Louisville Homes Blog: #1 Real Estate Blog in Louisville, KY

4th Street Live to Expand

Nov 8, 2008 Commercial, News

A new land deal was approved by the city council that will allow developers the opportunity to expand 4th Street Live in Louisville’s downtown.

After a three-hour debate, Metro Council Democrats voted in lock step last night to approve the $12 million purchase of three acres of prime real estate that will allow The Cordish Cos. to expand 4th Street Live. The development, called Center City, would potentially be worth $250 million.

It looks like the deal wasn’t what the council wanted, money-wise, but the Democrats went along with Mayor Abramson, who’s consistently wanted to spend more tax dollars in the downtown area.

Tags: 4th Street Live, downtown, Louisville

‘Green’ Builders Growing in Popluarity in Louisville

Sep 7, 2008 Commercial

Here’s a nice little article in the CJ that brings more attention to the fact that more and more builders are “going green.” What exactly does that mean? For most, it means building a home that qualifies for the federal government’s Energy Star certification.

While that’s certainly a great start, it doesn’t begin to scratch the surface of all that’s possible when building an energy efficient home. Because technology is constantly improving, it’s important to pick a new home builder who’s current on all the latest developments. From foundations to exterior walls, to high-efficiency HVAC and water heaters, there are a large number of variables that factor into your utility bill.

Although the Home Builders Association of Louisville doesn’t currently designate which of their member builders are certified “Green”, I expect them to do so in the future, as public demand for this kind of service is definitely increasing.

If you’re interested in finding this kind of builder, please contact me. I’m happy to help.

July 2008 Home Sales in Louisville, KY

Aug 27, 2008 Commercial

Ok, I know I promised some changes in the way this home sales data is presented here at Louisville Homes Blog. It’s really quite the challenge. I’ve even enlisted the advice of some high-powered, number-crunching gurus and still no clear path presents itself.

Never fear, I shall continue to press forward in the hopes that inspiration strikes. Until then, please enjoy our free, real estate information and, as always, if you have any questions, please contact me.

July 2008

AREA	SALES	AVERAGE	DoM
0 Central Downtown District	7	$171,220	66
1 Downtwn/Old&WestLouisville/Shively	61	$68,608	104
2 Butchertown/Highlands/Germantwn	85	$204,900	94
3 Brownsboro/StMatthews	51	$223,578	81
4 Pleasure Rdg/Valley Station	56	$105,143	74
5 Auburndale/Fairdale/Iroquois Park	52	$112,917	90
6 Buechel/Highview/Okolona/FernCreek	105	$130,308	85
7 FernCrk/Hikes Point/Jeffersontown	113	$170,667	79
8 Hurstbourne/Middletwn/Anchrg	71	$319,369	90
9 Anchrg/Lyndn/Prospct/UpRvrRd	95	$221,079	72
11 Bullitt Co.	67	$160,337	95
19 Spencer Co.	22	$154,077	95
20 Oldham Co. – North	31	$276,420	90
21 Oldham Co. – South	25	$247,341	86
30 Shelby Co.	30	$160,685	96

Source: MetroSearch, Inc. Values are not warranted by LHB.

High End Real Estate Still Selling in Louisville

Jul 8, 2008 Commercial

News outlets can continue to decry the housing market but Louisville isn’t behaving like other metro areas in many respects. Take, for instance, the upper echelon of properties in our city.

This piece by Alex Davis highlights the idea that many Realtors have known for some time. Namely, that with the enormous size of the aging boomer population there’s a great opportunity for developers with high-end condos and patio homes that require little to no work by the homeowner.

The growth of high-end condos has tripled the number of luxury homes in the metro area over the last six years. PVA records show there are now 506 homes in the county with an assessed value of least $1 million — more than double the 236 in 2004 and nearly triple the 170 in 2002.

I expect this trend to continue for a while longer as builders continue to sell their patio home/condo inventory at a faster clip than single family homes.

Money Magazine Forecasts Modest Gains for Louisville Homes

Jun 9, 2008 Commercial

Listening to Money’s opening thrust of this article:

The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That’s the biggest fall since the index began tracking prices in 2000.

…the future doesn’t sound very bright, well, except for people living in Texas. Meanwhile, here in Kentucky, things don’t look nearly so bleak.

It is, after all, a positive gain and which could turn out to be even higher. The housing market here in Louisville is stronger than many other parts of the country. Just look at their predictions for some of our neighboring cities.

Indianapolis: 1.3%
St. Louis: -0.8%
Memphis: -1.5%
Nashville: -3.3%
Cincinnati: -4.2%
Columbus: -4.4%

Florida is getting absolutely hammered. Retirees putting a priority on economic factors might not be heading South for their silver years.

Louisville Foreclosures on the Decline

Jun 7, 2008 Commercial

Just a quick post to note what we’ve been saying around here for months has been getting some local attention.

