Indianapolis Home Builders

The Indianapolis Star My Big Break series recently featured Paul Estridge, Jr., President & Chief Servant of The Estridge Companies, and his story of growing up in the Indianapolis home building industry.

Little did I know that my father's decision to stop selling windows and become a home builder instead would lead to my big break.

It was 1967, I was 10 years old and all I cared about was playing football for the Carmel Pups. But my father had different priorities for his son: work.

When he was growing up, his father insisted his boys always worked. And if it was good for them, it was good for the next generation, too.

My father would say, "Estridges work. They love work. Work is their life. Work is good."

CLICK HERE to read the article and to learn about the start of The Estridge Companies on IndyStar.com.
 

Today is the final day - Day 1 - in the 12 Days of Estridge contest. 77 people have won great furniture and holiday décor from HOMExperience over the past 11 days. And, all of them are finalists for the GRAND PRIZE – free furniture for their home.

The GRAND PRIZE for 12 Days will be chosen at the Grand Prize Giveaway event at HOMExperience, January 9^th at 11am. All finalists for 12 Days are invited to attend and should RSVP to marketing@estridge.net or on Facebook. You must be present at the event to win Free Furniture for your home!

The Grand Prize winner will work with the HOMExperience Design Team to select their furniture from the Fully Furnished & Finished Catalog, just as Estridge homeowners building a Fully Furnished home do. The Catalog features quality furniture manufacturers such as Kincaid Furniture Company, Rowe Fine Furniture, Vaughan Bassett, Surya Rugs and more! The winner will work with the designer to create a professional interior furniture layout for the following rooms to include the following pieces from the Catalog:

·         Entry Rug

·         Great Room (coffee table, console table, comfort chair, 2 end tables, entertainment console, love seat, sofa)

·         Breakfast Nook (3 counter stools, 1 nook table and 4 chairs)

·         Dining Room (formal dining room table, formal dining room storage)

·         Master Bedroom (comfort chair, bed, dresser, 2 night stands)

·         3 Secondary Bedrooms (secondary bedroom bed, secondary bedroom dresser, 2 secondary night stands)

View a sample furniture layout.
Shop the Fully Furnished & Finished Catalog for your favorite pieces.
Read the 12 days of Estridge Contest Rules. 

Play Day 1 of the 12 Days of Estridge on the Estridge Facebook Fan Page tonight, December 30^th, from 6pm to 9pm for your chance to win a custom entertainment center and your chance to be a finalist for the Grand Prize!

During the Extreme Makeover Indianapolis build in April 2009, Paul Estridge, Jr., President of The Estridge Companies, committed to building not only a new home, but also, building transformation of the Martindale-Brightwood neighborhood. At a Press Conference on a sunny April day, Paul Estridge announced that the closed, but once-thriving, IPS School 37 would be gifted to the neighborhood to serve as a much-needed Community Center.  (READ MORE)

After much work, that dream can now be a reality as the Indianapolis City County Council voted unanimously (29-0) to the transfer of the School 37 title from IPS to the Juvenile Court and allow for the development of the Community Center to begin. 

It was a very inspiring setting as there were an estimated 75 members of the Martindale-Brightwood neighborhood in the audience while the 29 member City Council praised them for the dedication, commitment and foresight they have displayed in resurrecting this historical building from possible ruins.  Four council members offered their personal support to help build this into a center that will help develop children on the front end versus trying to eliminate the behavioral repair on the back end.  There were several accolades directed to Estridge by the sub-committee chair and the council members for bringing the spotlight back to the neighborhood and for partnering for the generation of a renewed vision of hope to this neighborhood.  With signs waving in the air reading:

"Where community and family come together!

--- IPS 37----
Support community gathering in Martindale Brightwood”

The audience exploded into a resounding applause when the 29-0 vote was displayed. There is certainly a special energy that everyone has to see this 85-year old structure turn into a true community center.  The new community center would not be a reality without the efforts of IPS, Juvenile Court, Central Indiana Community Foundation, Making Connections, Martindale-Brightwood Community Development Corporation, and many others.

