Living In Pike.com

Some thought it was questionable, some thought it was impossible and some thought it could work. After a long drawn out challange Steve and Kim Outlaw will open Praise Place at 4202 W 56th Street. My understanding is that they still have to meet some contingencies with the city such as parking and the removal of some arcade games which should not be a big problem. I quote from a older version of their Operational Plan;

Praise Place of Indianapolis is a Christian Based recreational and entertainment club. Praise Place will definitely offer something new and exciting to Indianapolis residents and visitors. We are privately owned and are a for-profit organization. Praise Place will be located on the northwest side of Indianapolis, near 56th and Guion Road. Our goal is to provide a place where young people between the ages of 20 and 35 can spend their time leisurely in a positive and safe atmosphere. We intend to provide four pool tables and several televisions for our guests to enjoy. Accompanying the recreation, we also will have a dance floor with a DJ on several nights of the week playing gospel and inspirational music and occasionally hosting live bands playing jazz for special functions. Praise Place will also be equipped to sell snacks and non-alcoholic beverages. We are a non-alcoholic and non-smoking establishment.

Steve and kim Outlaw have agreed to a long list of commitments that PTRA (Pike Township Residents Association) has asked for. Hours of operation will be Monday, Tuesday and Thursday from 5:00 PM to 10:00 PM. Friday from 5:00 PM to 2:00 AM. Saturday from 5:00 PM to 1:00 AM. It will be closed on Wednesdays and Sundays.

On March 12th I stated that Pike Township schools had bought the Crooked Creek Golf Course and Club. The plans were to lease it back to them until the school system needed the land. As it turns out I was only half right. Crooked Creek Golf Course and Club owned 114 acres. The school system bought 47 acres. The other 67 acres are up for grab. Rumor has it that some big home builders are looking at the land. That could mean 300+ new homes being built on that 67 acres. I also hear that the Crooked Creek Golf Course and Club will cease operations at the end of 2007.

JC Penny at 86th and Michigan Road will have an small outlot strip center in front of the store. Radio Shack will move from where it is now to the new outlot. I find this unusual because big box stores want to be seen from the street. If anything this will hide them.

The end of the month is the most popular time for houses to close. The number one reason being the buyer does not have to pay interest on their loan. If you close in the middle of the month, the buyer has to pay interest (no principle) on their loan from the time they close until the end of the month. This can be several hundred dollars.

On average it takes about a month from the time you have an accepted contract. This also can vary. FHA loans take longer because it requires an FHA inspection. You are at their mercy. Other reasons include regular home inspections, the time that it takes to get a loan and the wishes of the seller to name a few. The buyer gets to pick the closing date in the Purchase Agreement. The seller has the right to accept that date or negotiate.

Top reasons that closings don’t happen; the buyer can’t get the loan, the inspection report turns up major defect that the seller will not repair, the buyer can’t get insurance for the new home or the buyer refuses to live with the Covanents, Conditions and Restrictions of the Home Owners Association (This rarely happens but is in the Purchase Agreement and consequently can be a reason for not closing.)

I have seen the time it takes from an accepted offer to closing as short as a weekend and as long as 2 months.

The first quarter 2006 numbers are in and sales are down 5 percent from first quarter last year. There can be many reasons; weather being the first. Buyers just don’t like to look in bad weather. The ones that do are very motivated and are on a mission.

Right now there is over 800 homes on the market which I consider high. I am also seeing a shorter days on market for the houses sold first quarter and this month. This tells me that the best ones are going fast. With only 21 houses sold this month and with 205 pending, it will be interesting to see how many of those close by the end of the month. 134 will have to close in order to match last years numbers.