What is the outlook for our local 2016 real estate market? As an agent, I don’t have a crystal ball, but I do have numbers and studies of market experts providing indicators to make our best guess of the direction of the local real estate market for this year.
Last year was more of a Seller’s Market — meaning the demand for homes was usually higher than the inventory of homes for sale. We move into 2016 with the same low inventory and this results in multiple offers on lots of the homes in some areas and the final sales prices being closer to or above asking price.
It was not and is not an all out Seller’s Market, Seller’s cannot name their price, remember, a home’s value is determined by what someone will pay for it – listing a $200,000 home for $300,000 will not get you $300,000, even with low inventory. With the tightening of federal regulations, lenders being pickier and appraisers being closely scrutinized, the likelihood of a repeat of past history is not there.
The Federal Reserve has not raised the cost of borrowing in nine years. The economy is picking up and experts predict they are likely to begin gradually raising the interest rates. Most agree that sometime in the first quarter of 2016, we will see the increase start. Rates are still at historic lows at the moment so buying now is a smart move if you are on the fence…and you should call me to do it!
Still renting? It is actually cheaper to buy than rent in most areas of the country including ours. Rental rates are increasing at a fast rate. Concerned about your credit score? Have limited funds? or just afraid to find out? You’ll never know until you try, I have several lender partners that I am happy to have you talk to…remember, all discovered is confidential and they will not share your financial information, but are always happy to help you create a plan to work through the issues and get you ready to buy a home! . Wouldn’t you love to stop throwing money away on rent?
After 10 to 15 years of a wild ride in the real estate market, analysts are predicting that “normal” is returning slowly but surely. Distressed (bank owned, shortsales, forclosure) property sales are finally dropping instead of being a huge part of the housing market. New construction is on the rise again and home prices are rising at at a more normal rate.
2016 should be another busy year in the Indianapolis market. If you have been thinking of buying or selling, now is the time to do it. Take advantage of the lower interest rates if you are a buyer. Sellers jump in the market while inventory is still low. Just let me know what I can do to help!
For those who enjoy an occasional visit to one of the local casinos, ever wonder what we did BEFORE they were local? I admit, I enjoy an hour or two gambling occasionally, but I work really hard for my money and a few bucks now and again for entertainment purposes is fine for me, I play penny slots and have had some luck, but ever notice the people playing the $1 or $5 machines? Where do they get their money? Does central Indiana need another casino? Would love to hear your thoughts on the case…here are the highlights, for the entire report, click here for the full report from wthr.com reported on August 17…
A Las Vegas company wants to buy up 135 acres of land near the Indianapolis airport to build a casino, “high-end creative retail” and more. Full House Resorts on Monday announced its proposal to build “American Place” in response to the Indianapolis International Airport’s “Land Use Initiative.” If selected, it would be built on the land along I-465 & High School Road, near where the previous airport terminal was located.
It would include:
Approximately 700,000 square feet of high-end creative retail space
25-villa boutique hotel designed to offer the most luxurious accommodations in the Midwest
ice skating and a European Christmas market in the winter
landscaped gardens and forests in the summer
Central square surrounded by a unique fountain and 3-D imaging experience
Multi-purpose conference and performance center
Multiplex movie theater
Small, high-end casino
Large health club offering local memberships
The project would cost $650 million, representing one of the largest privately funded construction projects in Indiana history, according to Full House Resorts. They estimate it would then generate $85 million per year in state and local revenues when complete. Full House claims an independent third-party study found “American Place” would also create 4,000 permanent jobs and attract 10-15 million visitors annually. American Place would be anchored, both physically and financially, by a small casino comprising less than 5 percent of the project’s total square footage.
What do you think? Do we need another casino? Even as part of a “lifestyle” center? Would love to hear your thoughts!
As a Realtor, I have seen their rehab work and followed their business…imagine my surprise a couple of weeks ago while watching HGTV and seeing them and Indy with the pilot for their show! Apparently the world likes them too as they have been signed to a 10 episode deal!
