Lexington Kentucky Real Estate » Malok

Versailles KY Grocery Store Now Open

Malok — Fri, 19 Dec 2008 22:22:26 +0000

A new Versailles KY grocery store is now open: Save-A-Lot recently opened in the former Woodford Plaza (which previously was home to Cable’s Furniture & Appliances). The new grocery store is certainly a welcome addition to the Woodford County community as it allows persons to shop within their own area instead of having to drive further out to other communities. The Save-A-Lot grocery store employs approximately 30 persons.
One of the big attractions of the Save-A-Lot grocery store is that is typically runs with less overhead, which can often lead to lower prices. Extravagances like a lobster tank are unlikely to be found in a typical Save-A-Lot store – because they often lose money, which means the costs have to be bore by the other products in the store (which increases the prices). Normal store hours are expected to be 8am – 9pm daily (except for holidays of course).

Versailles KY Grocery Store Now Open is a post from: Lexington Kentucky Real Estate

Nicholasville Kentucky News

Malok — Mon, 01 Dec 2008 18:08:36 +0000

Wanted to touch on an interesting piece of Nicholasville Kentucky news that I saw today. There is a proposed new toll road that would connect U.S. 27 in Nicholasville, to I-75. The new road would would cross the Kentucky River and give direct access to/from Jessamine and Madison Counties. The estimated cost for this new road is estimated to be between $181 – $245 million. If tolls cost $1 for cars, and $2 for trucks, it is estimated that this road would pay for itself in approximately 30 years.

This certainly could of interest to all persons that own Nicholasville KY real estate along this corridor. The Jessamine County Judge Executive has spoken in favor of this proposed plan as it would potentially provide better business opportunities within the county. However, one important point to note: the proposed roadway would be limited access, which would mean there would be few interchanges for accessing the roadway along its route – perhaps 2 besides the one at I-75.

One big stumbling block is the budget concerns currently for state government. Taking on a new big project simply is going to be resisted due to economic concerns by some of the powers that be. But, on the plus side in favor of this project, is that the proposed Nicholasville road design is already in the state highway plan – so its not like its an entirely new project.

It could mean some big changes for persons that own land or homes along the proposed route. Definitely something that should be paid attention to by all property owners to find out how its going to impact their property, positively or negatively.

Nicholasville Kentucky News is a post from: Lexington Kentucky Real Estate

7.4 Acre Horse Farm with House & Barn – $200,000

Malok — Fri, 14 Nov 2008 17:59:51 +0000

NOTE: This property is no longer available.

For those that may have the flexbility to consider a location closer to Louisville than to Lexington, wanted to let you know about a real opportunity:

7.4 acre horse farm with a house, barn, RAMM Fencing, etc - all for $200,000! What a deal!

This horse farm for sale is located in Oldham County (which is the county NE of Louisville) in LaGrange KY. [LaGrange is a thriving and growing community and most of your everday needs are located. The farm is located a few short minutes from grocery shopping (Wal-Mart, Kroger, etc) – so you can enjoy all the comforts of living in town, while having the benefits of being out in the country.

The property address is:

1425 Dawkins Road

LaGrange Kentucky 40031

This is a slam dunk if you are able to consider alternative areas besides just the Lexington real estate market. If you have the ability to live closer to Louisville than to Lexington, want some land of your own, this LaGrange horse farm is a must see!

To schedule a showing of this property, click the following: $200,000 Horse Farm.

Marketed by REMAX Properties East.

7.4 Acre Horse Farm with House & Barn – $200,000 is a post from: Lexington Kentucky Real Estate

New Versailles KY Homes Decline

Malok — Sun, 26 Oct 2008 19:18:12 +0000

The quantity of new Versailles KY homes are on the decline. So far this year, only 64 new home permits have been issued. At this same time last year, it was 132. So, basically a 50% reduction in the amount of new homes being requested for being started compared to previous years. In earlier recent years, the numbers have held pretty steady with 132 in 2006, and 147 in 2005.

But, if you look at the numbers a little more closely – its not showing the entire picture, as the permit figures do not include those being acquired for townhomes and condos. Just looking at the September numbers, of the 39 permits issued – 37 of them were for townhomes and condos. Only 2 were for construction of new Versailles Kentucky homes. So, there is some activity taking place for the construction of new real estate properties in Woodford County.

Real estate development in Woodford County has slowed some overall. There are nearly 2000 vacant lots currently zoned – but only 463 of those currently are able to acquire building permits. The remaining 1500+ are waiting for infrastructure to be put in and constructed which includes roads, sewers, utilities, etc.

On the commercial real estate side of things, the new Lowe’s that is going in can not start until the infrastructure gets finished by Rubloff Versailles LLC. And from a Versailles homeowner perspective, many people are still putting their money into their home. They are doing renovations, building on to their property, adding outbuildings, swimming pools, etc. So, unlike some parts of the country, there is still activity going on in Woodford County.

Hopefully after the first of the year, the Versailles real estate market will start seeing some stronger numbers get posted. It will be after the elections, and some effects from the $700 billion package approved by the government should be in the initial stages of “hitting the streets” so to speak. This should help ease the credit crunch that some persons are feeling and get them interested in possibly taking advantage of some of the buying opportunities available in the metropolitan Lexington real estate market that is currently available.