Read more about the April announcement of School 37 to Martindale-Brightwood on www.estridgeextremedream.com.

Photos of the NEW Community Center in Indianapolis: 
              

- Photographs compliments of Angela R. Talley

In the past, homebuyers have held off on beginning to build their new home or moving to the home of their dreams until after the busy holiday season. However, this year, there are simply too many reasons to begin building a new Indianapolis home today.

Below are a few reasons new Estridge homeowners have listed why they began new construction on their new Estridge home now:

-          30-year Low Mortgage rates

-          Expanded and Extended Home Buyer Tax Credit of up to $8,000

-          A Home Full of Free All-New Furniture from Estridge

Now is the time to move. Rates change daily and homeowners are required to close on their new home before the end of April to receive the homebuyer tax credit. Plus, Fully Furnished & Finished from Estridge is a pilot release only until January 10^th!

Learn more at www.fully.estridge.com.

http://www.bigbuilderonline.com/industry-news.asp?sectionID=365&articleID=1126829

The soon-to-expire $8,000 federal tax credit for first-time homebuyers sent sales of existing homes soaring in October, the National Association of Realtors reported Monday.

Sales of existing single family homes, townhouses, condominiums and co-ops surged 10.1% to a seasonally adjusted annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, up 23.5% from the same month last year. The NAR has not seen numbers like this since February 2007, when the annual pace was 6.55 million.

Regionally, the Northeast rose 11.6% to a pace of 1.06 million, up 27.7% from last October, with the median price falling 2.6% to $235,400 on an annual comparison. The Midwest was up 14.4% from September, 28.8% ahead of last October, with the median price up 1.1% to $146,600. The South was up 12.7% to 2.3 million, a year-over-year gain of 25.7%, with the median price down 6.3% to $151,100. The West was up 1.6% to 1.31 million, 12% above a year ago, and the median price was off 14.7% to $220,200.

Yun was optimistic regarding the impact of the newly enacted federal expanded home buyer tax credit, which will continue through April. "There is still a large pent-up demand that can be tapped before the tax credit expires," Yun said. "Our recent consumer survey further shows that 13% of successful first-time buyers had a previous contract that was cancelled or fell through--there likely are many more buyers who were attempting to purchase but simply ran out of time."

READ THE ENTIRE BIG BUILDER ARTICLE

So, why is  Fully Furnished & Finished a pilot release until January 10^th?

As an Indianapolis new home builder, and like many other organizations, we are constantly looking to better serve our homeowners and build them the home of their dreams. Our home décor store at Clay Terrace in Carmel, HOMExperience, provides us with the unique opportunity of working with homeowners throughout the full home design process - not only building their new luxury home, but furnishing it as well. This relationship presented us with a disconnect which some homeowners feel between the home they imagine themselves living in and the empty one they move in to.

We believe that we can better serve clients by providing them with a fully furnished new Estridge luxury home when they move in. But, we want to know what you think and what our homeowners think. This short pilot release allows us to get feedback from the greater Indianapolis real estate market to see how Fully Furnished homes better serves our homeowners needs. So, we invite everyone to join the conversation.

Visit www.fully.estridge.com to learn more, share your thoughts and provide feedback on how we can better serve our homeowners.
 

On Wednesday November 18, we introduced a pilot release of Fully Furnished & Finished to our friends and partners in the Indianapolis real estate market.

Until January 10th, Indianapolis homeowners will build their new home by Estridge, Indianapolis's hometown builder of premiere homes and neighborhoods, not only personalizing with the perfect countertops, cabinets and fixtures, but also fully furnishing it with the perfect furniture for the new home design, style and life. Homeowners will work with our HOMExperience design team, who have designed and decorated our model homes for over 12 years, will work with them to custom furnish and finish your home as they’ve always imagined.

Watch the Introduction of Fully Furnished & Finished from Paul Estridge, Jr.

 

National Association of Realtors (NAR) has released Frequently Asked Questions to assist home buyers, home builders and real estate professionals in better understanding the Homebuyer Tax Credit Extension and Expansion.

