Carmel Real Estate - Gramercy Put on Hold - Mike Taylor's Blog - Indianapolis Real Estate

One of the largest and most expensive real estate projects in the Indianapolis area has recently been put on hold. Gramercy was slated to be a new $500 million mixed use project in Carmel with singles family homes, condominiums, town homes, apartments, offices and retail and was to begin this spring. The project now has no timetable and could be shifted to strictly retail and commercial. Developers are citing a slowing in the housing the market and Carmel’s decision to add roundabouts on Keystone as the main factors for their decision.

One could look at this news in one two ways: 1) This is terrible news and even more proof that the housing economy is sluggish or 2) This is good news and this is a wise business decision as the current housing market needs time to correct itself without adding a giant new development to add more competition to the marketplace. Well, I am sure you already figured out that I opt for #2. This is a good business decision and we don’t need another mega community going in right now. Less homes = less competition = higher prices. I think Gramercy would have been and maybe still will be a really cool community but now is not the right time. So don’t get in tizzy because Gramercy may not come to fruition, celebrate that another new development will not be competing in this already saturated marketplace.

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Date: Tuesday, February, 26th 2008 @ 01:21:52 PM
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