Luxury Condo Project Stalls In Indianapolis

by Deidre Woollard (RSS feed)
Sep 1st 2008 at 8:02AM

More condo fallout. This time from downtown Indianapolis and a building called 707 East North Street. The eight-story building had units listed for $800,000 to $4.4 million and groundbreaking occurred 18 months ago. The building was to be home to 10 to 17 units depending on buyer demand. There's only one problem, none had been sold since construction began. Some say the prices were simply too high (being higher than some large homes in the area). Other high-end projects have faired better including 757 Mass Avenue, a project by the same developer Beilouny Luxury Properties, which has sold all but three of its 23 units. Construction is on hold and the developers are in discussion with the lending bank on the project.

Tags: condo, condo crash, CondoCrash, condominium, housing slump, HousingSlump, indianapolis