INDYRAMA & HOME-A-RAMA FLIP-FLOP AND MOVE FORWARD

by Christy Heitger-Ewing

IndyRama, a home show typically held in the spring, serves to kick off the selling season for builders. Home-A-Rama (HAR), a fall event, has served as an opportunity to get people out looking at new homes, developments, products, & services. BAGI has four top-line partnerships in presenting these two upcoming events, including 84 Lumber, Ferguson, Lee Supply Co., and Centier Bank.

“HAR and IndyRama provide consumers a one-stop shop for showcasing options, whether a homeowner is looking to build a new home, tackle a remodel, or change some element in their house,” says Steve Lains, CEO of the Builders Association of Greater Indianapolis (BAGI).

These highly anticipated events are both shifting forward to 2024. As builders’ plans for HAR have taken longer to bring to fruition than anticipated, the size and price of homes have also dramatically increased.

Planned home sizes now range from 6K to 10K+ sq. ft. and prices are projected between $3M and $5M+. With these changes extending build timelines, BAGI opted to push IndyRama from Fall 2023 to April 2024 and HAR from Spring 2024 to September 2024.

The change gives IndyRama an opportunity to highlight condominiums in the Mass Avenue area and higher-end homes in the Holy Cross area. They’ll also be able to showcase middle-price point homes along 16th and 21st and Monon.

“Having IndyRama in the spring will be a perfect time, as clients are thinking about the busy buying season, especially those builders that are putting spec homes into the show,” says Tatum Hill, a Principal at the Compendium Group LLC and 2024 BAGI president. “Moving the dates back for HAR will allow builders to put their best foot forward to ensure a successful show.”

The Compendium Group has participated in three IndyRamas; 2024 will make number four.

“It’s a great time to not only highlight various builders downtown but also show off all that downtown Indianapolis has to offer,” says Hill. “Plus, it’s an opportunity to highlight downtown living and all that it entails, such as accessibility to restaurants, bike paths, schools, arts, and community.”

The 2024 HAR will take place at Promontory in Zionsville, which offers large 2-acre lots, some of which are lakefront property. The houses are 6K to 10K+ sq. ft. with ample indoor and outdoor living space.

“This will be one of the biggest HAR shows in recent memory,” says Lains. Nine builders are already committed to participate.

“These shows give me [and other builders] a chance to showcase the latest and greatest designs and options for new custom homes,” says Joe Garcia, owner of G&G Custom Homes. “The show at Promontory will be particularly special because of the larger lots and lakefront. It’s definitely going to be a crowd pleaser and one to remember.”

The upper-end market, such as the homes featured in HAR, is selling well and demand is high in subdivisions such as Holliday Farms, Chatham Hills and Promontory. Brad Henke, Brokerage Manager with Henke Development, confirms that lots in those developments have been snatched up more quickly than anticipated. For instance, Holliday Farms is selling out six years ahead of schedule, and 31 lots have already sold at Promontory.

“It’s exciting to see all of the activity,” says Henke. “We’re excited for Chatham Village – having a village district with shoppes and restaurants in the heart of Chatham with a marina district and pool.”

Betsy Garfield, Development/Acquisitions Manager of Henke Development Group, notes that materials are starting to level out, as well as rates. Some larger builders are even using their capital to lower those rates on new construction homes. The

Indianapolis area is also in high demand due to the growing workforce, new companies, and investments, not to mention quality of life, good infrastructure, low traffic, and great public schools. All of this creates demand.

“People who’ve lived in a home for a while have a lot of equity in that right now and can afford to buy into a larger home that suits their growing family,” says Garfield. “Furthermore, people are willing to pay more for a home that enhances their lifestyle.”

Although IndyRama and HAR won’t occur in 2023, Lains promises fans won’t be disappointed in next year’s offerings.

“Believe me, 2024 will be well worth the wait!” he says. Visit bagi.com for the latest information and show dates.

– Steve Lains, CEO of BAGI