What makes a market like Indianapolis work?

[Kenneth Cowan]

There are deals to be had everywhere in this country if you look. But there seems to just be a lot of return potential in Indianapolis. My question here is WHY. What is happening there that has prices low but rents relatively high? I don't recall seeing anything about 100,000 jobs moving to Indy. What is the indicator that you can look for in the next "it" market? I get the Midwest thing, but why not St Louis or Milwaukee? What's going on in Indianapolis? I'm not trying to steal anyone's secret sauce here, just looking for a discussion of what the driving forces are, and can they be repeated elsewhere?

[Josh C.]

The secret sauce is fantastic property management companies. :)

Seriously though, we are a big enough city to be stable. Have a state and local government that is pro business and quick to give incentives to businesses to create jobs. Being centrally located (we are the cross roads of America you know) also attracts business. But for some unknown reason we haven't had a bustling downtown until we got the super bowl. Then everyone and their mom suddenly realized that the city and not just the burbs were great. Now downtown and other pockets have nice housing stock that people with money want to live in so that market is extremely hot currently. But a rising tide raises all ships.

Not sure if I really said anything, but pro business and the fact my property taxes are a third what your mob controlled town is has something to do with it.