Question #6:

I am an eligible first time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer:

You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

Question #1 - New Home Cost versus Old Home Cost
Question #2 - Home Purchase Agreement is Signed, but Not Closed

Question #3 - Income Limits for Homebuyer Tax Credit

Question #4 -  $800,000 Home Value Cap

Question #5 – Five Consecutive Years of Home Ownership

View National Association of Realtors Comparison Chart

National Association of Realtors (NAR) has released Frequently Asked Questions to assist home buyers, home builders and real estate professionals in better understanding the Homebuyer Tax Credit Extension and Expansion.

Question #5:

I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer:

Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question #1 - New Home Cost versus Old Home Cost
Question #2 - Home Purchase Agreement is Signed, but Not Closed

Question #3 - Income Limits for Homebuyer Tax Credit

Question #4 -  $800,000 Home Value Cap

View National Association of Realtors Comparison Chart

National Association of Realtors (NAR) has released Frequently Asked Questions to assist home buyers, home builders and real estate professionals in better understanding the Homebuyer Tax Credit Extension and Expansion.

Question #4:

I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer:

 No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question #1 - New Home Cost versus Old Home Cost
Question #2 - Home Purchase Agreement is Signed, but Not Closed

Question #3 - Income Limits for Homebuyer Tax Credit

View National Association of Realtors Comparison Chart
 

National Association of Realtors (NAR) has released Frequently Asked Questions to assist home buyers, home builders and real estate professionals in better understanding the Homebuyer Tax Credit Extension and Expansion.

Question #3:

I am a first time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer:

Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question #1 - New Home Cost versus Old Home Cost
Question #2 - Home Purchase Agreement is Signed, but Not Closed

View National Association of Realtors Comparison Chart

National Association of Realtors (NAR) has released Frequently Asked Questions to assist home buyers, home builders and real estate professionals in better understanding the Homebuyer Tax Credit Extension and Expansion.

Question #2:

I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer:

Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

 National Association of Realtors (NAR) has released Frequently Asked Questions to assist home buyers, home builders and real estate professionals in better understanding the Homebuyer Tax Credit Extension and Expansion.

Question #1:

Existing homeowner credit: Must the new house cost more than the old house?

Answer:

No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

View National Association of Realtors Comparison Chart

The National Association of Realtors (NAR) has released a variety of resources to assist the real estate industry including new home builders, realtors and homebuyers in better understanding the extension and expansion to the Homebuyer Tax Credit.

The most significant impacts of the new legislation are that it:

-           Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

-           Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.

How does this affect homebuyers? - View a Comparison Chart for details on the changes to the new Homebuyer Tax Credit.  


Additional Resources:
Learn more about the Homebuyer Tax Credit on Blog.Estridge.com.
Listen to the President's Podcast, from the NAR President.

The Estridge Companies is proud that almost 50% of new Estridge homeowners are referred by their friends and family. To us, this is the ultimate testament of our homeowners’ trust in Estridge as a builder and satisfaction with their Estridge homes and service. To share our appreciation for our homeowners’ continued trust and confidence, Estridge introduces the Build Your Neighborhood Referral Program.  The Build Your Neighborhood Program provides both you and your referrals with an appreciation gift when your friends and family choose to move to an Estridge neighborhood.

Estridge homeowners are invited to build their Estridge neighborhood by referring friends and family thinking about moving. It’s a simple process. Estridge homeowners invite their friends and family to bring the completed Build Your Neighborhood Form on their first visit to an Estridge model home. hen they begin building a new Estridge home before the end of 2009, our homeowner and their referral will receive their desired Build Your Neighborhood Appreciation Gift following home closing.

Build Your Neighborhood Appreciation Gifts

Big Night Out. 

Enjoy a night (or four) on the town at Indy’s finest dining establishments. Select four $125 gift cards from Mitchell’s Fish Market, Kincaid’s, Eddie Merlot, and Ruth Chris Steakhouse. 

Finish Your Furnishings.

