Builders and developers are getting scare in Pike Township. 15 years ago there were plenty. We were at the peak of the housing market. A builder could build a starter home for around $125,000 and would sell out a community very quickly. Today builders say they can’t afford to build starter homes anymore. There is no profit in them. What they like are $300,000 homes.
In The Past
The last starter home community that went up in Pike Township was Bentwood Springs. A small community of 55 homes located near 71st and Highland Road. The land was owned by Pike Schools and sold to Arbor Homes. Arbor started building in 2016 and sold all homes by 2017. These traditional homes were priced between $150,000 and $200,000 depending on style and upgrades. There seemed to be a huge demand for this price point in new homes.
The last community that was built in Pike was Woods At Traders Point. A 77 home community located near 75th and Marsh Road. A developer bought the land which was an estate. He then sold it to Westport Homes. When Westport wanted zoning and presented to Pike Township Residents Association, they tried to sell it as an empty nester community. The houses were very modern and had a lot of nice features. They were priced between $300,000 and $500,000. At the time, 80 percent of the homes sold in Pike were under $175,000. Only 7 percent of the homes sold in Pike were at this communities price point. I believed it would take them 6 years to sell out. I was wrong. Started in 2015, it took about 2.5 years to sell out. It seems there was a demand.
Coming Attractions In Pike
Last year Davis Homes negotiated to buy Midwest Softball property located at 7511 New Augusta Road. It was dependent on if they could get proper zoning to build there 3 tier community. They proposed senior apartments, patio homes, and single-family home, each in there own areas of the property. The single-family homes were going to be on the east end of the property. The northwest property area would house the senior apartments and the southwest area would be the patio homes. The residents of Crooked Creek Heights West were very concerned that the new community would lower their property values. Brad Davis assured them that his new single-family homes would be at or higher market value than their present homes. Here are more details. Brad gave the impression that they would have started by now with their construction. Nothing has happened. Today I communicated with Jerrod Klein, Davis Homes Vice President of Sales & Marketing to get an update. He said, “We hope to begin development work over the winter and have an ability to start pulling home building permits by Fall of 2020.” When asked if they would do the 3 tiered community in stages, he responded: “At this point, we are planning to develop in a manner that would allow some of each.” The community will be called Ashton.
Cheswick near 38th and Kessler Blvd. North Drive never really got finished. Although M/I Homes built over 200 homes over an 11-year span, started in 2005, there is still a strip of property at the west end that was never developed. Now Pyatt Builders wants to build 29 houses on it. The challenge is that they need to modify a couple of commitments on the property before they can start building. They were supposed to present to Pike Township Residents Association last night at their meeting but canceled. Most likely they will present next month at the meeting. At his point, I would assume that they are wanting to build the same style and price point as the rest of Cheswick. Won’t know until I hear them present their proposal at the next PTRA meeting.
I doubt there will be very many new communities in Pike unless they are very small. Builders generally like to build at least 100 houses at a time. Plus they like to cram as many lots into a community as they can. The City of Indy, PTRA and Pike schools frown on this. Traders Point area is out of the question. They now have restrictions on development. Where does that leave the builder? I suspect that if a builder wanted to start a new community in Pike, they would have to buy up a lot of properties grouped together and tear down the old and build the new. Only time will tell.