SitesBuilders Association of Greater Indianapolis bagi.com

IN THIS ISSUE:■ Board Candidate Profi les■ Top 10 Small Towns: Zionsville■ BAGI Golf Outings Pics

September, 2014

INDIANAPOLIS: Newest Figures Show New Home Prices Rise, Sales Decrease

In This Issue September, 2014 Steve Lains

Chief Executive Offi cerstevel@bagi.com

Rosemary ManifoldChief Financial Offi cerrosemarym@bagi.com

Barbara Zoderer Director of Councils, Membership & Events

barbaraz@bagi.com

Carrie CasonDirector of Communications

carriec@bagi.com

Kate JohnsonDirector of Government Affairs

katej@bagi.com

Rhonda MalatestinicAdministrative Assistant

rhondam@bagi.com

Matt OchsOperations Manager

Building Partners of Central Indianamatto@bagi.com

Articles: 10 Builder Profi le: BBG Construc- tion 11 Associate Profi le: Habegger Corporation 13 Cover: New Home Prices Rise 17 Best Small Towns: Zionsville 19 New Home Construction on Rise 27 Permit Info 46 MIBOR Report

This Issue: 4 Message from Joe Garcia 7 Meetings & Events 8 New Members 22 CANDIDATE PROFILES 37 Spikes 23 Thank You Sponsors 47 MIBOR Stats

Advertisers: 8 Access Elevator 4 Airtron 7 Aqua Systems 9 BPCI 5 Citizens Energy Group 21 Custom Concrete 15 Indianapolis Home & Garden 44 Indianapolis Power & Light 7 Kelley Construction Corp. 3 Sims-Lohman 16 Speedway 21 Thermo-Scan 12 Vectren Energy Delivery 6 Water Furnace International 2 Weber Concrete Construction 38 Whatron Insurance

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If you haven’t heard, it’s BAGI Board Election time. We have a slate of extremely talented individuals who will be tremendous assets to the Board of Directors. They have willingly volunteered to spend the time and effort to further our industry and our Association.

As a membership, it is our honorable task to exercise our right to vote – because your vote counts. The 2014-15 BAGI Board of Directors elections will be held at the November 13th BAGI Bash at Primo South.

In the election process, one person from each member fi rm can vote. Builders may vote for builders and associates may vote for associates.

Absentee voting may be done in person

only at the BAGI Offi ce located at 1011 Dr. Martin Luther King Jr. Street – M-F from 8 a.m. to 4:30 p.m. Absentee ballots will be accepted until October 31, 2014.

BAGI is very fortunate to have dedicated members ready to step into leadership positions with the association. The year’s candidates would greatly appreciate you taking the time to vote.

Sincerely,

Joe Garcia G&G Custom Homes BAGI President

Message from Joe Garcia, President

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Meetings/Events: Reservations made at bagi.com

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BAGI Connect Wednesday, Sept. 17th8:00 am to 9:30 amBAGI Offi ceFREE

Johnson Co Membership Mtg:MCALLISTER’S DELIMeridian (135) south of County Line Rd.11:30 – 1 pmRESERVATIONS REQUIRED

MARKET REVIEW & CASINO FUNDRAISERPrimo’s South - 2615 National Avenue – 46227Registration at 4:30 pm for Mar-ket Review 5-6 pmGiven by MetroStudy, hosted by Wells FargoCasino opens at 6pmLive Auction: One hour lunch Auctioning Joe Garcia and Curtis Rector

SMC Membership MtgWednesday, Sept. 24th8:30 am to 11:00 amOak Hill Mansion$25 per SMC MemberAnnual Summit Mtg.Reservations required

Hamilton Co & Remodelors CouncilHost panel discussion with Build-ing Commissioners and InspectorsThursday, Sept. 25th8:30 am to 10:00 amOak Hill Mansion$15 per personReservations required

BAGI.COM for Reservations

New Members

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Builders

Unique Home Solutions5550 Progress Rd.Indianapolis, IN 46241 Phone: (800) 800-1971Fax: (317) 337-9309 Contact: Monica DavidsonSponsor: Jason Ells, RRPBusiness: Remodelerwww.uniquehomesolutions.org

Associates

Fire Dawgs Junk Removal4333 W. 71st St.Indianapolis, IN 46268 Phone: (800) 712-5865Contact: Jeff McDole, Jr.Sponsor: Josh SmithBusiness: Junk Removal/Dumpster Rental/Demolitionwww.fi redawgsjunkremoval.com

The Habegger Corporation8219 Northwest Blvd.Ste. 400Indianapolis, IN 46278 Phone: (317) 875-9966Fax: (317) 875-9399 Contact: John TaylorSponsor: Jeremy Ash, CGP,CGABusiness: HVAC Distributorwww.habeggercorp.com

IKO6 Denny Rd.Ste. 200Wilmington, DE 19809 Phone: (317) 670-4791Contact: Lora ManningSponsor: Joe ReedyBusiness: Roofi ng Manufacturerwww.iko.com

Stone Gallery Corp.951 W. Morris St.Indianapolis, IN 46227 Phone: (317) 686-9818Fax: (317) 686-9817 Contact: Vincent ZhouSponsor: Tim EckertBusiness: Granite Sales and Instal-lationwww.stonegallerylex.com

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Builder Profi le: BBG Construction - Indy A List Winner!

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317-250-8522

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Indy A-List announced the winners of the 2014 Best Home Remodelers in the Indy Metro Area and West-fi eld based BBG Construction came out on top. The Indy A-List features more than 5,683 businesses competing for title of Indianapolis' best. BBG Construction is a general con-tracting company that special-izes in residential remodel-ing and investment property renovations. Indy A-List has been accumulating votes for nominated companies for the last three months and BBG Construction accumulated 63 votes to hit the number one slot.

BBG Construction owner Ben Davis started the company over 10 years ago on a foun-dation of hard work, prompt service and a commitment to excellence. “I am thrilled to have been voted one of India-napolis’ best,” says owner Ben Davis. “I am fortunate to be surrounded by a phenomenal team and exceptional clients and those two factors are the top contributors to my suc-

BBG Construction, a member of the Builders Association of Greater Indianapolis, oversees and manages all aspects and phases of the construction pro-cess from start to fi nish. From planning to design to con-struction, every detail will be handled by their team of top professionals. They work side- by-side with qualifi ed subcon-tractors and designers to meet the needs of clients.

Associate Profi le: The Habegger Corporation

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Other Market Trends

As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-fam-ily homes increased from 89.4% in April 2013 to 93.5% of clos-ings in April 2014. Conversely, the share of new home closings belonging to attached units slid to 6.5% of closings from 10.6% of closings.

For all new homes sold, the aver-age unit size jumped 4.8% year-over-year to 2,999 square feet in April 2014. The average size of newly sold homes moved from 2,904 square feet in March 2013 to 2,675 square feet in March 2014.Continued page 16 - SEE INDY

Newest Figures Show New Home Prices on the Rise, Sales Decrease in Indy

Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In April 2014, the av-erage mortgage size was $264,736, a 11.0% surge from a year earlier. In March 2014, average mortgage size rose 11.6% from a year earlier.

Pricing and Mortgage Trends

In April, the average value of new homes saw a 13.2% gain year-over-year as it grew to $316,373 per unit. This lift is an improvement over the 12.7% rise in March year-over-year. Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In April 2014, the average mortgage size was $264,736, a 11.0% surge from a year earlier. In March 2014, aver-age mortgage size rose 11.6% from a year earlier.