For those unfamiliar, Two Chicks and a Hammer is a mother-daughter house renovation team based in Fountain Square. HGTV just signed them to a deal for a series that will follow Mina Starsiak and Karen E. Laine as they transform homes in Indianapolis.
A High Noon Entertainment talent scout found the team while searching for another company on Facebook, and after a long interview process, High Noon shot a pilot last fall. “Two Chicks and a Hammer,” debuted May 4 on HGTV. The first episode of the new series is scheduled to air in early 2016…read the Indianapolis Star article here: Two Chicks and a Hammer.
Congrats to these ladies for being recognized…we’re all rooting for you!
…when you are in a left turn lane…turn left! Do not go straight and run the drivers going straight off the road!
…when you are turning right and there are 2 lanes of traffic turning left that have the light…don’t try to “beat” the first one coming at you! It just ticks us off!
…when it is evening, but not quite dark, but there is no sun…turn your lights on! Last night at about 4:30 on my way home, I needed to change lanes on a city street and thankfully caught a glimpse of a car to my right just before I would have pulled into him…dark gray day…dark gray car…no lights…really thankful I didn’t hit him!
…it snowed a bit last night, city streets weren’t horrible this morning, but they weren’t dry…drive accordingly. Even the interstates weren’t in great shape, hence the huge backups around town.
…the “slow” or right lane on the city streets or the interstate is not the passing lane – if we are in that lane and driving the speed limit or slower if the road conditions warrant it, GET OFF MY A**! Your lack of planning to have enough time to arrive at your destination is not my problem, but it could get you injured or killed if you don’t slow down!
…Emerson Avenue runs North/South through the city and from 10th street to Kessler is a 4 lane road…THE SPEED LIMIT IS 40 MPH and there are a couple of SCHOOL ZONES…please at least drive the speed limit and slow down for the school zones!
Rant over and “let’s be careful out there” everyone, remember, getting somewhere quickly is not worth your life!
…that Indianapolis has a thriving live theatre community? It can be anything from the Broadway Series to local actors/actresses in local productions and the list of 2015 productions is amazing! We have so many options in Indy, large to small…
Clowes Hall at Butler is always a great place to see a play, this year hosting Joseph and the Amazing Technicolor Dreamcoat, Beauty and the Beast and for those of us of a certain age…Dirty Dancing!
One of my favorite productions every year is the University of Indianapolis Dinner Theatre – always entertaining, my friends and I have been going for years! This year’s performance is the female version of The Odd Couple! I expect that the food will be good, the production excellent and the company even better. UIndy hosts a number of productions throughout the year, I’ve seen several and never been disappointed.
For more information about all of these productions and venues, click the links within the post or visit Indy Arts Guide or Indianapolis Theatre for more information…I’ll be checking out some of them…will you?
Have you ever heard of “float therapy” Indy got it’s first float therapy center on the Westside in November and I understand that Irvington will be getting one early in 2015. As a resident of Irvington, I’m excited and intrigued by this new business!
What is it you ask? Well…the Better Being Float Center offers the experience of near-total sensory deprivation and from what I’ve read, once you’ve done it, nothing compares. Shiny white fiberglass Float Pods are filled with approximately 10 inches of water and about 900 pounds of dissolved Epsom salts, the saltwater environment makes it difficult for germs to live in the water, but the tanks and water are cleaned and sanitized in between uses with hydrogen peroxide, UV, ozone, and filters.
Before you get into the float pod, a shower is required, and it’s recommended to apply petroleum jelly (provided) to any cuts or scrapes because salt can sting. For that same reason, it’s recommended to not shave prior to a float. Earplugs are provided to prevent water from entering the ears and an iPod dock is available to pipe music through speakers inside the pod. There are also controls to adjust sound and the light inside. The lights outside the pod are on a motion sensor, turning off shortly after one settles in the pod and back on upon exiting.
