Home Buying in Carmel>Question Details

Kevin, Home Buyer in Michigan

Is new home construction selling well in Carmel Indiana? The builders seem to price way above market.

Asked by Kevin, Michigan Mon Jul 9, 2007

We found typical home sales in our price range at around $200 per square foot, but builders were asking $235 and up.

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We have noticed that several builders will now negotiate price where not so long ago they were very fixed on their prices. There are also some custom builders who have lost their homes because they have set on the market so long without selling. So it depends on where you are looking and what price range as to the price we can negotiate. If you would like to find out more about which builders we have been successful negotiating with you can contact me at davidallen@remax.net.
0 votes Thank Flag Link Sat May 10, 2008
The land in Carmel has gone up quite a bit in the last several years. The builders costs have also risen. It is getting very expensive for a builder to produce the same product he did 3 years ago when the appreciation on homes has leveled. Their costs are still rising but the appreciation on homes is not. What they priced a year a go and started to build will not pull that dollar amount any more. Builders who once did not negotiate on the sale of their home are now flexible in their price. I also can pull up their inventory and find out how many homes under construction they have. This too will affect how motivated they are. I am very good at negotiating on the sale of a home!
0 votes Thank Flag Link Wed Apr 23, 2008
Hi Kevin! In your price range, you are looking at a custom builder. If you are building from scratch, you will not get nearly the deal that you could receive w/ building a spec home -- or a home 1-3 years old. New construction in Carmel is down & a new build is the highest cost/sq. ft. that you would venture into.

With all the bargains here in the spec market & the 1-3 year old homes, I'd check out existing first & see if anything strikes your fancy.

How are things in Michigan? Have you sold your home? Let me know your plans & I can zip you a relocation packet or schedule a community tour upon your next visit.

Kristie Smith
Relocation Director
ERA Real Estate Links
Web Reference: http://www.IndyHomes.com
0 votes Thank Flag Link Wed Mar 12, 2008
The $235 and up is indeed a very custom home, you can get a very nice home in Zionsville in an exclusive area for less then $175/sq.ft.
Most builders actually have had quite a lot of specials, but those have dried up some since the new year. There was such good deals out there in December I ended up buying a new home that was discounted well below what it appraised at, I have not seen those type of deals in over 10 years. Now that we are in the new year and new home builders don't have inventory to get off their books for end of year accounting, the deals have slowed down, but you can still find good deals.

I work with many new home builders, both for investors from out of state, as well as local buyers, I can usually get you a better deal then you would get going into a new home builder on your home.
0 votes Thank Flag Link Tue Feb 12, 2008
It seems to depend on the community at least as much as it does the builder. For instance, the dual-zoned townhomes (L for commercial/ U for living quarters) in the Arts & Design District have been selling rapidly (Gunstra Builders). Although some communities seem to ask for many $ per sq. ft., they offer incentives which counterbalance it.
Web Reference: http://LolaMcIntyre.com/
0 votes Thank Flag Link Sat Feb 2, 2008

At that price per square foot you must be looking at very high end custom construction. Indianapolis is currently one of the least expensive housing market of the major cities in the US. As an example last summer I had a client looking at a Pulte Home in Carmel that was priced at $400,000. His wife was in Detroit and he wanted her to see a model there. The Pulte rep and I did find the same home in a Detroit suburb but it was priced at $500,000. The builders in general are very aggressive at present . They want to unload inventory so you should be able to get a good buy at any price point.
0 votes Thank Flag Link Mon Nov 19, 2007
Kevin,Beazer Homes just pulled out of there,and here in Ohio,new builds are reduced quite a bit.You should be able to get a decent price,seems high sqft price to me,I'd have to know more info.good hunting.

0 votes Thank Flag Link Sun Sep 9, 2007
Are you looking at spec homes or building? If it is a spec home depending on the builder, time of year, neighborhood and other factors you can negoitate the price down. Newer homes will bring a premium.
Debra Wilson
Web Reference: http://www.debrasrealty.com
0 votes Thank Flag Link Sun Aug 5, 2007
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