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Along the banks of Geist Reservoir in northeast Indianapolis is some of the most spectacular and sought-after real estate in all of Central Indiana. Spanning the Marion County, Hamilton County and Hancock County borders, Geist waterfront homes are found in the cities of Fishers, McCordsville, and Lawrence. Geist real estate includes the Hamilton Southeastern, Mount Vernon, and Lawrence Township school districts.

Homes in the Geist area range from multi-million dollar mansions with incredible water views and multiple boat docks, to more modest, but equally beautiful, homes within walking distance to the shops and restaurants at Geist Marina. Bella Vita Ristorante on Geist is a favorite summer dining and entertainment destination. Elegant indoor and outdoor dining areas overlooking the waters of Geist, dock-side service, and an outdoor lounge and a summer beach bar give patrons a carefree, vacation vibe year-round.  Just across the bridge is the Indianapolis Yacht Club, where water enthusiasts can take sailing lessons or host a fabulous social event in the club’s castle-like setting.

Geist residents benefit from the best of two worlds: a waterfront lifestyle that feels a lot like permanent vacation, as well as easy access to shopping, restaurants, museums, professional sporting events, and all that the Indianapolis area has to offer.

Popular Geist neighborhoods include Masthead, Bridgewater, Springs of Cambridge and Tamenend, Feather Cove, and Admirals Bay. Of the 142 homes currently for sale in these neighborhoods, the median list price is $491,450. High list price is $3,740,000 for an 11,000+ stunner on a private island with 9 bedrooms, 8 bathrooms, 5 fireplaces, a pool, and a boat house in the Hamilton Southeastern school district. Low list price is $174,900 for a possible short sale with 3 bedrooms, 2 baths, 2623 square feet, and a finished walkout basement in the Lawrence Township school district.

If you’ve ever dreamed of buying a Geist waterfront home, the time is now. The Geist real estate market has suffered the same setbacks as other markets throughout the country, and there are good deals to be found on these beautiful Indianapolis properties.

Geist Reservoir was constructed in 1943 as a convenient location for Indianapolis residents to build vacation homes. Today, the real estate around the reservoir tends to be permanent homes for many commuters who work in Indianapolis and Hamilton County. Geist homes can be found in Fishers, McCordsville, and Indianpolis. The recreational lifestyle of living on this beautiful lake, combined with the close conveniences of Indianapolis, make this area of Central Indiana a popular place for luxury homes as well as more modest Indianapolis real estate.

Though the real estate market of the whole state of Indiana seems to be improving, showing just a slight drop in sales, the state capital’s real estate market has not shown such positive signs as of late, showing that the Indianapolis real estate market is still caught in the rut it was brought down into as a result of the collapsing U.S. housing market with the financial crisis.

As many area residents have become unemployed or seen their assets and investment values plummet, foreclosures have risen and credit has been tightened, keeping many players out of the market. According to the Indianapolis Star, in January, sales volume in the Indianapolis area was down 18.4% from the same time last year, a worse figure than the national average of an 11.5% decline and the state average of a 1.4% drop.

In the Indianapolis metro area, there were just 900 sales in January of this year, compared with 1,103 last year. And of all the eight area counties considered part of the region, not a single one saw a rise in sales volume, showing the problem is not just confined to the city’s center. Sales were down a hefty 21.7% in the more upscale Hamilton County north of the city.

According to the local realtor FC Tucker, sales were down overall throughout the entire year of 2009 in the region as compared with 2008. The central Indiana area saw 24,395 homes sold in 2009, a decline of 1.6% from 2008. The average price in the area also fell, to $139,212, down by 2.9% from the same figure in 2008. However, inventory showed some signs of improvement in the area at the end of the year, with Indianapolis homes for sale down by 13.2% in December compared with the year earlier. Marion County, where Indianapolis is located, saw a decline of 15.6% in inventory in December.  Prices seemed relatively stable, however, with Marion County’s year-to-date December average of $103,589 just a mere 0.8% below 2008′s figure.

Although many real estate markets throughout the nation are beginning to show improvement and recovery from the economic struggles that began in 2008 from the economic recession of 2008, Indianapolis appears to have not had the fortune of such success.  Indianapolis still suffers from declining home sales as Indianapolis banks are still slow to lower prices on foreclosed homes and offer mortgages at affordable rates.  Real estate in Indianapolis continues to struggle while surrounding markets begin to show improvement due primarily to greater affordability of homes and the number of financial incentives offered by banks and the government.

According to FunCityFinder.com, Indianapolis has reported a decline in home sales during the past few months, unlike the rest of the nation, which is averaging about a 12 percent increase as of July 2009.  The main reason for the national increase in home sales is due primarily to the greater affordability of homes, especially since there is a larger inventory of foreclosed homes on the market offering prospective home buyers with the “bargain” prices that many are looking for.  However, this greater affordability has also come at a price to sellers who have been forced to reduce the selling price of their home, sometimes at a loss.  The First-time Homebuyer Tax Credit has also been a major incentive to those in search of a new home.  Although Indianapolis isn’t the only real estate market still struggling out there, the real estate in cities such as Phoenix, which have faced even steeper declines since the beginning of the recession, are already posting better returns than Indianapolis.

The Indiana Business Journal has reported that Indianapolis real estate continues to suffer as local banks are not willing to lower prices on foreclosed homes to the prices that most people are willing to pay for during these times.  Most banks have resisted calls to sell foreclosed properties at reduced values, opting to wait for a more favorable market or assistance from the government.  In most real estate markets, foreclosures are the main attraction for home buyers given the current economic situation, but in Indianapolis, home buyers are still on the sideline, waiting for more affordable options to come their way.  Between August and September 2009, home sales in the region dipped 6.1 percent.  Compared to the previous year, home sales have dropped by 14.2 percent.  Until the Indianapolis real estate becomes more affordable, it is likely that the market will continue to show little to no signs of improvement.