Home Buying in Carmel>Question Details

P, Home Buyer in Carmel, IN

Is Cherry Creek Estate a nice neighborhood?

Asked by P, Carmel, IN Sun Jan 4, 2009

We will be moving to Indianapolis. Is Cherry Creek Estate a nice neighborhood? I noticed the surrounding developments are cheaper. Do you think Pulte is willing to negotiate a better price? It will be nice if Pulte can lower the price a bit and throw in some free upgrades, like a finished basement or a deck, maybe even both?

Help the community by answering this question:


Hi V. Johnson.

You are right. Cherry Creek owners have lost equity since 2005.
Let's see the stats available from MIBOR:
Home prices apprx $290k - $516k
2005...44 sold...@ $144psf
2006...35 sold...@ $143psf
2007...28 sold...@ $140psf
2008...29 sold...@ $137psf

About Mr. Rogers comments:
1. Delaware Trace is a nice neighborhood. Home prices apprx: $ 385,000 - $ 1,200,000
If you have more to spend for a home, by all means check it out.
2005...16 sold...@ $153psf
2006...21 sold...@ $129psf
2007...7 sold....@ $153psf
2008...8 sold...@ $113psf ($134 when I remove the murder house) Sales and values dropping
2. Moffit Farm Home prices $750's - more and less
Another neighborhood in a whole different price point. 1 listed and nothing is selling there right now.
3. Plum Creek Prices range from $170,000 - 445,000 (lots of vinyl in low areas) value stable
2005...38 sold...@ $103psf
2006...44 sold...@ $102psf
2007...30 sold...@ $106 psf
2008...40 sold...@ $104 psf
4. Avian Glen 339,000 - $445,000 approx, bigger lots, older neighborhood, Bigger drop in value
2005...29 sold...@ $128psf
2006...20 sold...@$126psf
2007...21 sold...@$127psf
2008...15 sold...@ $117psf

Pulte hopes buyers march in and offer list. Some buyers demand discounts and get them when the
builder needs the cash flow. Pulte is in the same position as most builders - they need to stimulate sales. That's why Pulte went to this new pricing. They may still accept a lower offer V., especially as the end of the first half nears. Builders are like every other business - they are cash driven. When times are good, pricing is higher. When they need cash, they drop prices. However, don't be fooled into paying much more than you intended to buy a home in a pricier neighborhood, unless you can afford it and prefer it because of amenities, etc.
1. With Pulte in mind: I checked on 14099 Salmon. Your friend really did get a deal. However, anyone can
walk through the door now and buy a home that was priced at $422k a few months ago for $355k now.
I generally say, drop the offer 10% to find out where the bottom is. But Pulte has already dropped all the
extra negotiating room out of their pricing. But they are having a special this weekend.
2. Pulte doesn't scatter build, leaving empty lots peppered throughout an area. However, there is one lot
suitable for a single story located in a completed area and there is a new Buckingham spec located between
finished homes, pond and trees in back, 5/4full, $420k.

The economy will come back and values will stabilize and grow again. And People like newer homes.

In the meantime,Putle is offering a great deal this week end - no they're not talking about dropping price.
They're dropping Interest Rates to 3.99% - 30 yr fixed. That means your payments on a $420k home will be the same as payments on a $360k home at the higher rate.

Shop the areas, shop the deals with a knowledgeable Realtor every time. I hope you call me.
If you'd like to shop Pulte and the other communities this weekend, I'd be happy to take you.
If you find that you prefer Cherry Creek, jump on this 3.99% offer, or if you've got the time, wait till they really need cash. Why sit around waiting and watching others get all the good deals. Why not get in on the good deals yourself?
My Regards, Marita Topmiller

3 votes Thank Flag Link Fri Feb 20, 2009
I’m also interested in Cherry Creek. I agree with Mr. Rogers that those who bought a house in this community have lost a lot of equity since 2005. I have two friends who live in this community, one in Osage and one in Tanana. They are angry about Pulte’s current marketing. I will buy the house in this community if the price is right. I have questions for all of real estate professionals in here.
1. What is the reasonable offer in this downturn economy? Last year, 14099 Salmon Dr. was sold at $355,500 with Pulte’s asking price of $422,090. However, some houses were sold very close to the list price.
2. I don’t want to buy current work area, Mississnewa or Red Cedar Way. The roads will be very busy in near future. When do they build in Pecos Drive or inside the neighborhood?
0 votes Thank Flag Link Fri Feb 20, 2009
Way to go, Joe! Thanks. I thought K copied his comments from the brochure.
I came close enough, having just spoken to a sales' rep. there.

