What $500,000 will get you in Greater Lafayette real estate
LAFAYETTE and WEST LAFAYETTE, Ind. − The average home purchased in America last year cost $348,079, according to Zillow.com, about $120,000 more than the average home purchased in the state of Indiana during the same time.
How much does the average home in Greater Lafayette cost? That depends on what side of the Wabash River you live on, Zillow.com states: average cost in Lafayette, just over $220,000; in West Lafayette, around $333,000.
Homes sell rather quickly in Lafayette, Zillow reported, with an average of six days until a for-sale home moves to pending status. About a third of the homes sold for over the list price -- 31 percent.
Half-million dream homes
The market boasts a few homes listing for $500,000 or more. The Journal & Courier took virtual and literal tours of some of the half-million dollar homes on the market in our area. We wanted to know: What sets these homes apart?
Here's just a few of the homes on the market between $400,000 and $550,000.
6100 Gilwell Drive - starting price $430,000
Located further back in West Lafayette, this location serves as the model home for The Courtyards at Belle Terra. While this home specifically is not for sale, the model serves to show what the floorplan and optional extensions, such as the second floor, have to offer.
"We can build this floor plan," Erin Long, sales and marketing manager for Essential Homes, said. "This floor plan does start at $430,000."
This model home has 2153 square feet in the first floor and about 700 square feet in the optional second-floor extension.
Every home in The Courtyards includes Homeowners' Associates and community features including:
Swimming pool and pickleball court
Clubhouse with fitness area
Lawn care and snow removal services
Two community ponds
One year social membership to Coyote Crossing Golf Club
Weekly trash pickup
Optional extensions within the homes at The Courtyards at Belle Terra include zero-elevation walk-in showers, a second floor and sitting room or porch options.
650 Hazelwood Drive - $491,000
Staying within The Courtyards, this location is currently being built as a single-floor space with the optional sitting room extension and the zero-threshold shower included. The floor plan also includes two bedrooms and two full baths.
This location features a walk-in pantry with no wire racks, arched doorways and an ungraded laundry room that includes a counter and sink.
Bob Hockema, co-founder of Essential Homes and franchise builder for Lafayette, explained how these additional upgrades are unique to the targeted market for these homes. While there are no age limits to live in The Courtyards by Belle Terra, the zero-entry showers and lawn care services provided by the HOA may be more useful to those with low-maintenance lifestyles.
"I would say it's unique to the market that we're targeting," Hockema said. "If you like the lifestyle of zero-entry showers and single-floor living."
Additional features buyers may consider are the waterfront homes available throughout the relatively small community.
"One of the nice things about this neighborhood, there will be only 79 homes here, so it's relatively small," Long said. "We've got two community ponds and then we are going to be constructing a community club house...that is super unique especially for a community of this size. It's going to be very accessible for everybody here."
650 Hazelwood Drive contains 2,158 square feet with a total of 10 rooms and will complete construction on Feb. 3.
Four other listings within The Courtyards - up to $600,000
There are currently four other homes being built within The Courtyards. Their square footage and price ranges vary from about $400,000 to about $550,000.
"They're four different floor plans," Long said. "There are a couple that are on the water, a couple that aren't. All of them have the zero-entry shower. They all have two bedrooms, two full baths and a den. But essentially they're all going to have the luxury vinyl plank flooring...really the layouts are the only things that are really different. They're all going to have the same features (such as a) tiled fireplace."
According to Long, these four listings range from 1,700 square feet to 2,400 square feet. According to Long, the overall price range for the offered floor plans and extensions to The Courtyards' houses is $330,000 to about $600,000.
Lafayette listings
According to a recent study by Rocket Homes, Lafayette ranks as one of the best places in the nation to buy a home on a $65,000 budget.
The ranking factors within the study included, verbatim:
Lafayette residents with a household income of $65,000, land well above the area’s median household income of $54,490
The median home price in Lafayette is $240,078 and the average estimated monthly mortgage payment is $1,347
The city is also home to Purdue University, which hosts several events and Big 10 athletic games
Lafayette ranks second on the list, only behind Wausau, Wisconsin, out of 383 of the largest metropolitan areas in the United States.
The Journal & Courier reached out to five different realtors in the Lafayette area to include their listings within the $450,000-$550,000 range, but did not hear back from them. However, many listings on Homes.com offers the general amenities, square footage and prices ranges for available homes.
4310 Admirals Pointe Drive - $499,900
This newly build home includes over 3,100 finished square feet, four bedrooms with walk-in closets, two-and-a-half baths and an office/den that can be used as a fifth bedroom, according to its description.
"The main level En suite has an oversized walk-in closet and has a full custom tile shower," the home's description says. "The open concept layout of the kitchen, nook and great room make this a great home to entertain. This world class kitchen has double oven and separate cooktop to make it convenient for large meal preparations. The sunroom provides the perfect spot to enjoy that early morning coffee. Located in Raineybrook subdivision, makes this home the perfect place to raise your family. And if you hurry, there is still time to pick out your wall colors and flooring/tile."
Similarly to The Courtyards, it seems customization is available for this listing, but with it being just at the $500,000 mark, overall more bedrooms and bathrooms are included.
3322 Crosspoint Court South - $460,938
This home comes in at 4,504 square feet and includes four bedrooms and five bathrooms. This home's description notes the benefits of this location for travel needs.
"Not only is it a large house, but it's also located on the Southside of Lafayette at 18th and VMP in Southern Meadows subdivision," the description says. "This location is ideal for access to the interstate/highways, factories, shopping, restaurants and Purdue University."
The description also includes the main level having a den; formal dining and living room with a double-sided gas log fireplace; access to the deck; double vanities; his/hers closets; jetted tub and multi-head walk-in shower; a laundry room with cabinets and a sink and a half-bath.
The upstairs floor includes a loft; a bedroom with a full bathroom and walk-in closet and two other bedrooms with Jack-and-Jill style bathrooms.
Included in this home, and not in any of those in The Courtyards, is a basement. This basement includes two recreation rooms; a wet bar and kitchenette; an exercise room, a full bathroom and a room that could be used as an additional bedroom or as storage.
7555 Lawrie Lane - $450,000
While it is the lowest price on this list at $450,000, this listing does not skip out on features that have been previously listed.
The home at 7555 Lawrie sits at 3,493 square feet and on 2.07 acres. It has four bedrooms and four bathrooms. The sunroom features a hot tub and includes a finished basement with a half-bath, a family room and a fourth possible bedroom or recreation area.
"(This house features a) gazebo with electrical ran to it and a pretty awesome pole barn built in 2004 (42 x42) heated with workshop," the description says. "Three-car attached garage, updated kitchen and baths, hardwood floors, whole house generator, attic fan, whole house water filter and so much more. (Also included are a) 2015 new roof, heat pump/thermostat, 2016 new siding, motion sensor lights, 2020 kitchen update, 2021 master bath remodel."
Margaret Christopherson is a reporter for the Journal & Courier. Email her at mchristopherson@jconline.com and follow her on Twitter @MargaretJC2.
This article originally appeared on Lafayette Journal & Courier: Here's a look at what houses are available up to $600,000 in the Greater Lafayette area