What does one wear to a “float” ? Sure you can wear a swimsuit, but since the room is completely private and locked, why not go au natural!
Again, I haven’t experienced this…yet, but I hear that getting into the tank is like getting into a shallow bathtub and the temperature of the water adjusts, along with the air inside the tank, to match your body’s internal temperature. You simply step into the tub, pull the lid closed, lay down and, well, float.
I’m a little concerned about claustrophobia and I would guess that I’m not the only one! If it’s an issue, you can leave the lid open or open it whenever you want! The pods are designed to make a smooth and pleasant experience. They also recommend avoiding caffeine, nicotine and heavy meals prior to a float session.
The sessions are 90 minutes and $59, in addition to the relaxation for mind and body that floatation therapy offers, there are reported physical benefits including recovery from workouts and injuries, and provides relief from Fibromyalgia, arthritis, joint and back pain.
Try it and decide you like it? Float tanks are sold for residential use. Royal Spa sells commercial and residential float tanks, including economy tanks and float rooms made in Indiana. Prices start at $6,950 for an economy tank and range up to $11,000 for a custom float room set-up. Want to try it? Visit the Better Being Float Center at 3065 Salt Lake Road on Indy’s Westside and watch for news of a location in Irvington early next year!
There are benefits to buying a home at the end of the year, plus what a great Christmas gift to yourself!
Summer may be our busy season, but winter offers great opportunities for buying a house, especially for renters looking to become homeowners, growing families trading up to larger houses and baby boomers seeking homes to fit their evolving lifestyles. The housing choices during December are less than in the spring, but market-wise, but if that fits your timeline, you could luck out. The benefits to buying a house at the end of the year are fairly extensive:
1. Tax savings – If you close by December 31, you can deduct mortgage interest, property taxes, points on your loan and interest costs. These deductions can be significant, especially in the early years of your loan when you’re paying off a lot of interest.
2. Motivated sellers – Many sellers want to enjoy tax savings on the next home they purchase. They may accept lower bids in order to meet Uncle Sam’s deadlines. However, if you’re in a strong seller’s market, you’ll want to be conservative and heed advice from a real estate professional, like me!
3. Builder incentives – there are a number of Indianapolis builders who have “inventory” or “spec” homes that are available now and empty! As the builders move to close out their year, they may offer upgrades or little extras to sell houses before the calendar turns.
4. Available movers – Many moving companies are booked six weeks or more in advance during the busy summer months, in the winter, it’s normally easier to find a moving company or rental equipment on shorter notice.
5. Paying toward something you own – If you’re renting, your monthly check goes toward something that will last you a month: You’ll never see any return on that money. When you buy a house, your monthly mortgage payment goes toward an investment—and ultimately a roof that’s yours.
6. Consistent payments – Landlords will likely increase your rent every year, once you buy a home, you can rely on consistent payments if you have a fixed-rate loan, the only fluctuation you might see is if your homeowners insurance or property taxes go up or down!
7. Freedom to renovate – Update your kitchen, paint your home’s exterior neon orange, change your fixtures or replace your flooring; whatever inspires you, no one can tell you, “No!”
8. Gaining equity – In the beginning, most of your payment goes toward interest. But gradually more will go toward paying off your principal, meaning you build up equity—or savings—in your home. Another factor in equity is appreciation: As home values rise, so does your rate of equity!
So who do you know that I can help Turn their dreams into an address…?
I know I’ve posted about things to do during the Holiday’s in Indy, but here are a few more that look like a lot of fun!
The historic Lilly House — on the IMA grounds — will twinkle with holiday decorations inspired by the 1930s and 1940s. Amongst the trees, wreaths and greenery, visitors can see ornaments typical of Depression-era frugality and wartime shortages, as well as the exuberance of the post-war era.
