react to that news. Buyers get more conservative. Sellers will slowly adjust prices accordingly in a group, never really getting ahead of their 'competitors' and never really catching or slowing down that 'car.' The media drives the market down psychogically and then the market declines only for the media to do it all again in a couple of weeks. The media (tail) wagging the dog (market).

Today, many sellers are running after the market, the same way dogs chase vehicles. What are these sellers thinking? Their home is the only castle for sale? Buyers will love the scent of their lilac bushes so much that it will temporarily cause them to forget the competition? Is it possible the smell of fresh baked bread will cause a buyer to pay yesterday's price in today's market?

In my opinion, it is imperative for a seller to price their property 10% below market in order to sell promptly and avoid being left in the long line of expired listings. It may be an election year, but it will be a long wait for the inventory levels to decrease to a balanced market. By suggesting a seller has an overpriced property, the real estate agent runs the risk of being the messenger that gets shot. Courageous agents tell the truth. Cowardly agents hope the overpriced property will generate sign or ad calls while the seller reduces the price and stigmatizes the property with additional days on the market. The next time you see a dog chasing a car, hopefully, it will remind you of the futility of chasing a declining real estate market.

Painful.... is the term I would use to describe the current level of bank owned properties. In Carmel, 271 are on the market, Lawrence Township over 600, Pike over 850 and on and on and on. Remeber every bank owned selling at .60 cents on the dollar affects the entire market.

Over night interest rates are fairly steady at 5.78% for a standard 30 year fixed. The qualifications have changed dramatically for every type of loan and are much more stringent. Check with your lender before getting too far down your buying road and make certain you have a mortage rep you can trust. Liar's poker means nothing in the lending and home buying world. They can promise you anything...delivering is another matter entirely.

Here's a novel idea........

Two very bright guys named Brian Boero and Mark Davison at 1000wattblog.com, have created a video from research they've done about the real estate climate or more specifically the real estate client. While I'm not in 100% agreement with every sentiment (I happen to think it helps that customers know I'm a real person), there is a real education to be had in this video. More to the point, I'd love to know what YOU think about the thoughts expressed in this one minute capsule. Feel free to email me....agree, disagree or digress. Greg@GregCooper.com

I am not a lead

From Mama Carolla's to Bub's. Midwest Living hits the Monon Trail.

In the May/June edition of Midwest Living, Donna Segal and her husband bike from Broad Ripple north along the 16 mile expanse of the Monon Trail and ruin my diet with Mistro Mare from Mama Carolla's,
cookies from Rene's Bakery and a full frontal view of The Big Ugly burger from Bub's, among other things. It's a wonderful piece that maps the trail from 54th street north to Main Street in Carmel where Bub's, Bazeaux and Ferrin's Fruit Winnery all sit within a short block. Touting a million Monon users a year, this is a great piece on our city and region that appears on a national scope. I think the over/under on weight gain just from reading the piece is 5 pounds.


Builder's numbers from Indianapolis continue to slide with the pace for new homes to be right at 4500 built in 2008, down 60% from the annual average just 3 years ago. Meanwhile the local housing stats are grim but with some faint flickers of light down the tunnel. Local sales of preexisting homes are off anywhere from 10%to 40% depending upon which geography you're in with some micro price points suffering more than others. The entire market is razor thin right now with there being little logic as to what sells and how. The general rule of thumb is that unique sells as long as it hits the highest demand for the market. Great houses sell in most cases. Good houses sit - unless they're priced in an incredibly aggressive manner. First time home buyers should be out in droves but they're not for several reasons. They are still hesitant because of all of the bad press and they're still uncertain because of how tight the lending standards have become in the last 60 days. The easy money of the past 15 years is gone. Right now we're essentially in a risk based lending world, with credit scores, income and down payment driving what a prospective buyer can obtain in the way of financing. The ability and experience of the Mortgage agent is EVERYTHING in the pursuit of a home purchase right now.

The day is coming when listing a home for sale will mean much more than a local MLS posting. There are multiple national platforms that are battling for that brand position and if I had to lay money down, I'd say Zillow will emerge eventually as the leader. Zillow allows anyone to post a home for sale and in some cases post a 'hypothetical' home for sale so that potential sellers can see what demand there may be for their property. Of all national real estate hits, Realtor.com still commands about 9% of the initial search hits but Zillow is growing at over 4% while Realtor.com's numbers are shrinking. Will that make all Realtors obsolete? In a word, no. The future will require Brokers to be vastly skilled in the practice of analysis and presentation rather than simply just spooning out proprietary information as has been the case in the past. Those who don't, won't surivive. Those who master these tools will flourish and be highly sought after.

Comments....questions.....donations:
Greg@GregCooper.com or 317.848.GREG (4734)