In the Indianapolis, IN market in April, new home closings fell year-over-year, a move downward fol-lowing a boost in March 2014. There was a 28.2% drop in new home closings from a year earlier. This was after the housing market saw a 3.6% hike year-over-year in March.

A total of 2,875 new homes were sold during the 12 months that end-ed in April, down from 2,936 for the year that ended in March.

As a percentage of overall hous-ing closings, new home closings accounted for 9.6%. This is an in-crease on a percentage basis, as new home closings were 6.0% of total closings a year ago. Clos-ings of new and existing homes slid year-over-year in April after also falling in March year-over-year.

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As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-fami-ly homes increased from 89.4% in April 2013 to 93.5% of closings in April 2014. Conversely, the share of new home closings belonging to at-tached units slid to 6.5% of closings from 10.6% of closings.

For all new homes sold, the average unit size jumped 4.8% year-over-year to 2,999 square feet in April 2014. The average size of newly sold homes moved from 2,904 square feet in March 2013 to 2,675 square feet in March 2014.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the mar-ket. Combined, foreclosures plus REO closings represented 19.3% of existing home closings, below 30.7% a year earlier. The percentage of ex-isting home closings involving fore-closures dropped to 8.7% in April from 14.4% a year earlier while REO closings as a percentage of ex-isting home closings fell to 10.6% from 16.3% a year earlier.

Source: Metrostudy

INDY - continued

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The Best Small Towns in America: Zionsville Makes the List

Indiana shows with Zionsville that low unemployment, low crime, and great weather make one seriously amazing town to call home. Even though it’s pret-ty small at only 14,160 people, this town still managed have the stats to earn itself a place in our top 10.

For one thing, all the rankings Zi-onsville had were in the top half of scores, with the standouts be-ing the 15th lowest crime and the 15th lowest unemployment. The weather was the 23rd best, and the quality of life was great, thanks to a stunning median household in-come of over $108,000 a year.

While the amenities here were not intensely numerous, there were still some quality things to see and do.

There are also a bunch of festivals here throughout the year, making this a tight-knit, caring, and awe-some community. We hear it’s pret-ty hard to beat their fourth of July celebration, in particular. Top 10:

1. Vienna, VA2. Palm Beach, FL3. Bridgewater, VA4. Boonton, NJ5. Jackson, WY6. Zionsville, IN7. Estes Park, CO8. Purcellville, VA9. Ashland, VA10. Fort Myers Beach, FL

As with our other Big Deal Lists we’ve done for bigger cities, we calculated everything by the num-bers. First, we turned to the 2010 U.S. Census, to fi nd all places cat-egorized as towns with popula-tions between 5,000 and 20,000.

Then, we used Areavibes, Sper-ling’s Best Places, Yelp, and addi-tional Census data to gather infor-mation in what we decided were important criteria for any local (or prospective local):

Total amenities, quality of life, total crimes, tax rates (sales tax and income tax), unemployment, commute time, weather (tempera-ture and air quality).Source: Movado Blog

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Home Construction on the Rise Nationally IBJ REPORT

U.S. home construction rebound-ed in July, rising to the fastest pace in eight months and offering hope that housing has regained momentum after two months of declines.

Construction increased 15.7 per-cent in July to a seasonally ad-justed annual rate of 1.09 million homes, the Commerce Depart-ment reported Tuesday. That was the fastest pace since November and followed declines of 4 percent in June and 7.4 percent in May. Applications for building permits, considered a good sign of future activity, also showed strength in July, advancing 8.1 percent to an annual rate of 1.05 million, af-ter declines of 3.1 percent in June and 5.1 percent in May.

The national results confl ict-ed with the trend in central In-diana. The Builders Association of Greater Indianapolis said last week that fi lings for single-family building permits in the nine-coun-ty metro area dropped 5 percent in July.

July’s national rebound refl ected strength in single-family home con-struction, which rose 8.3 percent, and in apartment construction, which was up 33 percent.

The strength in July was led by a 44-percent rise in construc-tion starts in the Northeast. Hous-ing construction was up 29 percent in the South, recovering from a 26.8-percent plunge the month be-fore blamed in part on heavy rains in that part of the country. Sales rose 18.6 percent in the West but fell 24.8 percent in the Midwest.

Economists noted that the July per-formance was much better than ex-pected, and June was revised sig-nifi cantly higher, both good signs for the future. Sal Guatieri, senior economist at BMO Capital Mar-kets, said solid job growth and a re-cent decline in mortgage rates were helping boost construction. But he said weak wage growth and tight lending standards were still de-pressing activity, especially among fi rst-time buyers.

A report Monday indicated home-builders are feeling more confi -dent about their sales prospects, a hopeful sign that home construc-tion and sales of newly built homes could pick up after stalling in re-cent months. The National Asso-ciation of Home Builders/Wells Fargo builder sentiment index rose in August to 55, up two points from a revised 53 for July. That is the third straight monthly increase and put the index at its highest read-ing since January, when it was 56. Readings above 50 indicate more builders view sales conditions as good rather than poor.

Builders’ views of current sales conditions for single-family homes, their outlook for sales over the next six months and traf-fi c by prospective buyers all in-creased in August, brightening the outlook.

Sales of new homes are running behind last year’s pace. They fell 8.1 percent in June to a seasonally adjusted annual rate of 406,000.

A mix of rising home prices, higher mortgage rates and weak wage growth have made it more diffi cult for potential buyers to buy a newly built home. These factors have particularly de-pressed demand by fi rst-time buy-ers.

But economists are still looking for a rebound, given the fact that the U.S. economy has been add-ing jobs at a healthy clip with gains topping 200,000 jobs for six straight months through July.

Housing, while still a long way from the boom of the last decade, has been recovering over the past two years. Though new homes represent only a fraction of the housing market, they have an out-size impact on the economy. Each home built creates an average of three jobs for a year and gener-ates about $90,000 in tax revenue, according to data from the Home Builders •

Source: IBJ

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Candidate Profi les - John Lazaro

John Lazaro, Jr.JR Lazaro Builders, President/Owner

BAGI Involvement: BAGI board 9 years, 2013 BAGI president, current board member, Hen-dricks Co Council member, BPCI builder, Scholarship committee, Finance committee, Awards committee.

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors? Being in my early forties, I still consider myself to be young and open minded and able to bring fresh perspective. Also I am able to represent the west side of Indianapolis that faces dif-ferent issues than downtown Indy and other sides of town. Each municipality creates different issues for builders and I feel it is important that each geographic location around Indy has its own representation.

What are the most important issues facing the residential building industry and how can BAGI address them?The current issues facing the industry are labor, labor, labor, and land, land, land. It is all in short supply. The recession really knocked our industry for a loop. We lost a lot of our labor force and there were no lots created in the interim. Also on the government side, the munici-palities that went to sleep during the recession have awakened and there will be and are more issues and regulations that are arising that we will need to keep our eyes on.

How have your experiences in the building industry infl uenced your life?BAGI opened my eyes. I learned that, as an independent business owner, we do not need to face the world alone. BAGI has many like-minded individuals that enable us to pool our re-sources, share ideas, and come together as one voice. I learned that not only is there competi-tion in the market but there is friendly competition. I can respect some of my competitors and view them as professionals and “compadres” in this marketplace together.

John Lazaro, Jr.JR Lazaro Builders,

President/Owner

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Candidate Profi les - Chris Schrader

Chris SchraderDesign Gallery Homes by Drees, Sales Manager

BAGI involvement: SMC President for the last two years. Served on the board during that same period. Attend-ed SMC meetings regularly since entering the Indianapolis market in 1994. I have supported BAGI through advertisement and sponsorships and regularly attend meeting and other events.

