The phenomenon of Fountain Square

  • The phenomenon of Fountain Square

    Posted by Orr Kichin Kichin on June 2 at 00:05

    Let's learn the following concept -

    Gentrification - It is a planned or unplanned bourgeois urban-social process of moving the middle and upper class population to weak neighborhoods - usually in city centers, while continuously changing the character of the neighborhood and suppressing the original population. Many times it is accompanied by a process of rejuvenating the streets, renovating houses and changing the businesses in the area. (Wikipedia)

    We see this phenomenon reading a lot in city centers in the US, and this is exactly what happened in the Fountain Square neighborhood - one of the most expensive neighborhoods in Indy, and among the hottest flips in Indianapolis.

    For the past 10 years (maybe a little more and maybe a little less), this neighborhood has changed its face beyond recognition. Indianapolis is an old city, so you can find a lot of houses from the 1900s to 1940s - many of the houses in Fountain Square, were really very old, neglected, and look terrible.

    But this neighborhood is right in the heart of the city, downtown, and cool little businesses have started popping up there, and a little more affluent people have started moving there. Then a TV show in which a mother and daughter make flips in this neighborhood, went on the air ("good bones") - it caused a large amount of flippers to flow into the area and change the face of the neighborhood beyond recognition.

    Some of the houses were renovated inside and out, some were completely demolished from the inside and rebuilt (it's called - to the studs) and some were simply completely demolished and replaced by a completely new house.

    From neglected homes that were priced at 10-20 a thousand dollars, the neighborhood has become a neighborhood of new and renovated homes, which are priced at 300-500 thousand dollars.

    Of course this has greatly changed the population that lives there - very affluent people now live in Fountain Square.

    At present, every ruin in this neighborhood sells for 70-90 a thousand dollars and land for construction at about $ 50000.

    These unreasonable prices pushed development and flippers to a neighborhood adjacent to Fountain Square, called -

    bates hendricks.

    And there the exact same process began. Although the prices are already quite high, but there are still a lot of properties to work on Bates Hendrix.

    It is important to note that not every street is a good street to Flip Bates Hendrix, it is still a developing neighborhood (see post, block-by-block).

    Another area that behaves similarly is called Mapeltone-Fall Creeck. The houses there are very old and quite large, but a large part of this neighborhood is still undergoing a change for the better, because the flippers are changing the faces of the houses and selling them to owners with a good and stable income.

    It seems as if investors in Indy are determined to take every old neighborhood in the city and turn it into the next hot thing :)).

    - Here's Indie. 

    Orr Kichin Kichin replied 4 years, 10 months ago 1 member · 0 Replies
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