There is now an opportunity to reach out to buyers anywhere in the world.  Our community borders have just opened.  Carmel and Fishers properties can be presented to qualified buyers through personal introduction in most places around the globe.  I utilize a new, structured real estate international marketing system linking the power and efficiency of worldwide professional agents who specialize in their respective areas to promote a property from our area.

The core of the concept is that your local professional has a common goal and business agreement with like-minded, United States and International agents to sell a Carmel or Fishers property.  This group of real estate agents is committed to introduce a Carmel property to their best clients.  There are more opportunities to sell a local property through a process that provides a personal introduction from a trusted advisor. 

We are able to package the city of Carmel along with the property showing our new cultural opportunities here such as the Performing Arts Center and Arts & Design District to promote the city along with the property.  There are not many places around that offer the quality of life at such a low price.  We have an incredibly inexpensive cost of living and unbelievably low property values compared to many other states and countries.   

One recent investor client from the Far East described to me that land values in her country as ten times higher than ours.  These, and many other investors are looking to purchase here for a great value.  A powerful package of the city along with the impact of relatively low property cost through a quality personal invitation opens more buyers to sell a luxury home, residential investment, or commercial property.  The process of linking outside buyers with local sellers generates increased activity in pockets where the market is soft.  More buyers is exactly what the sellers tell us we need right now.  This international system stimulates buyer activity and sales.

Nearly $1.2 billion in upgrades were approved by the Carmel Redevelopment Commission for the Regional Performing Arts Center.  These upgrades  were debated among the commissioners prior to the vote. 

The center was originally estimated to cost $90 million which would be paid through an $80 million bond plus interest.  The center is currently under construction and will include a 1,600 seat concert hall and a 500 seat theater.

Director of Redevelopment, Les Olds, said as the project evolved, a new budget of about $118.5 million was created for the concert hall alone. 

The five member commission approved $407,125 to upgrade the auditorium floor to wood, which would improve the acoustics in the concert hall.  This approval took place in a special meeting Thursday evening. 

Rick Sharp, a commission member, said his support for upgrades would end there.  He stated, “I have been a willing participant in adding features that we need to ensure the acoustical success of the hall, I will not vote for any other upgrades and find it difficult to understand how anyone can.”

Four upgrades were not approved due to lack of support.  One of these upgrades was esthetical improvements such as more intricate borders along walls. 

However, five other upgrades were approved including $612,650 for stone flooring in the main lobby, $72,328 for improvements to the auditorium walls, $19,456 for upgrades to the multi-use room, $80,079 for improvements to the donor amenity room, and $4,900 for stone flooring in the elevators.  Rick Sharp voted against all of them.

Approximately $116.9 million of the $118.5 budget has been spent or contracted out.  According to Olds, the remaining amount was for any upgrades the commissioners approved.  If any of the budget remained after approved upgrades were figured in, the budget would go down. 

However, according to Sharp, the upgrades were not part of the latest budget.  Ron Carter, commission president, said that the approved upgrades added an additional 1 percent to the budget as he understood.  Sharp said, “this was outside of the scope of $118. It this was part of the $118 million budget, that wasn’t clear”.

Tax increment financing funds will make up the additional $45 million needed for the project.  Mayor Jim Brainard continues his efforts to raise funds for the project. 

The additional $45 million needed for the project will come from tax increment financing funds while Mayor Jim Brainard continues his fundraising effort for the project. Contractors will pay for equipment for the project and the city will lease those items, paying contractors back in installments in a type of rent-to-own agreement.

Source:  Melanie D. Hayes, IndyStar.com

The press has pushed many stories about my favorite subject over the past year.  Despite what you may have heard about home sales, many homes were sold in Carmel in 2008.  The quantity of sold homes was reduced from previous years by about 18%, but comparatively speaking, Carmel again proved to be one of the best places in the state to own a home. 

According to the Metropolitan Indianapolis Board of Realtors, 2008 Carmel sales data, 1276 listed properties were sold in a 28,000 household area.  Nearly 5 percent of all Carmel Clay properties exchanged hands.  These sales numbers were 326 properties below the prior year total.  This fact is not insignificant, but hardly worth major concern.  

Overall, I believe that the state of Carmel real estate is sound.  I don’t expect any major changes to sales figures locally in 2009 compared to 2008.  The quantity of Carmel home sales seem to be effected more over the previous 6 months in specific segments in the 150K to 450K, and over 650K price ranges.  Basically, there was a more significant drop in selling activity compared to the same period the prior year in these price ranges.  New construction supply will stabilize this year due to the fact that most builders now require a buyer contract and have pulled back from building speculative homes. 

In 2008, with the flood of nationwide defaults and fraud cases, banks tightened up their loan procedures and property evaluation practices.  Undoubtedly, this tightening of loaned funds has an effect on home sales, but is necessary to reduce the rate of foreclosure.  Those with good credit and proven job history will have no issue with financing.  The mortgage rates hover near 5 percent for 30 year fixed loans, which had improved as the year progressed and will continue to help spur sales in 2009.