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors? I can use my 23 years of experience in the industry to make a positive contribution to the board. I also feel that my people skills and communication skills that I have learned through selling homes and managing people will allow me to work well with other board members.

What are the most important issues facing the residential building industry and how can BAGI address them?Labor defi cit: promote the benefi ts of a career in the trades at the high school level. Seek out other resources to increase the pool. Rising costs of development and home construction: continue to monitor and challenge govern-mental actions that increase the costs. How have your experiences in the building industry infl uenced your life?It has been an outstanding experience. It has taught me much and provided for my family. I have been able to create many lasting relationships through this industry. It has been an invalu-able experience.

Chris SchraderDesign Gallery Homes

by Drees, Sales Manager

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Candidate Profi les - Rex Soladine

BAGI Involvement: Past President Hendricks County, BAGI Board, Hendricks County Board Golf Committee, Membership Committee.

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors? Excellent attitude and positive focus on the future of BAGI.

What are the most important issues facing the residential building industry and how can BAGI address them?Labor Force – BAGI promoting early education toward building trades. Land development – BAGI to work and encourage development.

How have your experiences in the building industry infl uenced your life?My experiences have made me realize that the industry is a lot like life – lots of ups and downs. But you have to keep moving forward and don’t look back.

Rex SoladineEdgewood Building

Supply,Sales Manager

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Candidate Profi les - Todd Pyatt

BAGI involvement: As a BAGI member, Pyatt Builders and owner, Todd Pyatt, are involved in the sponsorship of BAGI events and actively use the BAGI Quality Assurance Builder Stan-dards as a guideline to construct homes. Todd Pyatt, having been in the industry for 20 years also has worked with BAGI through his previous company C.P. Morgan. As a new homebuild-er and company owner working through market challenges, it is important to use all resources available for success. This includes relationships with other builders, trades, and market experts. BAGI is a resource that not only pools together the key players in the market place, but also cre-ates by-laws and political change that effect how we as builders operate. As a growing com-pany, we are very supportive of BAGI and continue to ramp up our involvement through com-munication with BAGI members, attendance at events, utilization of the BAGI standards, and establishing new relationships with the BAGI team.

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors? As a small local builder, Pyatt Builders entered into the market place at what most would say was a very diffi cult time. The opportunities and challenges that we were able to be apart of the past 6 years have directly contributed to our company’s success and have helped to round out our experience in this industry. At this time in my career and business development, I am seek-ing more industry involvement to use my knowledge and experience to help others, as well as gain and develop additional key relationships throughout the industry. I am confi dent that my experience in this market as the Vice President of Corporate Operations for C.P. Morgan, during its time as the nations #1 single market builder, and now an Owner/President of my own build-ing company, will allow me to be an asset to the Board of Directors. I have a unique and well-rounded perspective of both small volume and large volume building in the greater Indianapo-lis area. In addition, my experience in evaluating and opening operations in other markets will help bring added value to the Board.

What are the most important issues facing the residential building industry and how can BAGI address them?1. Land: Lack of developed home sites / future inventory of home sites. BAGI can help ad-dress this issue by continuing to keep this concern on the forefront of all discussions with build-ers and developers. BAGI has done a great job of bringing industry experts like Edsel Charles in to ensure that builders and developers are aware of the increasing problem. BAGI can con-tinue to help by facilitating discussion and helping to foster relationships between builders, lending facilities, land owners and developers.

Todd PyattPyatt Builders,

Owner/President

25

Candidate Profi les - Todd Pyatt (continued)

2. Infl ation of costs and the effect on home prices. Since the bottom of the homebuild-ing recession in May of 2009, we have continued to see consistent increases in all costs re-lated to the homebuilding industry (material, labor and land). While Indianapolis has con-tinued to be one of the most affordable markets in the country, the rising costs that we have faced directly leads to either eroding builder margins or infl ated home prices. BAGI has done a great job facilitating relationships with builders and trades/suppliers. Continu-ing to foster relationships and working with builders and trades/suppliers to be more effi -cient and strive to keep costs down is a role that BAGI can make an impact on in this mar-ket. 3. Real Estate Brokers and Resale Homes. Builders are experiencing a higher volume in Real Estate Co-Op in today’s market compared to what we saw prior to the homebuilding recession. Gaining the real estate communities understanding and involvement in BAGI is critical to estab-lishing trust and strong relationships with builders. Educating Brokers and Agents on the ben-efi ts of a new home versus a resale home is a role that BAGI can continue to fulfi ll. BAGI’S continued involvement in the education of Brokers through events and meetings will allow this trust to grow and become a place for agents to research builders. We know these relationships will continue to “make or break” a company’s sales goals since a reported 85% of sales are now coming through agents.

How have your experiences in the building industry infl uenced your life?As a high school student that was enrolled in the Vocational Building Trades program at Carmel High School, I immediately knew my career path. I graduated Valedictorian of my high school and attended Purdue University in the Building Construction Management program – achieving Deans List all four years. I started my career young and was given an opportunity to work as an intern at CP Morgan at age 17. I was able to grow through that organization and was the young-est Vice President. The hard work and determination that was required helped me understand the true passion that I have for building homes, building dreams, and making an impact on so-ciety. As an executive at CP Morgan, I was able to affect change in the industry by establishing some of the most unique and best processes in the country. Starting Pyatt Builders with initial-ly a small number of builds, and now growing toward 100 closings per year, has allowed me to work directly with the trades, suppliers, customers, realtors, and developers. While the market down turn was a diffi cult adjustment for many, it has made me stronger, wiser, and a much bet-ter builder.

26

Candidate Profi les - Jason Ells

BAGI involvement: Current BAGI Board member, Hendricks County board member, Com-bined County Golf Committee Chair, BAGI Bash Committee member, Hamilton County Coun-cil member, Hendricks County member, Hancock County member, Johnson County member, SMC Member, BPCI vendor

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors?

The board already has so much talent and wisdom. It is my hope that I would be able to bring fresh ideas and a different perspective. What are the most important issues facing the residential building industry and how can BAGI address them?I believe there are several issues that will continue to need addressed. The following are just a few to mention: Labor shortages, Labor skills and certifi cations, Responding to the every in-crease expectations of homeowners, Continue to develop understandings and relationships with the local and state building offi cials.

How have your experiences in the building industry infl uenced your life?Besides the building industry giving me and my family an income, it has given me a career and an opportunity to chase my dreams.

Jason EllsCustom Concrete,

Executive Director of Operations

27

Candidate Profi les - Forrest Carpenter

BAGI involvement: Past BAGI Board Member and Government Committee Member, Past Johnson County Council President, Worked on Committee to recruit new BAGI members, Past Johnson County Council Builder of the Year

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors? Insight from a custom home builder’s prospective of the industry I also have formed great relationships with several county and city offi cials and code enforcers that may help strengthen BAGI relationships in Shelby County, Marion County, Johnson Coun-ty, City of Greenwood, the Town of Whiteland, and the Town of Bargersville. I am also an active real estate broker and member of MIBOR and can help form relationships with MIBOR and other real estate professionals to help strengthen our industry.

What are the most important issues facing the residential building industry and how can BAGI address them?Increasing regulations for home builders such as wanting to have sprinkler systems installed in homes. BAGI needs to work with local government and planning offi cials to communi-cate our wants and needs as an industry. Lack of appraisal data for new home construction. We should work with all BAGI builders to provide better data to the BLC so appraisers can use this information that will strengthen ap-praisal values.