2. Festival of Trees – Indiana History Center, 450 W. Ohio St., (317) 232-1882, indianahistory.org, Nov. 22 to Jan. 3.
The Indiana History Center’s annual holiday festival features an exhibition of historical photographs with a holiday theme. Visitors can also experience a winter wonderland of 25 holiday trees, decorated with themes such as “Home for the Holidays” and “Santa’s Workshop.” Other activities include holiday film screenings, kid-friendly crafts and adult painting classes.
3. Jingle Rails: The Great Western Adventure – Eiteljorg Museum of American Indians and Western Art, 500 W. Washington St., (317) 636-9378, eiteljorg.org, Nov. 22-Jan. 19.
Now in its fifth year, Jingle Rails is a wonderland of model trains, which chug along nearly 1,200 feet of track. They go through tunnels, over bridges and trestles, and past scale models of national landmarks, such as Mount Rushmore and the Grand Canyon. The display also includes local landmarks like Lucas Oil Stadium and Union Station — all decorated for the holidays. Still searching for that perfect holiday gift? Don’t miss the museum’s Winter Market (10 a.m. to 5 p.m. Dec. 6), featuring handmade goods from more than 30 local artists.
Choose from a variety of pop-up art classes, ranging from $20 to $60. Several focus on making glass ornaments, such as snowmen and glass balls. Others guide students through making holiday jewelry or crocheted wire snowflakes. Some classes are family-friendly, while others are perfect for a December date night.
During Jolly Days, the Children’s Museum transforms its staircase into a two-story slide, surrounded by festive holiday décor. Children can “ice skate” in the sock-skating rink and try indoor versions of winter activities like ice fishing. Come Nov. 28 to see Santa arrive in style — not in a sled, but in a race car. The museum also offers several opportunities to breakfast with Santa.
6. Celebration Crossing – Indiana State Museum, 650 W. Washington St., (317) 232-1637,indianamuseum.org, Nov. 28-Dec. 31.
Santa and Mrs. Claus will arrive by helicopter Nov. 28 to open the Indiana State Museum’s annual holiday extravaganza. While children make crafts and ride the Santa Claus Express train, parents can explore re-created L.S. Ayres holiday window displays. Other activities include breakfast with Santa, tea parties in the historic L.S. Ayres Tea Room, and live music from local bands and choirs.
7. Christmas at the Zoo – Indianapolis Zoo, 1200 W. Washington St., (317) 630-2001,indianapoliszoo.com, Nov. 28 to Jan. 4.
Back in 1967, the Indianapolis Zoo was the first zoo in the country to hold a holiday lights event, and it’s still going strong in its 47th year. Check out the vibrant holiday displays as you visit the animals — especially ones such seals, polar bears and red pandas that enjoy the cold weather. Visit Santa’s workshop in White River Gardens, enjoy carols performed by local school choirs, sample holiday refreshments, and go on a scavenger hunt for hidden mistletoe throughout the grounds.
Conner Prairie bustles with activity during the holiday season. Families can sign Holiday Adventures — a series of festive daytime activities and crafts in 1836 Prairietown. At night, return for Conner Prairie by Candlelight. The family-friendly Prairietown tour features costumed interpreters, who discuss the history of various holiday traditions. Amid the holiday hustle and bustle, it’s a peaceful, low-tech way to reconnect with the holiday spirit. Afterward, check out Gingerbread Village, featuring dozens of amateur and professional gingerbread creations.
9. Holiday Hullabaloo – Indianapolis Museum of Art, 4000 Michigan Road, (317) 923-1331,imamuseum.org, 5 to 9 p.m. Dec. 4.
The IMA will offer discounted shopping, as well as live music, free gift-wrapping and refreshments. Watch pottery demonstrations by artist Mary Firestone and preview the new collection from Patricia Locke Handmade Jewelry. Stop by the Jane H. Fortune Gallery to see Paul Gauguin’s “Christmas Night (The Blessing of the Oxen),” one of several artworks with a holiday theme.