“We’re very fortunate in that we’re kind of steady. We never saw crazy appreciation, 30-40 percent increases in value, but at the same time we’re not experiencing the flipside to that, where we see the bubble burst and the losses,” says Adam Hall, president of the Kentuckiana Chapter of the Mortgage Bankers Association.

Given all the press that the topic of foreclosures has received, how many do you think we’ll have here in Louisville this year?

A) 20,000
B) 10,000
C) 5,000
D) 2,000

According to Adam Hall, president of the Kentuckiana Chapter of the Mortgage Bankers Association, he predicts it will be even lower than 2,000.

Louisville Neighborhoods: Lake Forest

May 6, 2008 Commercial

Like Springhurst, Lake Forest is considered one of Louisville’e premiere neighborhoods. The subdivision began in the early 1980s and hasn’t stopped growing, with new developments like Lake Forest Highlands and other sections adding on to the original neighborhood. It’s located off Shelbyville Road, just outside the Gene Snyder Freeway in Middletown and with new shopping opening recently directly across the street, Lake Forest continues to impress. Read More »

Energy Conscious Housing Grows More Popular

Mar 15, 2008 Commercial

With the recent award of the LEED Platinum certificate to Bernheim Arboretum Visitor Center (above), Kentucky now boasts multiple green developments. It’s certainly a trend that builders across the nation are embracing.

There are 33 LEED wannabes on the list, waiting for appraisal by the U.S. Green Building Council.

LEED stands for Leadership in Energy and Environmental Design and according to Wikipedia, is a suite of standards for environmentally sustainable construction. Builders need to comply with the standards, then apply to the council for certification. Here are their levels:

* Certified – 26-32 points
* Silver – 33-38 points
* Gold – 39-51 points
* Platinum – 52-69 points

If you’re interested, please read all of Diane Heilenman’s piece on this increasingly popular trend.

Solid Advice for Homebuyers in Louisville, KY and Beyond

Feb 6, 2008 Commercial

Liz Pulliam Weston has done a solid job of outlining the changes in home financing since the sub-prime lending scare began. Of particularly note is this.

At the height of the lending boom, you could be zero for three — lousy credit scores, little or no down payment and unable to prove your income — and still get a loan. Today, “you better be two for three,” LendingTree.com’s Svinth said. Good scores, a down payment of 10% or more and a steady, provable income put you in the best position to get a loan.

While this largely affects those of us with low credit scores, but even homebuyers with great credit can benefit from this advice. Of the “big three,” a large down-payment is the most powerful.

Build your down payment. The more cash you can bring to the table, the better the loan you’ll secure. Shoot for 5% as your minimum, but 10% is even better, and 20% is great if you can swing it.

Nothing beats cash for buying power. For some, a down payment of 5% is a required part of getting the loan. But why stop there? Putting down more will improve every aspect of your buying process and will reduce the total amount of debt you are accepting.

Most often it just takes the discipline of putting money aside every month and pushing off the purchase. This is not something we like to hear, nor is it new, but every so often it’s healthy to hear the many benefits of lowering one’s debt.

January 2008 Home Sales in Louisville, KY

Feb 4, 2008 Commercial

There are signs of improvement here and there but nothing significant for January. You can click here to compare these sales results with last month. And as always, please contact me with any questions you might have.

January 2008

Source: MetroSearch, Inc.

Louisville Bridges Financial Plan Gets Federal Thumbs Up

Jan 10, 2008 Commercial

The federal government has now approved the financing plan for two bridges between Kentucky and Indiana, around Metro Louisville. Now the Kentucky General assembly needs to approve the plan. With financial problems greeting the new Beshear administration, it’s sure to be difficult undertaking.

Louisville Mayor, Jerry Abramson, has labeled this project his “top priority.”

Under the plan, a bridge between eastern Jefferson County and Utica, Ind., would be open by 2014; a downtown bridge by 2020; and a new interchange east of downtown by 2024.

Both Kentucky and Indiana are utilizing a pay-as-you-go method to finance the project, with Indiana using some leased road revenues and Kentucky looking to partially use a portion of the gasoline tax.

Having both bridges in place, as well as, a more efficient Spaghetti Junction, would have a very positive affect upon the living and travel throughout Greater Louisville and will make our city more attractive to new commercial and residential entrants.

December 2007 Home Sales in Louisville, KY

Jan 1, 2008 Commercial

Number of sales is down from a year ago by about 11% for the month of December. Yet, prices are holding steady. It’s hardly the real estate crash that so many are bemoaning.

Forecasters are all over the board in their thoughts for 2008, so depending on who you speak with, it’s always a good idea to consider the source. One thing is certain, with interest rates at 5.79% and continuing to drop, it’s a great time to buy a home.

December 2007

Source: MetroSearch, Inc.

Renters Beware, Smugglers Pay Cash

Dec 24, 2007 Commercial

Read this scary AP story in the Courier-Journal.