How have your experiences in the building industry infl uenced your life?Being in the building industry over the past 15 years has been very rewarding as well as chal-lenging! Through the recession over the past several years we had to think outside the box and change our company focus. This has been extremely benefi cial in bringing our company more business and strengthening our company. I have also met many great people and made life-long friends. I hope to always be part of the building industry and a part of BAGI.

Forrest CarpenterCustom Homes by

Cory,Vice President

28

Candidate Profi les - Brent Ash

BAGI Involvement: Member for seven years, ex-offi cio board member, 2014, member of the Remodelers Council.

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors?: With 26 years in the construction fi eld, I can offer a new look on construction issues along with the remodelers point of view in the industry.

What are the most important issues facing the residential building industry and how can BAGI address them? Work force for building for the trade industry, licensing for contractors and name recognition. BAGI can help with promotion, education, and networking. How have your experiences in the building industry infl uenced your life? I made many life-long friends and learned leadership skills to enhance my career. It has given me the strength to stand up for issues I know need to be rectifi ed or addressed.

Brent AshCentennial

Construction,President

29

Candidate Profi les - Ben Davis

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors?

Serving on the Habitat for Humanity Board of Directors in Hamilton County for the past three years has given me experience in what it takes to be in this type of leadership role. Addition-ally, I have been the construction chairperson for HFHHC for the last year. From coordinating volunteers to leading build days to participating in fundraising efforts (such as the Taste of Hab-itat), I have fully supported the mission of Habitat for Humanity. It has also given me the op-portunity to network with others who pursue active roles in the community. I can appreciate the benefi ts of meeting new professional acquaintances, and I seek out those relationships whenev-er I can. I will not sit back and let others do the work for me; I prefer to be involved and know what is going on in the community. I am passionate about the redevelopment of communities here in Indianapolis, and I would love to get more involved. I jump at any opportunity to be-come more educated about what is happening here in our city, and I can’t wait to take an active role in making changes happen.

What are the most important issues facing the residential building industry and how can BAGI address them?

With the rise in criminal activity on our streets here in Indianapolis, we as a community have a responsibility to step in and do what we can to help make a change. Deteriorating neighbor-hoods, numerous vacant homes and home foreclosures, unemployment and poverty are all indi-cators of a struggling community and are often associated with a rise in violence. We at BAGI have the opportunity to lead the way to making the necessary changes through urban redevelop-ment. We can encourage home ownership through affordable housing, thus shifting the men-tality of owners vs. renters. Owners have a pride in their home that renters often lack, investing time and money to making the most of their home. Renters often have the mindset that their money is wasted on something that isn’t theirs and neglect or even abuse the home. In addition to affordable housing, we can provide safer streets and sidewalks, as well as accessible public areas and green spaces. Implementing these efforts in our community will require collabora-tive works, and BAGI members have the knowledge and expertise to make it happen. In con-junction with key players, such as city/county offi cials, attorneys, environmental consultants and public works staff, we can educate the public on the process of revitalization. We can begin to make that plan together as a team to make a difference in our city by making it a safer, more beautiful place to live.

Ben DavisBBG Construction,

President/Owner

30

Candidate Profi les - Ben Davis (continued)

How have your experiences in the building industry infl uenced your life?

Being in the home remodeling business now for ten years, I have experienced the highly vola-tile and highly cyclical home buying and remodeling market most of us have. With economic uncertainty, stiff competition, and ever increasing insurance costs, being successful and profi t-able at the same time can prove diffi cult. My company has struggled to secure jobs one month and has been booked solid the next.

During 2007 and 2008, we got hit hard and had very little business. My wife and I struggled just to pay our bills every month and nearly lost our house. However, I never gave up. I kept pushing forward and looking ahead. It would have been easy to see what was happening and just say, “I’m done.” If I had done that, I would not have been able to see where my company is today. We have done multi-million dollar renovations over the last few years at several apart-ment complexes here in Indianapolis.

Additionally, we continue to grow our residential remodeling division every year. I keep this quote by Dale Carnegie on my desk at all times: “Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.” The construction industry is tough; there is competition at every turn. However, having been at the bottom of the barrel, I know that with the right amount of motivation and a positive attitude, anything is possible.

31

Candidate Profi les - Pete Gray

BAGI Involvement: I have been on the BAGI Board of Directors since 2001 (with the excep-tion of 2008) and was BAGI President in 2006. I was awarded Builder of the Year in 2008, and was the recipient of the Boeke Award in 2013. I have been involved on numerous committees during my tenure on the Board of directors, and am a member of BPCI.

What do you feel you can offer to the BAGI membership by serving on the Board of Di-rectors?

Having been in the industry for many years, and served on the BAGI Board of Directors for 13 years, I feel I have a broad perspective regarding the issues facing our industry as well as an un-derstanding of how BAGI operates and impacts our members and our industry. I look forward to the opportunity to continue having a voice in the decisions and direction that affect BAGI members.

What are the most important issues facing the residential building industry and how can BAGI address them?

There are a number of issues that our industry faces. BAGI continues to be the best advocate of our industry as we deal with increasing governmental regulations, and BAGI needs to continue working on behalf of the industry through Governmental Affairs to insure that our membership is represented on issues that impact us. Additionally, through workforce development efforts, BAGI can help impact the labor shortages that we are all experiencing. There are also oppor-tunities for BAGI to promote our industry to the public and differentiate our membership as the elite professionals that we are.

How have your experiences in the building industry infl uenced your life?

I enjoy this industry for a number of reasons. I have developed many friendships through con-nections within the industry. I also appreciate the impact that we have in building a home for each individual client. It is an awesome industry that allows us to produce such an important product and have such an impact on the lives of our customers. There are very few industries that are more personal than providing a home, and we are fortunate to be a part of it.

Pete GrayExecutive Homes

Construction,President/Co-Owner

Candidate Profi les - Jamoni Harper

Why do you want to serve on the Bagi Board of Directors? It’s great opportunity to exhibit my diverse engineering, marketing and sales background to assist Bagi in achieving its goals and commitment to builders, trade partners and new home buyers. What is your vision as a board member? To continue to connect and educate builders, trade partner and new home buyers. To provide strategic planning, guidance and support that will al-low Bagi to absorb the new changes and challenges in today’s market place.

How are you currently involved with Bagi? As a corporate sponsor (vectren) I am involving with planning and developing marketing opportunities for home builders and new home buy-ers to conserve energy and utilize safe, affordable and effi cient natural gas. Many of the pro-gram that I participate in annually are the home show, home-a-rama, builder bash and various golf outings.

What is your current position and what are your interests/hobbies? I am currently the Re-gional Sales Manager for Vectren North. My hobbies and interest are spending time with my wife and kids, traveling, golf and fi shing.

What are the most important issues facing the residential industry and how can BAGI address them? Home Inventory, Economy, and Financing are three important challenges to the residential building industry. Bagi can assist by continuing to educate and connect builders and trade partners. In addition Bagi can assist with identifying gaps and facilitating opportuni-ties for successful promotion of new home sales in central Indianapolis.

How have your experiences in the building industry carried over to the rest of your life?

My participation in the building industry has created awareness of the unique challenges pres-ent in the industry. It has also afforded me the opportunity to building relationships and net-working opportunities with other members in the community.