Now in its 29th year at Hilbert Circle Theatre, “Yuletide Celebration” features traditions such as tap-dancing Santas and a reading of “Twas the Night before Christmas.” This year, kids will go crazy for tunes from Disney’s “Frozen,” such as “Let It Go” and “Do You Want to Build a Snowman?” The concert also includes a medley of holiday pop hits, such as Mariah Carey’s “All I Want for Christmas Is You.”
11. INDIEana Handicraft Exchange’s Holiday Mini – Harrison Center for the Arts, 1505 N. Delaware St.,indieanahandicraftexchange.com, 5-10 p.m. Dec. 5.
Your favorite summer craft fair is back for the holidays, featuring more than 45 vendors of handmade, artisan goods. Check out gift items from Boris Loved Natasha, 1337motif, Get Lathered Soap Company, Growler Girls and several jewelry artisans. You can also pick up gourmet goodies from vendors such as 240sweet, Chocolate for the Spirit, Newfangled Confections and Sage’s Simple Syrups.
12. Stutz Artists Association’s Holiday Open Studios and Exhibition – Stutz Business Center, 212 W. 10th St., (317) 292-3200, stutzartists.com, 5 to 10 p.m. Dec. 5
More than 25 Stutz artists will offer holiday gift items such as paintings, metal sculptures and jewelry. Also, check out the walls of the Raymond James Stutz Art Gallery, which will be decked out with artwork from more than 90 Stutz artists.
13. Tiny III: A Really Big Group Show – Gallery 924, 924 N. Pennsylvania St., (317) 631-3301, indyarts.org/gallery-924, Dec. 5 to Jan. 2.
Gallery 924’s third annual holiday show features hundreds of tiny artworks from dozens of Central Indiana artists. It’s an affordable way to start an art collection — or find a unique holiday gift. The show opens Dec. 5 in conjunction with the IDADA First Friday Art Tour.
14. Indiana Wind Symphony: “Holiday Dreams” – The Palladium at the Center for the Performing Arts, 1 Center Green, Carmel; (317) 843-3800; TheCenterPresents.org, 7:30 p.m. Dec. 6.
Join the Indiana Wind Symphony for its “Holiday Dreams” performance, featuring beloved tunes such as “It’s the Most Wonderful Time” and “White Christmas.” There’s a “Silent Night” sing-along, as well as classical selections from “The Nutcracker” and Handel’s “Messiah.” Tickets range from $5 to $40.
Other Palladium holiday events include the Carmel Symphony Orchestra’s “Holidays!” performance (Dec. 13) and the Indianapolis Symphonic Choir’s “Festival of Carols” (Dec. 20-21).
15. Rocky Ripple Holiday Bazaar – Rocky Ripple Town Hall, 930 W. 54th St., rockyripple.org, 10 a.m. to 3 p.m. Dec. 6.
Rocky Ripple’s 15th annual holiday festival benefits arts programs within the Rocky Ripple Parks Endowment Fund. The schedule includes live music, food vendors and a variety of local artist exhibitors, such as painters, sculptors, woodworkers and jewelry artisans.
This hip pop-up shopping party features more than 120 local vendors, including food artisans, jewelers, visual artists and vintage shops. Enjoy the live music or grab a snack from a nearby food truck, such as Spice Box or Scratchtruck. Beer and wine vendors include New Day Craft, Fountain Square Brewing Co., Sun King Brewing Co. and more.
17.Jordan College of the Arts: “Rejoice!” – Clowes Hall, 4602 Sunset Ave., (317) 940-6444, cloweshall.org, 7:30 p.m. Dec. 12-13.
This annual concert features your favorite holiday music performed by student ensembles from Butler’s Jordan College of the Arts. If you’re seeing the university’s annual “Nutcracker” ballet performance at Clowes Hall, Dec. 4-7, this is a perfect follow-up to keep the holiday spirit alive.
18. “White Christmas” – The Palladium at the Center for the Performing Arts, 1 Center Green, Carmel; (317) 843-3800; TheCenterPresents.org, 2 and 7:30 p.m. Dec. 12.
