Patrick Gillan The Antrim Group
States: Indianapolis
Counties: Allen and Dekalb
Cities and Towns: Fort Wayne, New Haven, Leo, Huntertown, Auburn, and Roanoke
Licensed Since: 2009 | IN License # RB14037479
About Patrick Gillan
Patrick is has been involved in the Fort Wayne real estate market since 2003, beginning with the purchase of a duplex to live in one of the units, and rent the other. After several additional single and multi-fam acquisitions, Gillan obtained an Appraiser license (2006, Inactive). As a Realtor, he has been been helping all types of buyers, sellers, and investors since 2011.
Patrick gained experience locally under both independent and franchise brokerages, including RE/MAX and KW, but watched the increasing influence of Zillow and Realtor.com erode the importance and value of the large corporate office model. The Antrim Group was formed as an investor-friendly independent boutique brokerage in 2019.
With the addition of property management services in Fort Wayne, The Antrim Group currently includes clients located in Washington DC, Chicago, Atlanta, and several in California. And Patrick has worked with remote clients as far away as Israel and Pakistan.
Education: B.S in Education from Indiana University 2003 | Designations: REALTOR, Certified Apartment Manager, Senior Relocation Specialist
To learn more about Patrick, listen to his interview on The Rental Income Podcast:
Market Overview
Fort Wayne was recently ranked #4 in Realtor.com's Hottest Emerging Markets, and #7 by the WSJ Emerging Markets Index. Frequently ranked among Top 100 Best Places To Live, U.S. News & World Report’s list of the 25 best affordable places to live, and Realtor.com's Hottest Housing Markets.
Like many Rust-belt cities, Fort Wayne was strong in manufacturing until the 1980s. While we have had a thriving GM truck plant since the late '80s, Ft. Wayne has diversified with businesses in insurance, medical devices and bio-tech, steel, and technology. The city is home to Vera Bradley, Steel Dynamics, Do It Best Corp, Franklin Electric, and Sweetwater Sound. Among the largest employers are the three large medical systems, making us a regional medical center.
The attraction to Fort Wayne may be in the quality of life by this small/mid-sized Midwest city. At the core is the downtown redevelopment that has accelerated in the last 15 years, and continues at an unrelenting pace, most notably the current GE Electric Works Project. Residents of this All-American City enjoy year-round outdoor recreation, an impressive downtown baseball stadium for the Tin Caps, and exquisite dining options. The thriving cultural scene offers an array of galleries, live music venues, and a symphony orchestra that performs in the stunning Art Deco era Embassy Centre. Ft. Wayne is also a hub between Chicago, Detroit, Indianapolis, Toledo, and Cleveland.
Investment Price Points
Median sale price in Fort Wayne was $189,000 in 2021, which was an increase of 11%. The average sale price in 2021 was $222,937, up 12% over the previous year.
At any time, the investor can find housing stock listed from $40,000-100,000 on the lower end, to $200k in the mid to upper range.
A 10-25-year-old 3 bedroom 1500 sq ft home can rent in the $1300-1500 range, while a 4 bedroom 2200 sq ft home could rent for $1600-2000.
Older housing stock, like the homes closer to the downtown core, is plentiful and diverse. Single family homes range from under $100k to $250k (above $500k in select areas ), multi 1-4 from $100-200k. Nice one-bedroom apartments can rent $500-800, 2 br - $700-950, 3 br - $850 - 1100. Single fam homes can rent from $800 on the lower end, to $1600 for a typical 3 bed 1 ba.
Neighborhood and school district matter. Fort Wayne has excellent public schools. The NW and SW districts typically sell and rent at higher prices, as they are perceived as the premier districts.
Free Report: Demographic and Housing Data on the Fort Wayne Market
Would you like free demographic and housing data on the Fort Wayne market? The report includes information on schools, income, employment, crime, average sale prices, fair market rents and more. You can get reports on the whole market or zero in on a specific zip code.
This report has all the info you need to help you decide if the Fort Wayne market is right for you! Click here to get your free report.