Jamoni HarperRegional Sales

Manager,Vectren Energy

Delivery

33

Candidate Profi les - Rick Cummings

BAGI Involvement: I have served 2 terms on the Johnson County Council and it is time to ex-pand my involvement in the greater BAGI. We have experienced incredible growth the past 2 years and are building more and more relationships. This will be a chance to not only expand our reach but also to be able to provide input from a vendor into the industry to allow us to con-tinue to work together to improve quality, effi ciencies, and trusted relationships that result in a better overall experience for each home buyer.

What is your vision for the BAGI Board? My vision is that the housing industry is certainly in an upswing, and while it may never reach the levels it was prior to 2008 I expect continued steady growth not just short term but for the foreseeable future. Again, we all benefi t from new and different ideas as the world of construc-tion has changed from the peak days and we need to have the input of builders and vendors alike to be able to handle that growth effectively and with reasonable profi ts for all involved. I believe I can bring a different perspective to the board while still having over 20 years experi-ence in the fi eld. How are you involved in BAGI? I hold the position of secretary for the Johnson County Build-ers Association. What is your current position and what are your hobbies/interests? I am the owner of CKV Finished Products. I enjoy spending my weekends on the lake with my family and friends.

Rick CummingsOwner,

CKV Finished Products

34

Member Sponsor Number

Joe Garcia 9G & G Custom Homes

Tim Eckert 5Weber Concrete

Jeremy Ash 3Airtron

Brian Adams 2Godby Hearth & Home

Jason Ells 2Custom Concrete

Rick Hamilton 2Hamilton Homes

Jeff Langston 2Heartwood Custom Homes

Eric Prime 2Van Valer Law Firm

Joe Aspatore 1General Shale Brick

Doug Chisholm, Jr. 1Chisholm Lumber & Supply

Dave Compton 1Beazer Homes

Randy Crutchfi eld 1Vectren Energy Delivery

Mike Hannigan 1The Hannigan Co.

Jamoni Harper 1Vectren Energy Delivery

Nigel Hoss 1Hoss Building Group

Dan Kelley 1Kelley Construction

Jim Langston 1Heartwood Custom Homes

John Lazaro 1J.R. Lazaro Builders

Carl McIntyre 1Carrington Homes

John McKenzie 1Homes by McKenzie

Thomas Mullen 1Mullen & Associates

Brad Odom 1Homesense Heating & Cooling

Joe Reedy 1M/I Homes

Josh Smith 1Indiana Restoration & Cleaning

Mike Smith 1Monsma Marketing Corp.

Rex Soladine 1Edgewood Building Supply

Cathy Stegemoller 1Steg Plumbing

Nate Stoops 1TWG Construction

Tom Vander Luitgaren 1Van Valer Law Firm

Kevin Wagner 1K & D Wiring

Tom Watson 1D&D Mouldings & Millwork

Brian Whitson 1Carter Lumber

Kenny Windler 1Ryland Homes

Anthony Ziegler 1Merchant Rewards International

Total New Members: 53

Membership Totals as of 8/14/2014

Builders 176Associates 316Honorary 21TOTAL 513

Spikes

35

The Renewal Date for Your Group Health InsuranceIs Approaching!

Looking for a more affordable option?

As a member in good standing, you have access to BAGI's Group Health Insurance Program.

Cost-Saving Benefits:• pool your employees into a wider group of insured individuals • avoid large rate increases• opt-out of the community-based rating pool

The BAGI Group Health Insurance Program is fully-insured, and offers high-quality coverage, 12 plan choices, and rate price protection. Wharton Insurance & Financial Services is the sole administrator of BAGI's program. For more information, give us a call at 317.663.4138 or send an email to Scott Wharton at scott@wifsinc.com

317.663.4138 office | 317.663.4139 fax | WIFSinc.com

Thank You Sponsors 2014

37

JANUARY

Indianapolis Home Show

Premier Sponsors:

Citizens Energy Group

Indianapolis Power & Light

Vectren Energy Delivery

Weber Concrete

Product Suppliers:

Accent Cabinets

Chisholm Lumber

Clark Appliances

Home Acres Building Supply Co.

ICC Floors

Kelley Construction

Mirror & Glass Concepts

Sherwin Williams

Steg Plumbing

The Premier Group

Project Coordinator:

Building Partners of Central

Indiana

FEBRUARY

Hendricks County Mtg/Remod-elors MtgThe Affordable CompaniesCustom Concrete

BAGI Connect:Citizens Energy Group

Hancock Co Membership Mtg:Weber Concrete

Johnson Co. Membership Mtg:Vectren Energy Delivery

Hamilton Co. Membership Mtg:Airtron, Clark Appliance & Mo-hawk Industries BAGI Industry GALA Awards:Premier SponsorIndianapolis Power & Light Com-pany Gold SponsorsCitizens Energy GroupVectren Energy DeliveryWeber Concrete Construction Bronze SponsorsAirtron, Inc.Laura Kopetsky Tri AxDesign Gallery Homes by DreesDrees Homes Friends of the EventClark ApplianceCustom Concrete Co., Inc.G & G Custom Homes, Inc.Kelley Construction CorporationRyland HomesArbor HomesM/I HomesWTHRUnion Savings Bank - Leigh Ann Clayton

MARCH

Hendricks County MtgVectren Energy Delivery

BAGI Connect:Vectren Energy Delivery

Johnson Co. Membership Mtg:Heartland Community Bank an Ho-rizon Bank

Hamilton Co. Membership Mtg:Vectren Energy Delivery

Sales & Marketing Council Mtg:Design Gallery by Drees

(Hunter Smith, former Colts punter spoke at the last SMC meeting)

Remodelors Membership Mtg:Digital Sight and Sound

BAGI Open HouseSpeedway, LLC

BAGI Leadership Conference:Citizens Energy GroupCustom ConcreteGene B. Glick Co.Hamilton Co. Bldr CouncilHendricks Co. Bldr CouncilIndianapolis Power & LightJohnson Co. Bldr CouncilVectren Energy DeliveryWeber Concrete ConstructionWTHR, Channel 13

Thank You Sponsors 2014MAY

BAGI Connect:

Vectren Energy Delivery

FAST Track Friday:

James Hardie

Motorists Mutual Insurance Com-

pany

Barrett & Associates

Battersby & Danielson Associates

Bryant Heating & Cooling

Clark Appliance

Delta

Timberland Lumber Co.

Viking

Hancock Co. Golf Outing:

Appetizer Sponsors:

ABC Supply

Blue Star Redi Mix Corp.

General Shale Brick

Beverage Cart Sponsors:

Mercer Belanger, P.C.

Mont Granite, Inc.

Bloomfi eld State Bank

Clark Appliance

Beverage & Snack Cart Sponsor

Union Savings & Loan Association

Ameriana Bank

Snack Cart Sponsors:

Edgewood Building Supply

Steel House, LLC

Hole Sponsors:

ABC Supply Co., Inc.

Airtron, Inc.

Aqua Systems

Blair Windows & Doors, Inc.

Blue Star Redi Mix Corp.

Carter Lumber

CGS Services, Inc.

CSI Signs

DME Elevators & Lifts

Design Gallery Homes by

Drees

General Shale Brick

Godby Hearth & Home

Greenfi eld Banking Co.

Irving Materials, Inc.

Justus Senior Communities

Mitford Homes

Power Moves by NineStar

Connect

The Links Golf Course

The Sherwin-Williams

Company

Vectren Energy Delivery

Weber Concrete

Wheeler Corp.

Longest Drive:

K & D Wiring, Inc.

