F.C. Tucker realtors report good news about area real estate
From Lafayette/ West Lafayette, Indiana
First Posted: 1/29/2009 8:44:01 AM | Last Updated: 1/29/2009 8:44:01 AM
POSTED: Thursday, January 29, 2009
LAFAYETTE -- Real estate professionals from F.C. Tucker/Lafayette Realtors reported positive news about 2008s commercial and residential activity at the 15th annual F.C. Tucker State of Real Estate Wednesday at the Beck Agricultural Center.
Spots to watch in the commercial market range from significant rehabs, such as the former Reifers Building downtown, to new construction, especially at Cascada Business Park, where several buildings are under construction or slated to begin at the 120-acre site.
It was also announced that Advantage Title is moving from another downtown location to Renaissance Place.
“Soon to have 14 buildings completed, Cascada is proving to be a prime location for medical facilities because of its proximity to both new hospitals, and now that’s spawning an interest in retail and restaurants there,” said F.C. Tucker commercial broker Sue O’Brien. “And the Reifers Building, purchased by Bison Financial, will reemerge as a major downtown landmark, further strengthening our center city, where Renaissance Place and others are seeing great success.”
O’Brien also noted interest by developers in new student apartments in West Lafayette. “Some are looking at high-rises, if the city approves.”
On the industrial side, 2008 highlights included TRW’s new 200,000-square-foot plant and employment expansion plans, growth at Warehouse of Lafayette and sale of the former CTS site. “The activity has been healthy,” said F.C. Tucker commercial broker Kevin Bol.
In retail and restaurants, commercial broker Doug Anderson pointed out the good news for tenants: “They will find abundant choices, landlords willing to be flexible on lease terms, and if at all, only very small rent increases. 2009 will offer opportunities for businesses with vision, knowledge, experience and financial muscle.”
On the residential side, F.C. Tucker broker/owner Lou Johnson reported, “We are more than holding our own, which is a terrific positive given the national market. Our active units are about the same as last year, giving us an adequate supply, but no over-supply. And that bodes well for 2009 sales.”
Tallying properties sold in the Lafayette, West Lafayette and Tippecanoe School Corp. districts, Johnson reported 2008 totals of 1,789 homes, nearly equal to 2007’s 1,795 homes. Volume in 2008 reached $255 million, compared to $272 million the previous year. There were 448 building permits issued for new housing starts, down from 570 in 2007.
F.C. Tucker/Lafayette Realtors co-sponsored the event with Greater Lafayette Commerce.
F.C. Tucker/Lafayette operates a residential sales office at 1425 Sagamore Parkway North in Lafayette and a commercial division in Renaissance Place, 250 Main Street. F.C. Tucker has operated locally since 1989 and is staffed by 33 residential professionals and nine commercial brokers.