As part of the Great American Songbook Film Series, the Palladium at the Center for the Performing Arts will screen “White Christmas.” The 1954 classic stars Bing Crosby, Danny Kaye and Rosemary Clooney. Admission is $10.
19. Indianapolis Chamber Orchestra: “Messiah” Sing-Along – Indiana Landmarks Center, 1201 Central Ave., (317) 940-9607, icomusic.org, 7:30 p.m. Dec. 13.
Several ensembles are performing Handel’s “Messiah” this holiday season, but only the Indianapolis Chamber Orchestra offers a sing-along version. Conducted by maestro Kirk Trevor in his farewell season, the performance features four renowned vocal soloists — plus plenty of opportunities for audience participation.
For a more traditional version of Handel’s “Messiah,” pick up tickets to the ICO’s performance on Dec. 14, in conjunction with the Tabernacle Presbyterian Church Sanctuary Choir.
20. Indianapolis Symphony Orchestra: “Classical Christmas” – Howard L. Schrott Center for the Arts of Butler University, 610 W. 46th St., (317) 639-4300, indianapolissymphony.org, 5:30 p.m. Dec. 13.
The ISO is known for its extravagant “Yuletide Celebration” (Dec. 5-23). But if you’re looking for a more intimate experience, check out “Classical Christmas.” The performance will be conducted by Raymond Leppard at the cozy Howard L. Schrott Center for the Arts. Tickets are $45.
21.Indianapolis Children’s Choir: “Angels Sing” – St. Luke’s United Methodist Church, 100 W. 86th St., (317) 940-9640,icchoir.org, 7 p.m. Dec. 19 to 20.
You’ve probably seen a televised version of the Indianapolis Children’s Choir’s annual “Angels Sing” performance. This year, why not see the real thing? The concert features the ICC’s elite choirs, such as the Indianapolis Youth Chorale and Bel Canto. If you want to see the younger singers, check out the “Celebrate the Season” performance, 12:30 p.m. Dec. 20, also at St. Luke’s.
Indiana’s favorite a cappella ensemble, Straight No Chaser, returns to Indianapolis for four performances at Old National Centre — just in time for Christmas. Keep your fingers crossed for hilarious hits like “The 12 Days of Christmas” and “The Christmas Can-Can,” as well as more traditional holiday favorites.
Yes, it’s that time of year again…what fun things can you find to do for the season? This is from the Visit Indy website:
Indianapolis is a city of tradition and the holiday season is no exception. Join 100,000 spectators on Monument Circle as we flip the switch on the Circle of Lights for the 52nd time. Or be a part of a new tradition and see the Simon Skjodt International Orangutan Center glowing in holiday colors for the very first time.
From old to new, here are few of our favorite holiday attractions and traditions.
Indianapolis Museum of Art, November 15 – January 4, 2015
Christmas at the Lilly House on the grounds of the Indianapolis Museum of Art uses the American country house setting to explore the decorative ideas of the 1930s and 1940s. Explore this piece of history and witness nearly a century of holiday tradition firsthand.
Jingle Rails at the Eiteljorg Museum of American Indians and Western Art is a journey to the Great American West – the real West and the West of the imagination. With over 1,200 feet of railroad, watch seven trains wind past the local treasures of downtown Indianapolis, including the Eiteljorg Museum, Monument Circle, Union Station, and Lucas Oil Stadium, as well as historical sites, including Mt. Rushmore, the Grand Canyon, Yosemite Falls, and Old Faithful.
The Children’s Museum of Indianapolis, November 22 – January 4, 2015
Jolly Days Winter Wonderland is a holiday treat for the whole family at The Children’s Museum of Indianapolis. Complete with an indoor “ice skating” rink for children to skate in their socks, an ice fishing area, and a holiday train, this is an unbeatable family tradition. Mark you calendar – on November 29, Santa will arrive Indy style in a Dallara IndyCar!