Lunch Sponsors:

Carter Lumber

Vectren Energy Delivery

Weber Concrete Construction

Water Sponsor:

Aqua Systems

Thank You Sponsors 2014JUNE

Corn Hole Tournament:

Burtner Electric and

Kelley Construction

Combined Golf Outing:

Appetizer Sponsors

Blue Star Redi Mix Corp.

M/I Homes

Ruoff Home Mortgage

Beverage Cart Sponsors:

Clark Appliance

Indianapolis Power & Light Com-

pany

McComb Window & Door Co.,

Inc.

Sims Lohman

Steg Plumbing

University Lending Group

Closest to Pin Sponsors

Guardhouse Security Services

Sims-Lohman Fine Kitchens &

Granite

Waterstone Mortgage

Hole in One Sponsor:

Hare Chevrolet

Hole Sponsors

84 Lumber

ABC Supply

Airtron, Inc.

Alto Pass

Custom Concrete Co., Inc.

DME Elevators & Lifts

Elbert Construction

Fairway Mortgage

G&G Custom Homes

Godby Hearth & Home

IMI

James Hardie Building Products

Kelley Construction

Professional Warranty Services Co.

Pyatt Builders, LLC

The Premier Group

Lunch Sponsor (Ham)

Century 21 Scheetz, LLC

University Lending Group

Vectren Energy Delivery

Weber Concrete Construction

Westport Homes

Snack Cart Sponsors:

Bloomfi eld State Bank

Boom-A-Rang

Burtner Electric

Edgewood Building Supply

Steel House

Longest Drives:

Citizens Energy Group

Pro Build

Sponsor Contest

T.A. Kaiser Htg & Air

CSI Signs -Sign Sponsor

Water Sponsor -Aqua Water Sys-

tems

Home-A-Rama

Premier Sponsor

First Internet Bank

Golf Cart Sponsors:

Tom Watson, D&D Moulding

Joe Garcia, G&G Custom Builder

Jeff McComb, Talmer Bank

Talmer Bank

Golf Cart Drivers:Sheila Hurst, SpeedwayTeri Tillery, Indianapolis Power & LightRex Soladine, Edgewood Building SupplyTom Watson, D&D MouldingDavid Moulder, Mirror & Glass ConceptsHeather Meyer, Stewart TitleJames Smith, Steel HouseTim Eckert, Weber ConcreteMegan Ochs, BPCIJosh Kilcoyne, RiteRugAnita Sherman, Greenwalt CPA’sMichelle Back, AmerianaJesse Waninger, Greenwalt CPA’sPhil Turner, Greenwalt CPS’sWendy Creed, Waterstone Mtg.Taffani DeCraene, Waterstone Mtg.

Thank You Sponsors 2014JULY

BAGI Open House:

Speedway, Inc.

BAGI Connect:

Weber Concrete

SMC Brew Tour:

Arbor Homes

Citizen Energy Group

Design Gallery Homes by Drees

M/I Homes

Vectren Energy Delivery

Johnson Co. Networking Event:

Vectren Energy Delivery

BAGI Golf Outing:

Beverage Cart Sponsors:

BPCI

Clark Appliance

Indianapolis Power & Light Com-

pany

McComb Window & Door Co.,

Inc.

Steg Plumbing

Thermo-Scan Inspections

Closest to Pin Sponsors:

Sims-Lohman Fine Kitchens &

Granite

Mont Granite

JR Lazaro Builders

Hole Sponsors:

ABC SupplyAccess National MtgAirtronAmerica's Floor SourceArbor HomesBeazer HomesBedrock BuildersBoom-A-RangComcast Custom ConcreteCustom Homes by Cory, Inc.DME Elevators & LiftsFirst Internet BankFrost Brown ToddG&G Custom HomesHeartwood Custom HomesIndiana Geothermal Indianapolis Home ShowLangston DevelopmentM/I HomesMoss Well Drilling, Inc.Overhead Door Company of IndplsProBuild/Carter Lee LumberPulteGroupStone Center of Indiana, LLCSuburban SteelSullivan Commercial SupplyTalmer Bank & TrustVectren Energy DeliveryWaterstone MortgageWeber Concrete ConstructionWTHR-TV 13/Video Indiana

Longest Drive Sponsor:Citizens Energy Group Lunch Sponsors:Vectren Energy DeliveryWeber Concrete Construction

Appetizer Sponsors:Vectren Energy DeliveryWaterstone Mortgage

Snack Cart Sponsors:BPCIElbert ConconstructionIndianapolis Power & Light Com-panySteel House

Sponsor Contest:T.A. Kaiser

Water Sponsor:Aqua Water Systems

Sign Sponsor:CSI Signs

Hancock Co. Networking:Vectren Energy Delivery

BAGI Membership Appreciation Day:Indianapolis Power & LightVectren Energy DeliveryWeber Concrete

Once more thank you again for your membership. Below are some of the volunteers that came in and helped make calls on Membership Apprecia-tion Day.

Congratulations to Joe Barrett of Barrett & Associates who won the $200 gift card. If you answered the phone that day you were entered in a chance to win the gift card. Joe was the lucky winner. Joe you have the 2014 President, Joe Garcia to thank - he drew the name.

Also Jeff Gambaccini was the volun-teer who made that call so he won a $50 gift card. Congratulations and thanks for the help Jeff.

A thanks also goes out to Brian Ad-ams from Godby Hearth and Home who brought down a grill so we could make lunch. It was good eats, and none of it would have been possible without are sponsors: Indianapolis Power & Light, Vectren Energy Deliv-ery and Weber Concrete. Thank you!

Thank You Sponsors 2014

41

AUGUST

SMC Membership Mtg:

Fairway MortgageM/I Homes

Johnson Co. Golf Outing:

Beverage Cart Sponsors:Daily JournalMcComb Window & Door Co., Inc.

Barrett & Associates, Inc.CKV Finished Products

Clark ApplianceIndianapolis Power & Light Com-pany

Closest to PinMatt Beecher Builders

Dinner SponsorsDuke Homes, Inc.Van Valer Law Firm, LLPCustom Homes by Cory, Inc.Paul’s Glass

Hole Sponsors Airtron, Inc.BEST Title ServicesCustom Concrete Co., Inc.Custom Homes by Cory, Inc.DME Elevators & LiftsDuke Homes, Inc.Forum Credit UnionGeneral ShaleGodby Hearth & HomeM/I Homes of Indiana, LPVan Valer Law Firm, LLPVectren Energy DeliveryWeber Concrete

Lunch SponsorsVectren Energy DeliveryWeber Concrete

Sponsor Contest:T.A. Kaiser Heating & Air, Inc.

Sign SponsorCSI

Water SponsorAqua Water Systems

Door Prize SponsorGeneral Shale

Pictured: Joe Barrett receiving the $200 gift card from the Membership Appreciation Drive. The award was given to him by Rick Cummings, one of the volunteers who helped make calls that day

42

2014 Building Permits

The July building permit reports indicate that in the Greater India-napolis Nine-County area, Single-Family Building Permits increased one percent over the 2013 num-bers year-to-date . Reports indicate there have been 3,148 new home permits issued so far this year com-pared to 3,104 in 2013.

In addition, Builder Confi dence rose to a reading of 53 on the Na-tional Association of Home Build-ers/Wells Fargo Housing Market Index (HMI). Any reading over 50 indicates that more builders view sales conditions as good than poor.

“The consistent permit numbers are an indicator of a very steady and stable housing market here in Central Indiana,” says Steve Lains, CEO of the Builders Association of Greater Indianapolis.

