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License law update
ICBR
The June 30, deadline requiring all salesperson licensees to convert to brokers has come and gone, and now all active Indiana real estate licensees are on the same three year renewal cycle with the same 36 hour CEU requirement. Twelve CE hours must be completed per year. Please review the key information below to see what these changes mean moving forward and what to expect based on your current license status as of July 1.
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Ambrose snags vacancy-plagued Meridian Street property
Indianapolis Business Journal
Ambrose Property Group Inc. is doubling down on the struggling downtown office market by purchasing its second property within six months.
The local real estate firm closed June 27, on the purchase of a five-building office complex at 500 N. Meridian St. that’s been mostly vacant since Seattle-based insurance giant Safeco Corp. left in 2009 as part of its acquisition by Boston-based Liberty Mutual.
Mayor drives the remaking of an Indiana city
The New York Times
In 20 years, this city has undergone a substantial overhaul, and its longtime mayor has presided over every stage of its development.
The plans began in 1994, when this prosperous suburb just north of Indianapolis invited its 31,000 residents to consider ideas to redevelop Carmel’s downtown, parts of which date to its founding in 1837.
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New airport-area hotel will be rarity in market
Indianapolis Business Journal
Hotel construction outside downtown has been rare in the metro area since the recession took a big bite out of business travel and tourism.
But the building of a $12 million Holiday Inn near Indianapolis International Airport might be signaling the start of a turnaround.
Real estate agents pushing legal limits with drone use
The Des Moines Register
Real estate agents are increasingly taking their work to the skies, using remote-controlled aircraft to film bird's-eye-view video tours of homes, land and commercial properties.
It's a great way to interest potential buyers, agents say.
The only problem: they're flying in the face of federal regulators, who say drones are illegal for commercial purposes.
Protecting taxpayers: Indiana shifts burden of proof to assessors
National Real Estate Investor (free registration)
A recent legal change in Indiana has created a model for property tax reform across the country. Starting in 2011, the Hoosier State has compelled assessing officials to defend excessive assessment increases with objective evidence and meaningful arguments in appeals. The statute applies whenever the appealed property’s value has increased by more than 5 percent over its prior year’s value.
4 area communities among safest in Indiana
The Times of Northwest Indiana
Four Northwest Indiana communities were among the top 10 safest communities in Indiana in a ranking done by Movoto, the real estate research site.
Movoto looked at the 2012 FBI crime statistics as reported by all Indiana communities with a population of more than 10,000. Those that did not report crime statistics for the annual FBI report were not considered, but a total of 62 were ranked with Zionsville at the top and Anderson at the bottom.
Kite completes $2 billion Inland merger, doubling in size
The Indianapolis Star
Kite Realty Group is now flying twice as high after its merger with a Chicago area rival.
Kite, based downtown in the 30 South Meridian building, has doubled its shopping center holdings to 133 properties totaling 21 million square feet with the $2.1 billion acquisition of Oak Park, Illinois-based Inland Diversified Real Estate Trust.
Hoosier roots keep Jarden Home headquarters in Indiana
Indianapolis Business Journal
Jarden Home Brands considered out-of-state sites for a new distribution center to serve its growing consumer-products business, but company leaders opted to stay close to home.
Now based about 30 miles north in Daleville, the subsidiary of Jarden Corp. — the behemoth behind Yankee Candle, Crock-Pot and Mr. Coffee — plans to invest nearly $22 million to buy, renovate and equip a vacant 637,000-square-foot building in Fishers.
US commercial real estate enjoys strong rebound in quarter 2
World Property Channel
According to global commercial real estate consultants CBRE, the U.S. commercial real estate market improved strongly across all property types in the second quarter (Q2) of 2014.
"Commercial real estate leasing activity in Q2 2014 picked up from the weather-affected levels of the prior quarter," said Jon Southard, Managing Director of CBRE's Econometric Advisors group.
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