Downtown condo sale amount sets new record high

Photo Courtesy: Encore Sotheby's

INDIANAPOLIS (WISH) — A condo at the top of the Conrad Hotel in Indianapolis sold for $4.8 million, according to Encore Sotheby’s International Realty.

“In terms of a single family residence this would be the highest priced sale near as we can tell in our local board of realtors history,” Broker Joe Shoemaker said.

Shoemaker is a Broker for Encore Sotheby’s and was the seller’s agent for the Conrad condo sale.

“I was certainly excited,” he said, “I have to say more than anything I was humbled that the folks involved in this transaction trusted me and my company.”

The condo was on the market less than 30 days.

“We had a short list of people who were already interested,” he said, “Basically 270 degree view of the city, it was just stunning in every detail not only in its size, 5500 square feet, but also in the selection of materials.”

Shoemaker said this sale is an indicator that more people are deciding to move back downtown from the suburbs.

“Data from around the country indicates that there is movement back in towards urban cores,” he said, “People want to be able to walk to their favorite restaurant or walk to a Pacers game or a Fever game or walk to a baseball game.”

MIBOR President-Elect Jason O’Neil said this sale is a big win for the city and that condos are increasingly in high demand.

Shoemaker sees more high-priced residential transactions in downtown Indy’s future.

“Gives us a positive indication that downtown is vibrant, it is solid, we’ve got great residential things happening, you have great commercial real estate happening,” Shoemaker said.

If you’re looking for something a little bigger with an even bigger price tag, you’re in luck.

There is a home on the market in the Meridian Kessler neighborhood for $8.5 million.