“We just learned that Builder Con-fi dence in the market for newly-built single-family homes rose four points in July indicating that consumers are viewing the condi-tion of the housing market as good - and that mirrors what we are see-ing here in the nine-county area,” says Lains.

July Permit Numbers Remain Steady as Builder Confi dence Rises 4 Points

ECONOMIC IMPACT

County Total Permits Local Income Local Taxes Local Jobs Boone 283 $ 50,680,716 11,505,362 858 Hamilton 1184 $ 212,035,223 48,135,506 3,590 Hancock 225 $ 40,293,856 9,147,372 682 Hendricks 430 $ 77,006,035 17,481,645 1,304 Johnson 375 $ 67,156,426 15,245,621 1,137 Madison 57 $ 10,207,777 2,317,334 173 Marion 485 $ 86,855,645 19,717,669 1,471 Morgan 76 $ 13,610,369 3,089,779 230 Shelby 33 $ 5,909,766 1,341,615 100 Totals: 3148 $ 563,755,812 $ 127,981,902 9,545

2014 GREATER INDIANAPOLIS NINE-COUNTY SINGLE FAMILY BUILDING PERMITS

REPORTING AREA JAN FEB MAR APR MAY JUNE JUL AUG SEPT OCT NOV DEC TOTALBOONE COUNTY Lebanon 0 0 0 1 2 2 5 10

Whitestown 15 20 14 33 24 25 15 146Zionsville 9 9 16 25 22 18 21 120Unincorporated 0 0 1 1 1 4 0 72014 TOTAL BOONE CO. 24 29 31 60 49 49 41 2832013 TOTAL BOONE CO. 33 40 46 46 49 58 56 328PERCENTAGE CHANGE -27% -28% -33% 30% 0% -16% -27% -14%

HAMILTON COUNTY Arcadia 0 0 1 0 0 0 1 2Carmel/Clay 16 27 24 33 24 39 30 193Cicero/Jackson 1 4 2 1 3 2 3 16Fishers 58 58 47 73 60 40 54 390Sheridan 1 1 1 5 6 4 2 20Noblesville 24 33 43 38 41 47 34 260Westfield 28 39 52 64 42 38 36 299Unincorporated 0 0 2 0 2 0 0 42014 TOTAL HAMILTON CO. 128 162 172 214 178 170 160 11842013 TOTAL HAMILTON CO. 126 160 157 186 188 169 192 1178PERCENTAGE CHANGE 2% 1% 10% 15% -5% 1% -17% 1%

HANCOCK COUNTY Cumberland 1 4 3 0 1 5 2 16Greenfield 2 6 4 10 7 3 3 35McCordsville 7 13 18 10 19 14 11 92New Palestine 1 1 1 6 7 5 3 24Unincorporated 4 4 4 12 12 15 7 582014 TOTAL HANCOCK CO. 15 28 30 38 46 42 26 2252013 TOTAL HANCOCK CO. 9 14 18 30 31 37 28 167PERCENTAGE CHANGE 67% 100% 67% 27% 48% 14% -7% 35%

HENDRICKS COUNTY Avon 12 14 22 18 22 28 10 126Brownsburg 6 13 13 12 15 12 18 89Danville 0 0 1 5 3 2 7 18Pittsboro 2 0 0 1 1 0 2 6Plainfield 4 7 15 16 18 12 8 80Unincorporated 3 15 16 19 25 15 18 1112014 TOTAL HENDRICKS CO. 27 49 67 71 84 69 63 4302013 TOTAL HENDRICKS CO. 42 38 70 70 90 59 68 437PERCENTAGE CHANGE -36% 29% -4% 1% -7% 17% -7% -2%

JOHNSON COUNTY Bargersville 8 5 6 12 4 10 5 50Edinburgh 0 0 0 0 1 0 0 1Franklin 9 7 5 9 9 3 6 48Greenwood 25 20 37 16 31 23 22 174Prince's Lake 0 0 0 0 0 0 0 0New Whiteland 0 0 0 0 0 0 2 2Trafalgar 0 0 0 1 0 0 0 1Whiteland 0 0 0 0 1 0 0 1Unincorporated 9 9 14 14 12 22 18 982014 TOTAL JOHNSON CO. 51 41 62 52 58 58 53 3752013 TOTAL J0HNSON CO. 43 37 54 57 69 64 59 383PERCENTAGE CHANGE 19% 11% 15% -9% -16% -9% -10% -2%

MADISON COUNTY Alexandria 0 0 0 0 0 0 0 0Anderson 0 1 2 0 2 1 4 10Elwood 0 1 0 0 0 3 0 4Frankton 0 0 0 0 0 0 0 0Ingalls 1 1 0 0 0 0 0 2Lapel 0 1 1 0 0 0 1 3Pendleton 0 0 2 1 2 0 3 8Unincorporated 6 1 1 10 6 3 3 302014 TOTAL MADISON CO. 7 5 6 11 10 7 11 572013 TOTAL MADISON CO. 2 2 11 18 9 10 6 58PERCENTAGE CHANGE 250% 150% -45% -39% 11% -30% 83% -2%

MARION COUNTY Beech Grove 0 0 0 0 0 0 0 0Lawrence 8 8 11 9 11 7 11 65Indianapolis 37 53 64 52 67 63 84 4202014 TOTAL MARION CO. 45 61 75 61 78 70 95 4852013 TOTAL MARION CO. 41 63 68 71 75 56 77 451PERCENTAGE CHANGE 10% -3% 10% -14% 4% 25% 23% 8%

MORGAN COUNTY Martinsville 1 0 2 0 0 0 0 3Monrovia 2 1 4 3 1 5 4 20Mooresville 0 0 1 3 8 1 4 17Morgantown 0 0 0 0 0 0 1 1Unincorporated 0 3 3 3 9 7 10 352014 TOTAL MORGAN CO. 3 4 10 9 18 13 19 762013 TOTAL MORGAN CO. 5 4 7 12 11 12 5 56PERCENTAGE CHANGE -40% 0% 43% -25% 64% 8% 280% 36%

SHELBY COUNTY Morristown 0 0 0 0 0 0 0 0Shelbyville 0 0 1 0 2 0 1 4St. Paul 0 0 1 2 4 2 4 13Unincorporated 0 0 4 3 3 4 2 162014 TOTAL SHELBY CO. 0 0 6 5 9 6 7 332013 TOTAL SHELBY CO. 2 8 4 6 8 9 9 46PERCENTAGE CHANGE -100% -100% 50% -17% 13% -33% -22% -28%GRAND TOTAL 2014 300 379 459 521 530 484 475 3148GRAND TOTAL 2013 303 366 435 496 530 474 500 3104PERCENTAGE CHANGE -1% 4% 6% 5% 0% 2% -5% 1%2014 PREV. MONTH to CURR. MONTH % -10% 26% 21% 14% 2% -9% -2%

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MIBOR Report

Although low supply and tight credit standards are still hurdles to a robust recovery, prices continue to rise in most local areas. Buoyed by stable and continuously lower inter-est rates, affordability is still historically high yet below its all-time peak. Rising inventory levels will lead to more choices for qualifi ed buyers. In fact, New Listings in cen-tral Indiana rose in July by 2.2 percent and 2.5 percent for the quarter ending in July. Pending Sales were down 3.6 percent in July and 4.4 percent in the three months ending in July. Inventory levels rose 2.7 percent, bringing Months Supply of Inventory up 4.8 percent to 5.9 months.