Circle of Lights is the world’s largest Christmas tree, complete with nearly 5,000 lights and 52 garland strands streaming from Indy’s beloved 242-foot tall Soldiers and Sailors Monument. This tree has been named by Travelocity as one of the top five must-see Christmas trees in the nation.
Celebration Crossing at the Indiana State Museum invites you to learn about holiday traditions, both longstanding and new. Visitors can ride the Santa Claus Express, visit with Santa and get their photo taken, and participate in holiday- and winter-themed activities on all levels of the museum.
Christmas at the Zoo is a wintertime extravaganza everyone will enjoy. Stop by the Indianapolis Zoo for its annual light spectacular, and experience one of the nation’s top 10 zoos in a whole new way as hundreds of thousands of sparkling lights delight and inspire. Soaring 150 feet above the Skjodt International Orangutan Center, you’ll be able to spot the Beacon of Hope glowing in holiday colors from miles away.
Conner Prairie Interactive History Park, November 28 – January 4, 2015
Outdoor Holiday Adventure at Conner Prairie will take you on a winter adventure through Prairietown as you enjoy the holidays the 1830s way! Meet a variety of characters in their homes as they prepare for the holidays. Discover what holiday treats, games, and gifts were offered and even what pranks were played more than 175 years ago.
From the Indy Star last week…amazing, the property taxes annually are more than most people’s first home price!
Asherwood, the lavish Carmel estate where Mel and Bren Simon and their family lived for many years, is for sale for $25 million.
The seven-bedroom, 51,000-square-foot house sits on 106 acres that includes two swimming pools, tennis courts and a private 18-hole golf course, according to www.mibor.com.
Like to be outside? The lot also includes a clubhouse, greenhouse, pool house, and guest house among other maintenance buildings.
Prefer the indoors? There’s one indoor pool, an expansive workout room, home theater and caterer-ready professional kitchen in the home where presidents have been wined and dined.
The property tax on the estate is $54,654 semi-annually, according to the website of the listing Realtor Natasha Radovich with Carpenter.
The home also includes six fireplaces, eight full bathrooms and 16 half-baths.
It is the most expensive residential property on the market here in recent years, said Claire Belby, a spokeswoman for the Metropolitan Indianapolis Board of Realtors, or MIBOR.
Since 2000, 72 properties have been listed for $10 million or more. But only four of those have been residential; the majority were for commercial land or agricultural properties.
Simon and his first wife, Bess, bought the Asherwood home and property in 1973. Automotive engineer Louis H. Schwitzer built the original estate.
Over time, Simon and his second wife, Bren, expanded the home, adding on a 10,000-square-foot addition that included a 4,000-square-foot master bedroom wing.
But in 1998 they had to rebuild after a fire, thought to have started when a candle lit fabric-covered walls in one of the bedrooms, left much of the house uninhabitable.
Mel Simon, co-owner of the Pacers and co-founder of Simon Property Group, died in 2009.
The sale of Asherwood comes after the end of three years’ of litigation over his $1 billion estate, which ultimately was settled out-of-court.
Deborah Simon had alleged her stepmother coerced her father into changing his will so that Bren Simon received a much larger portion of the estate.
Mel and Bren Simon had multiple homes. She sold a New York condo soon after his death. In 2010, she listed their 20,000-square-foot mansion in Los Angeles’s Bel-Air neighborhood for $50 million.
The price was steep even for Bel-Air. She lowered the listing to $29 million in 2012 and delisted the property in 2013.
Estate properties can be a hard sell. Lucas Oil co-founder Forrest Lucas bought Stephen Hilbert’s estate at auction for $3 million in 2010 after it languished for five 5 years on the market.
Built for $35 million, the 25,000-square-foot house with its 15,000-square-foot sports pavilion, swimming pools and infinity waterfall, pool house and opulent grounds, originally was listed for $20 million. The property listing dropped to under $10 million over time, but finally went to auction when no buyers stepped forward.
Don’t feel like you can spend $25 mil? Let’s talk about your budget and see what we can find that’s a little more reasonable!