Joe raises two VERY important points.
1. Full disclosure of interests, bias and potential gain need to be made.
2. An agent working under exclusive contract cannot help a buyer comparison
shop price, quality, location, amenities, etc. (This is what I assume you meant
by "has NO duty to protect the interests of home buyers.")

What does this mean to you, P, assuming you are still following this discussion?
An agent working as a builder's employee isn't working for you, but rather his boss.

To Kevin, it's admirable that you want to help your wife. My husband likes to tell people that,
"My wife is not a Carmel Realtor, but The Carmel Realtor." You see, even in speech and in
jest, he is making his affiliation to me known. I assume the car analogy is one you picked
up from your wife. And had we known of your affiliation, we would have understood the
puffery you used in your article and why you used it.

Back to P: Comparison shopping is a big job and best done with a licensed Realtor who
is loyal to you. I suggest you get off the fence and pick a knowledgeable Realtor with whom
you want to work, if you haven't already. You'll rest assured in the knowledge that your family
is getting the best information and the best service. And yes, I am a licensed Realtor.
My Regards.
0 votes Thank Flag Link Mon Feb 16, 2009
What a fine endorsement from K Heinrich, home owner! Thank you!
0 votes Thank Flag Link Sat Feb 14, 2009
As a resident in Cherry Creek I would like to chime in on my two sense...Cherry Creek is a fabulous neighborhood to live in. It offers the top rated schools, shopping, restaurants and a family atmoshphere that you sometimes lose when you jump into custom neighborhoods. Pulte is not willing to negociate on price or options as of January 1st of the this year- they went to what's called "true pricing". Which means that they have adjusted their pricing to be EXTREMELY competitive when comparing homes in Carmel that offer the SAME features. There are cheaper neighborhoods that don't have the same square footage, or gourmet kitchens, 3" Oak flooring, granite, full basements, 3 car side load garages...you get more then your money's worth at Cherry Creek but if you don't want those features then by all means check out the other neighborhoods. Many people want this location, address, and features but they also want that at a stripped down competitors price-you can't purchase a Mercedes at an Infiniti price- people will try to say they are the same car but they aren't. Pulte offers the best customer service, warranties, and with housing going "Green" offer a 5-star energy package on each and every home. Price is only a part of the package- the most important decision with any home is the total bottom line VALUE. Pulte Homes has been in business for over 50 years and they are not going anywhere. Don't trust anyones word for it come and check out the community and see for yourself!

K. Heinrich
Carmel, IN.
0 votes Thank Flag Link Sat Feb 14, 2009
There are several new communities available in Carmel. Take a look at this rare remaining building site, just listed in The Village Farms (Westfield/Washington School System). This property is in the newest section, surrounded by beautiful homes, with the flexibility of choosing your own builder. Residents love all the activities, pool, lighted tennis, playgrounds, trails, and lake. Very active HOA, with extremely reasonable annual fee ($425). Rare opportunity of fantastic lot, community with flexibility for builder. Send me an email or phone if you should have any questions about this or any other communities in Carmel, Westfield, Fishers.
Web Reference: http://557WorthCT.com
0 votes Thank Flag Link Wed Jan 28, 2009
I live in a neighborhood close to this neighborhood. The area is great. This neighborhood is over priced. You can get a custom home in a nicer neighborhood with better resale for the same price. Also they don't mix the Ranch homes with the 2 story homes and they all look the same. I recommend looking in the more custom neighborhoods in and around the area. Delaware Trace, Moffit Farms, Plum Creek, or Avian Glenn will provide you a nicer more custom home for the money. Also Pulte and all national builders builder are slashing prices like crazy. People who bought a home in this community have lost a lot of equity with all the give-a ways. If Pulte leaves this market they will slash prices and you will be in the same boat. If you want to speak with someone who has lived in this area for 5 years (My Kids go to Prairie Trace Elem), worked with all area builders, and been in the business for 12 years, please give me a call. I will tell it to you straight so that you get a great deal, give me a call. I would love to help.