The renters were fronts for immigrant smugglers who used the house as a hiding place for illegal immigrants and trashed the home. In October, a SWAT team drove an armored personnel carrier onto the lawn and raided the house, rounding up nearly two dozen people.

Sure, it takes place in Phoenix but it could very easily happen here in Louisville so when evaluating a potential renter, make sure you complete your due diligence. Better to take more time now than be sorry later.

Canfield Developing Upscale Maintenance-Free Homes in Louisville

Dec 1, 2007 Commercial

Canfield Development has certainly been busy lately, with projects like Beech Spring Farm and Wolf Pen Springs. Now, it looks like they’re getting into upscale, maintenance-free living with the tricky to remember names of Spring Farm Glen, Spring Farm Pointe, and Spring Farm Place. These related developments are also near Wolf Pen Branch Rd. which only adds to the naming confusion.

But once you understand which community is which, this area of Prospect is certainly desirable and has more than 150 high-end properties currently for sale.

The result is Spring Farm Glen, a 16-lot development that will offer homes ranging in price from $750,000 to more than $1 million.

Construction is just beginning in Spring Farm Glen with the other subdivisions starting early 2008.

Abramson Talks Home Prices

Nov 30, 2007 Commercial

Louisville’s “mayor for life” (as Terry Meiners likes to call him) discusses economic losses on CNBC.

Appraisers In the Hot Seat

Nov 26, 2007 Commercial

New York’s Attourney General has filed a lawsuit against First American Corporation for fraud. The claim says the company allowed its largest customer to influence their appraisal estimates. This problem is certainly not new but it could be increasing.

The pressure to inflate property values, may be rising. The article cites a survey of 1,200 real-estate appraisers released this year, 90% reported being pressured by real-estate agents, lenders, mortgage brokers and consumers to adjust property values in order to allow deals to go through, up from 55% in 2003, according to October Research Corp., based in Richfield, Ohio. In addition, 75% of them reported “negative ramifications” from refusing to inflate appraisals, which for most of the appraiser meant losing the client. [link]

It’s always a good idea to check and see if your appraiser is in good standing with the Better Business Bureau.

Museum Plaza Breaks Ground in Louisville, Kentucky

Oct 27, 2007 Commercial

We’ve been talking about it for months. But just in case you hadn’t heard (Do you live in an underground bunker?) developers have broken ground on Museum Plaza. Which, if you’re keeping score at home, will be Kentucky’s largest ever public/private real estate project. We’re talking $490 million. And that’s before costs inevitably go up once the project is underway.

This particular modern design is not my favorite, but I’m quite pleased that Louisville is updating their image with this bold statement of a skyscraper. It’s certainly going to be unique and our city will benefit in a myriad of ways.

Speed Exhibit Salutes Architect Hammon

Oct 15, 2007 Commercial

Stratton Hammon, one of Louisville’s premiere architects died in 1997. His memory is now receiving some special attention in the form of an exhibit at Louisville’s Speed Art Museum.

The exhibit and book fill a gap in the existing history of Louisville’s marvelous array of housing stock, which runs from shotgun houses for working-class families in the California and Butchertown neighborhoods to the high-style Victorian, Beaux Arts, Renaissance Revival and Romanesque variations in Old Louisville, the Highlands, Crescent Hill and spreading to Pewee Valley. [link]

History buffs and architects alike may want to take in this show. The exhibit starts tomorrow and runs through February 4th, 2008.

Downtown Arena Sports Card Branding

Sep 17, 2007 Commercial

The “Downtown Arena” is now unveiled for the world to see. After several design iterations, the committee has settled on a design with a lot to like. (What’s the deal with the name? Here’s hoping they’ll come with something a little more memorable.) The 22,000-seat facility will surely update the image of our city, in addition to enhancing the opportunity for local sport teams and organizations to increase revenue.

Far from groundbreaking, the design still has enough modern flair to give Louisville a shot of “cool.” Combined with the proposed Museum Plaza, urban renewal has never looked to stylish.

Ever the salesman, UofL coach, Rick Pitino had this to say about the new design.

“This arena will undoubtedly be one of the finest, first-class facilities in America. Louisville should be very proud to make such an unbelievable statement for this community.”

The project is expected to be completed by the Fall of 2010.

FBI to Build New Louisville Headquarters

Jul 23, 2007 Commercial

Just a couple more weeks and the FBI will break ground on a new 120,000-square-foot, three-story headquarters building.

The project will include a secure parking garage attached to one side of the building, as well as a security fence and controlled-access gate. The headquarters will be set back at least 100 feet on all sides from public roads and access points, consistent with federal security regulations put into effect after the Oklahoma City federal building was bombed in 1995. [link]

It looks like they won’t be able to consolidate employees until 2009 but when they do, it looks like they’ll have first-rate facilities in the Blankenbaker Station Business Park off I64.