Finish your home with unique home decor and furnishings with a $500 gift card to HOMExperience by Estridge.

Golf and Gift.

Improve your golf game with professionals from Wood Wind Golf Academy, new clubs or apparel, or simply play a few rounds with a $500 gift card to Wood Wind Golf Club.

Primp and Pamper.

Select your ultimate royal treatments at David & Mary Spa & Salon with a $500 gift card.   

Shop ‘til You Drop.

Be practical. Be frivolous. Or be both with a $500 Simon Gift Card.

PRINT the Build Your Neighborhood Referral Form

VIEW a map of Estridge Neighborhood Locations

VISIT www.Estridge.com

The popular $8,000 first time buyer housing tax credit (passed by House and Senate and on its way to President Obama) proved a powerful motivator in the housing market.

However, the expansion of this housing tax credit currently on its way to approval to include a credit of $6,500 for repeat buyers provides even greater opportunity for the Indianapolis real estate market.

While the original $8,000 housing credit provided its primary benefit to first time buyers, it offered generous auxiliary benefits for repeat buyers. Second-time home buyers benefited from the incentive of the tax credit as an influencer for the purchase of their first home. The $6,500 tax credit provides that primary benefit of a home buyer tax credit, as well as the opportunity for all repeat home buyers, not only those currently in a home appealing to first time buyers. This expansion is likely to be a much greater catalyst for the real estate industry and ultimately more beneficial for new home builders, real estate professionals and homeowners.

Learn more at Builder Online.

Follow @EstridgeHomes on Twitter for more updates.

Congratulations to Estridge Custom Galleries designated the #1 Custom Home Builder in Indianapolis by the Indianapolis Business Journal, as ranked by an IBJ survey of 2008 local revenue.

Estridge Custom Galleries and Paul E. Estridge Homes design and build custom homes in neighborhoods and on your homesite throughout Central Indiana from homes valued in the upper $400,000s to multi-millions of dollars. The custom arm of The Estridge Companies has been creating custom building experiences since 1967 around Indianapolis. 

Unique, professionally decorated model homes by Estridge Custom Galleries are available for touring in

• The Village of WestClay in Carmel
• The Bridgewater Club in Westfield
• Grandin Hall in Carmel

Additionally, Estridge Custom Galleries builds custom-designed new homes in The Willows in Zionsville and on homesites around Central Indiana.

Learn more about Estridge Custom Galleries and Paul E. Estridge Homes at

www.EstridgeCustomGalleries.com.

View a photo gallery of custom homes around Indianapolis, built by Estridge.

Learn about the 2007 Paul E. Estridge Dream Home in The Village of WestClay.

Other Paul E. Estridge Home Photography

    

Congratulations to the Cowan-Brown Family, the incredible Indiana family announced to be the recipients of a new Hallmark Home in conjunction with Extreme Makeover: Home Edition. This week, the family will go on vacation to Disneyland while "Extreme Makeover: Home Edition" team leader Ty Pennington, designers Paul DiMeo, Didiayer Snyder, and Xzibit, celebrity volunteer Platinum selling artist David Cook, local builder Hallmark Homes, and community volunteers build a new home for them. 

Visit www.hallmarkextreme.com to learn more about this incredible family and volunteer to build!

Visit www.EstridgeExtremeDream.com to learn more about the Indianapolis Extreme Makeover project last spring.
 

Greg Cradick, Estridge Custom Galleries lead architect and architect of the Extreme Makeover Indianapolis home, is helping the Residential Interior Design Studio class at IUPUI learn that education is a two-way street. While mentoring the Purdue School of Engineering and Technology students in designing homes for an Indianapolis new home builder, Cradick is also gaining understanding of what Generation Y is looking for in new home design.  

“I’m excited to work with this class,” said Cradick. “These students are really motivated and talented. And this program gives us the opportunity to see what this generation wants in a home.  We hope to inspire a holistic approach to home design,” he said.

Learn more about the IUPUI partnership with Estridge HERE.

Learn about the Estridge home design featured on the Extreme Makeover 2009 season finale in Indianapolis.