Prices were stable. The Median Sales Price increased 0.1

Housing Market Shows Growth in Central Indianapercent to $145,000 in July. For the quarter ending in July, Median Sales Price rose 2.1 percent to$145,000 compared to the same quarter a year ago.

The U.S. Department of Commerce reported that GDP grew at a 4.0 percent annual rate in the second quarter and that the fi rst quarter was less negative than previously thought. Consumer spending in the fi rst quarter rose 2.5 per-cent, which is encouragingly in tandem with savings rates. Increased consumer spending means more demand for goods and labor; increased savings rates means more resources for down payments.

Market Overview Key market metrics for the current month and year-to-date figures.

Current Prior Year + / – Current Prior Year + / – Current Prior Year + / – Current Prior Year + / –

New Listings May 2014 40,903 39,749 + 2.9% 19,520 20,738 - 5.9% 13,008 12,855 + 1.2% 4,590 4,634 - 0.9%

Jun 2014 41,177 40,236 + 2.3% 22,256 23,172 - 4.0% 13,516 13,233 + 2.1% 4,482 4,208 + 6.5%

Jul 2014 41,269 40,902 + 0.9% 24,323 24,427 - 0.4% 13,396 13,074 + 2.5% 4,324 4,232 + 2.2%

Pending Sales May 2014 26,685 27,038 - 1.3% 12,810 14,281 - 10.3% 7,977 8,565 - 6.9% 2,827 3,034 - 6.8%

Jun 2014 26,616 27,517 - 3.3% 14,139 15,519 - 8.9% 8,258 8,726 - 5.4% 2,727 2,796 - 2.5%

Jul 2014 26,521 27,796 - 4.6% 15,113 16,136 - 6.3% 8,079 8,450 - 4.4% 2,525 2,620 - 3.6%

Closed Sales May 2014 26,685 28,130 - 5.1% 12,730 13,706 - 7.1% 7,597 8,320 - 8.7% 3,034 3,339 - 9.1%

Jun 2014 26,616 28,617 - 7.0% 13,768 14,997 - 8.2% 8,603 9,166 - 6.1% 3,145 3,191 - 1.4%

Jul 2014 28,901 29,467 - 1.9% 15,400 16,682 - 7.7% 9,229 9,862 - 6.4% 3,050 3,332 - 8.5%

Median Sales Price May 2014 $136,000 $129,900 + 4.7% $134,000 $128,000 + 4.7% $137,500 $132,000 + 4.2% $140,000 $138,000 + 1.4%

Jun 2014 $137,000 $130,000 + 5.4% $137,000 $130,900 + 4.7% $142,900 $137,500 + 3.9% $150,000 $144,900 + 3.5%

Jul 2014 $137,000 $131,500 + 4.2% $140,000 $135,000 + 3.7% $145,000 $142,000 + 2.1% $145,000 $144,900 + 0.1%

Average Sales Price May 2014 $170,961 $162,367 + 5.3% $169,259 $160,123 + 5.7% $171,744 $164,871 + 4.2% $175,932 $172,201 + 2.2%

Jun 2014 $172,321 $163,274 + 5.5% $172,613 $163,633 + 5.5% $179,503 $171,104 + 4.9% $188,435 $176,312 + 6.9%

Jul 2014 $172,695 $164,415 + 5.0% $175,646 $168,269 + 4.4% $182,680 $176,026 + 3.8% $183,449 $179,570 + 2.2%

May 2014 92.7% 90.2% + 2.7% 92.8% 90.5% + 2.5% 93.6% 91.5% + 2.3% 94.4% 92.4% + 2.1%

Jun 2014 92.8% 90.5% + 2.6% 93.4% 91.2% + 2.3% 94.2% 92.4% + 1.9% 94.3% 93.1% + 1.4%

Jul 2014 92.9% 90.9% + 2.3% 93.7% 91.9% + 1.9% 94.3% 93.0% + 1.4% 94.2% 93.5% + 0.7%

May 2014 12,607 13,629 - 7.5% 11,731 12,410 - 5.5% 12,318 12,773 - 3.6% 12,944 13,160 - 1.6%

Jun 2014 12,628 13,438 - 6.0% 12,093 12,637 - 4.3% 12,993 13,119 - 1.0% 13,656 13,403 + 1.9%

Jul 2014 12,659 13,283 - 4.7% 12,597 12,943 - 2.7% 13,588 13,450 + 1.0% 14,165 13,786 + 2.7%

May 2014 5.1 6.4 - 20.8% 4.7 5.6 - 14.9% 5.0 5.6 - 10.1% 5.3 5.6 - 5.3%

Jun 2014 5.1 6.2 - 18.3% 4.9 5.6 - 11.8% 5.3 5.6 - 5.3% 5.6 5.6 - 0.1%

Jul 2014 5.1 6.0 - 15.5% 5.1 5.6 - 7.8% 5.6 5.6 - 0.2% 5.9 5.6 + 4.8%

Percent of Original List Price Received at Sale

Total Active Listings Available at Month End

Months Supplyof Inventory

Rolling 12 Months MonthlyRolling 6 Months Rolling 3 Months

Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.

15,437

13,283 12,659

2012 2013 2014

12 Month

15,273

12,943 12,597

2012 2013 2014

6 Month

10,000

15,000

20,000

25,000

30,000

35,000

1-2007 7-2007 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 1-2012 7-2012 1-2013 7-2013 1-2014 7-2014

Historical Inventory of Homes Available

One-Year Change:

Two-Year Change:

- 4.7%

- 18.0%

15,668

13,450 13,588

2012 2013 2014

3 Month

15,643

13,786 14,165

2012 2013 2014

July

One-Year Change:

Two-Year Change:

- 2.7%

- 17.5%

One-Year Change:

Two-Year Change:

+ 1.0%

- 13.3%

One-Year Change:

Two-Year Change:

+ 2.7%

- 9.4%

Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.

8.3

6.0

5.1

2012 2013 2014

12 Month

7.9

5.6 5.1

2012 2013 2014

6 Month

3

4

5

6

7

8

9

10

11

12

13

1-2007 7-2007 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 1-2012 7-2012 1-2013 7-2013 1-2014 7-2014

Historical Months Supply of Homes for Sale

One-Year Change:

Two-Year Change:

- 15.5%

- 38.6%

7.9

5.6 5.6

2012 2013 2014

3 Month

7.8

5.6 5.9

2012 2013 2014

July

One-Year Change:

Two-Year Change:

- 7.8%

- 35.0%

One-Year Change:

Two-Year Change:

- 0.2%

- 29.5%

One-Year Change:

Two-Year Change:

+ 4.8%

- 24.8%

Percent of Original List Price Received

Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.

89.0% 90.9% 92.9%

2012 2013 2014

12 Month

89.9% 91.9% 93.7%

2012 2013 2014

6 Month

84%

86%

88%

90%

92%

94%

96%

98%

1-2005 7-2005 1-2006 7-2006 1-2007 7-2007 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 1-2012 7-2012 1-2013 7-2013 1-2014 7-2014

Historical Percent of Original List Price Received

One-Year Change:

Two-Year Change:

+ 2.3%

+ 4.4%

90.7% 93.0% 94.3%

2012 2013 2014

3 Month

90.5% 93.5% 94.2%

2012 2013 2014

July

One-Year Change:

Two-Year Change:

+ 1.9%

+ 4.2%

One-Year Change:

Two-Year Change:

+ 1.4%

+ 3.9%

One-Year Change:

Two-Year Change:

+ 0.7%

+ 4.1%

45

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