Home sellers must know all of the property inventory that you are competing with not only at the initial time of listing, but ongoing so that you can make swift adjustments to position their home at a great value.  What you paid for the property really has no relevance.  Buyers are looking for the best value for the money and they have many options to choose from and are armed with daily updates as to what is on the market.

Higher inventory levels make it increasingly important to get advice from your real estate professional.  Paying attention to the details will make you more money.  Staging and decorating is moving from a luxury to a necessity.  Sellers are so close to their homes that they often don’t see what improvements will help them more positively present the home.  Bring in a professional for paint colors, furniture placement, and even furniture rental to provide the emotional appeal.  First impressions are incredibly important even more so due to the abundance of choices.  One less month on the market and one less mortgage payment will pay for it.  

Please send an email to John@JohnPacilio.com if you would like to know more details about your specific property.  Happy selling in 2009, Carmel is a great place to live and a great place to sell a home.

Helios Gifts & Tea Room in Carmel’s Art & Design District will close at the end of the business day Saturday January 10th and reopen in early March.

Helios is closing to allow owner Kathy Kraft, Carmel, time to recuperate from a recent illness.

“We appreciate the continued support of our many loyal customers and apologize for any inconvenience resulting from our temporary closing,” Kraft said.

Helios has been located at 220 E. Main St. since 1986.

Source:  IndyStar.com

Carmel High School Football will play Center Grove for the Class 5A State Championship title.  The game takes place this Saturday, November 29^th at 7:05 p.m. at Lucas Oil Stadium. 

Their first meeting with Center Grove earlier this year resulted in a 33-32 victory for Carmel in the final minute.  Both teams finished with a 6-1 record in the Metropolitan Interscholastic Conference.  Ben Davis was Carmel’s only loss.

For more information, click here.

Fishers and Carmel will have their community tree lightings this Saturday, the weekend before Thanksgiving.

Fishers:  6:30 to 8.p.m. Saturday. Town Hall, 1 Municipal Drive. Includes costumed Dickens carolers, music from the Fishers High School choirs and cookies and punch. Free. (317) 578-0700 or www.fisherschamber.com.

Carmel:  4:30 to 6:30.p.m. Saturday. 1 Civic Square. Lighting of the Giving Tree and holiday lights is at dusk or approximately 5:45 p.m. Jugglers, carolers, balloon artists, reindeer and other North Pole animals. Holiday entertainment provided by Clay Middle School Choir, Carmel Symphony Orchestra Brass Quintet and Central Indiana Dance Ensemble. Refreshments provided by the CFD Auxiliary. First 400 children will receive goody bags. In event of rain, held at the Carmel Fire Department Headquarters Fire Bay. Bring unwrapped gifts, no plush toys, for the Gazebo Giving Tree. Free. (317) 571-2400.

Source:  IndyStar.com

Carmel Mayor Jim Brainard spoke to the largest crowd ever gathered for a State of the City address last week.  The speech outlined his vision for the city including a strong infrastructure, walking areas, public transportation, and a community unified with its downtown. 

Brainard, who was recently criticized for budget shortfalls on two major projects, would like to see more people walking instead of driving and would like to give families the option.  He would like to design Old Town in a way where people can walk or make short trips. 

Another initiative involves creating a public transportation system in a couple of years.  The plan outlines using shuttles from area hotels to Old Town and Clay Terrace and back.   He wants to keep drawing new businesses to the city’s center and thinks the added density would speed up the creation of a public transportation system.

For more information, click here. 

The Carmel Redevelopment Commission has leased half of the second floor of the Laurie Building located at 30 W. Main Street in Carmel.  The five-year lease began on October 1^st, but the staff will not move in until December 1^st. 

The Carmel Redevelopment Commission will pay $4983.12 plus a $202.17 maintenance fee per month for the 2622 square feet.     

The city of Carmel spent $1.2 million in cash and backed a $2.9 million loan to construct the Laurie building.  The building which was opened in the fall 2007 was built by Carmel Arts LLC, which is an extension of Indianapolis-based Stenz Construction.

For more information, click here. 

Tonight at 6:00 PM, the Carmel City Council will meet to discuss a $50 million increase in the Keystone Avenue roundabout construction project.  The project was originally supposed to cost $90 million to be fully funded from the state.  Last week, four-term Republican mayor, Jim Brainard, announced that the project will be closer to $132 million -$140 million. 

Some members of the Carmel City Council, who have seldom said no to the Mayor’s multi-million dollar projects, are resisting the proposed additional funding.  Although no vote will take place tonight, Mayor Brainard says he will give a presentation on the Keystone project cost increase. 

For additional information, click here.

Due to the recent 4-3 vote, the Carmel City Council will now have the final word on arts spending.  Mayor James Brainard will continue to handle the arts funding, but the council will now have the power to approve, reduce or reject funding to any art project or organization.

According to the ordinance, Mayor Brainard would have to submit a written recommendation to the council to use funds for a specific art project or organization. The mayor also would need to explain how the public will benefit from the project.

Rick Sharp, Carmel City Council President, said the decision will likely lead to an overall increase in arts funding, from $675,000 in each of the past two years to $725,000 or 1 percent of the city’s total budget in 2009.

Sources:  Bryan Unruh, Current In Carmel; Melanie D. Hayes, IndyStar.com