Bud Rogers, Director of Sales | Baldwin Brothers, Inc. | 16095 Prosperity Drive, Suite 600 | Noblesville, IN 46060
(317) 698-3171, Direct | (800) 913-0071 Toll Free | (888) 867-5388 Fax
bud@thebaldwinbrothers.com | http://www.thebaldwinbrothers.com | http://www.homehq.com
0 votes Thank Flag Link Mon Jan 5, 2009
Cherry Creek Estate is a very desirable neighborhood, and is located near great shopping, restaurants and parks. Cherry Creek is also in a fantastic school district (Carmel/Clay).

I suggest that all of my buyers review a current CMA of each neighborhood that they are interested in. It is important that you see what the neighborhood is doing at this time as well as how the neighborhood has done in the previous years. With interest rates coming down, buyers will buy and the market should see an improvement.

As far as negotiating with Pulte, or with any builder, all prices and upgrades are negotiable. The current market has builders in particular much more cooperative when negotiating items that will help sell their home. Working with a Realtor that you feel comfortable with is extremely important and vital when buying a home with a builder. Realtor's know what to ask for and how to ask. Having a middle person help you negotiate is very smart and also expected by most builders. Builders plan on buyers having a Realtor and the commission that your Realtor will receive has already been considered by the builder and should not effect the price that you pay for your home.

I have lived in Carmel for 12 years and I am very familiar with desirable neighborhoods in Carmel. I would love the opportunity to talk and meet with you personally to introduce myself and share my experience with you. I enjoy working with buyers and builders and work hard to achieve my clients goals. Please feel free to contact me directly at 317-339-6097.

Thank you,

Tina Smith
Keller Williams Realty
11711 N. Meridian Street Suite 100
Carmel, In 46032
0 votes Thank Flag Link Sun Jan 4, 2009
Hi P, Cherry Creek Estate is a nice neighborhood. Pulte Homes are great homes. They were the first to offer design elements that have since become very popular.
Pulte used to run incentives, but they have recently changed all that. They took all the fluff out of their
pricing to give you great value and you can use your own financing company. So, get the Pulte price, shop
it around - you'll probably go back ot Pulte - and they don't even pay me to say that. But let me give you a
real world example of what I'm talking about: Their Buckingham Showcase Model with a finished basement
(they'll have one done in April) used to be priced at $481,000 and some change. Now it is priced at $434,00 - with the finished basement! Can you get a great home at a great price - yeh. At $434,000 they are throwing in the finished basement. Let's look at some other models that may cost less and get you the finished basement and the deck. Call me, P and we'll go out to Cherry Creek and pick out all the elements you need to have a wonderful home. I am also happy to help you compare other areas, builders, pricing. I live in Carmel. I can be there in 15 min if you desire. Marita 513-4652 or marita@maritatopmiller.com
0 votes Thank Flag Link Sun Jan 4, 2009
I've shown quite a few houses in that neighborhood and talked to the people that live in there and I do think Cherry Creek Estates is a great neighborhood. The location is wonderful and it is close to everything you need and as you probably already know, it is part of a great school system. If I were you, I would talk to Pulte (or have a real estate agent negotiate for you) and see what you could work out. In today's market, I'm sure that be happy to have you.
0 votes Thank Flag Link Sun Jan 4, 2009

Great question. By most accounts, Cherry Creek Estates is a popular neighborhood. Close to a lot of amenities like shopping and entertainment and supported by top-performing schools, it has proven to be a good seller. Resale prices have been a bit flat over the last 18 months or so, but I expect that trend will end soon as the neighborhood finishes out.

Regarding promotions, Pulte routinely offers packages that might appeal to you, though I encourage you to work with an agent you trust in order to help assess the TRUE MARKET VALUE of upgrades and add-ons.

For example, the builder might offer a "free" finished basement. It costs the builder very little to finish a basement - relative to the overall price of the house. If you determine that the value of that finished basement is $15,000 but the house is OVERPRICED by $15,000, what have you actually saved? In fact, most "promotions" by builders are ways for them to help maintain their bottom line margins and are items or upgrades that have a very insignificant cost to them to add.

I have assisted numerous clients in the purchase of new construction homes and would be happy to discuss your particular wants and needs at a time that's convenient for you. Please feel free to call or email any time.

Best of everything in 2009.

Joe Shoemaker
Principal Broker
MacDuff Realty Group
317 413.8501
0 votes Thank Flag Link Sun Jan 4, 2009
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