I was wondering what people think of the long term investment potential for condo's in Lockerbie. specifically the old glove factory on N Park

Asked by scott.richardson, Indianapolis, IN Sat Dec 15, 2012

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Julie Barnett, Agent, Lebanon, IN
Fri Jan 4, 2013
I agree with Matt, as with any property, the longer you live in it, the better return you will realize on the investment, but when you actually live in the 'investment,' you also get the benefit of the savings from living there and getting the tax benefits and your possible 'hedge on inflation.' The old mindset of 'flipping' homes or buying a home and selling it for a big profit a year or two later are all over. I think that Lockerbie is a great downtown area and you would most likely enjoy living there. Buying a condo there for a long-term investment would most likely be a prudent thing to do, but as we found out in 2008, there are no guarantees in anything - especially real estate - and how well you maintain your property will also make a difference in its 'sale-ability' in the future.
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Chris Muska, Agent, Indianapolis, IN
Sat Dec 15, 2012
Hi Scott, depends on your intended use and timeline. I always tell my clients to look at purchasing such a condo as a lifestyle choice, not an investment. Bottom line, unless you're paying cash, real estate is just a highly leverage relatively risky investment vehicle - unless your intent is to live in it long term. For some reason people forgot that and we all know how that ended. If you are looking to buy distressed property and rent for investment purposes, experience and homework is required. Generally buying a condo at market rate and renting is not a good investment. Call me if you have more questions or thoughts. I know of a few people that are very familiar and owned in that building. Chris. 361-5535.
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