New Versailles KY Homes Decline is a post from: Lexington Kentucky Real Estate

Luxury Lexington Condos May Not Be Completed

Malok — Tue, 14 Oct 2008 00:05:19 +0000

A real estate development currently under construction is now apparently in jeopardy. Tribecca Development Company was building some luxury Lexington condos in a development called The Mark – but worked stalled on the 36 unit complex located at East High Street & Woodland Avenue a few months ago. Shortly thereafter, many contractors that had worked on the development, placed liens on the property stating that they had not been paid for services or materials provided.

And now the primary lender for the project, Central Bank & Trust Company has asked the courts to force the sale of the development. The luxury Lexington condos are now approximately 75% to 80% complete and no work is currently happening on the job site. Tribecca Development Company had hoped that the project would be salvaged, and completed as originally proposed – but with all of the creditors lining up, and now the primary lender who has millions of dollars of outstanding debt, its finish is now in question.

The original expected sales price for these luxury condos in Lexington was going to range from $227,000 to $540,000 each. This is the first Lexington condo development in the downtown area that is facing foreclosure in a long while.

Given the proximity to everything in the downtown Lexington area, its likely that some real estate developer may be able to step in, save the project, and finish The Mark – and make a decent profit to boot.

Luxury Lexington Condos May Not Be Completed is a post from: Lexington Kentucky Real Estate

New Lexington Homes For Sale Decline

Malok — Sat, 11 Oct 2008 00:06:08 +0000

The ongoing drama with the economy, softening real estate markets, and banks tightening their requirements on loans continue to pinch the credit lines of Lexington area home builders. As a result, the amount of new Lexington Homes for sale are on the decline. This has results in both fewer new Lexington home permits being issued, and a new issue is starting to arise: half finished homes are becoming more commonplace within the community. What is happening is as builders get their credit lines called, they simply end up running out of money and can’t afford to continue to work on homes – which then ends up costing them their permit (Home permits become void after 180 days of inactivity on the job site).

Here’s a few snapshots of the metropolitan area:

In Scott County (for reference: Georgetown KY being one of the major cities), new home permits issued were 768 in 2005. Only 446 were issued in 2007. And for 2008 only 184 have been issued for the first 6 months of this year.

In Woodford County (for reference: Versailles KY being one of the major cities), new home permits issued were 154 in 2005. Only 165 were issued in 2007. And for 2008 only 52 have been issued for the first 6 months of this year.

In Jessamine County (for reference: Nicholasville KY being on of the major cities), new home permits issued were 643 in 2005. Only 307 were issued in 2007. And for 2008 only 90 have been issued for the first 6 months of this year.

In Bourbon County (for reference: Paris KY being one of the major cities), new home permits issued were 54 in 2005. Only 46 were issued in 2007. And for 2008 only 19 have been issued for the first 6 months of the year.

Which brings us to Fayette County and Lexington. New home permits for 2005 were 2469. Only 1235 were issued in 2007. And from January 1 through August 30 2008, 534 new home permits were issued.

So, what does this mean for the Lexington real estate market? It means that the pain isn’t over. The inventory currently on the market has been moving slowly. There are just simply not enough buyers to go around, so if you need to get your home sold ASAP, you are going to have offer the property for lower than you’d probably like to get it sold.

But what about the $700 billion bailout rescue plan? Won’t that help ease the credit crunch by providing banks and lenders some more liquidity? Well, sort of. Lets put you into the banker’s position. The stock market is reeling (it dropped to below 8000 today, and has lost almost 40% of its value in the past year). Banks are failing. People are losing their jobs. Homes are going into foreclosure. Inventory is WAY up on homes for sale….. Now, do you want to lend some money to someone in that market unless you are WAY over collateralized? Probably not. And there you see the dilemna. Even with this “rescue” plan, it will take a long time before things get back to normal in the real estate market. So, if you are wanting to get your home sold – you better plan on doing what it takes. Or you could be waiting for a very long time.

New Lexington Homes For Sale Decline is a post from: Lexington Kentucky Real Estate

New Midway KY Homes are on the way

Malok — Wed, 08 Oct 2008 16:07:47 +0000

A rezoning of what was industrial property has now made way for the construction of 600 Midway KY Homes. The Midway City Council approved the zoning change on property located NE of I-64 & KY 341 on approximately 172 acres. The applicant was Dennis Anderson from Lexington, and the plan incorporates a proposed 605 homes and townhouses. The project is a comprehensive development that includes plans for a hotel (w/ 80 rooms), winery, health care operation, and a 3.5 mile walking path.

So, what does this really mean for Midway Kentucky? It means that if this plan proceeds as currently proposed, that Midway will see a BIG change. According to the information filed with the planning commission, Midway currently has a TOTAL of 623 homes that are occupied. This project basically DOUBLES the number of Midway KY homes – which is a tremendous undertaking.

The real estate developer intends to purchase the property for a little over $6 million from the Woodford County Economic Development Authority – provided no legal entanglements show themselves. The Woodford Coalition had opposed the rezoning, and has not stated their intent to file a legal recourse against the decision.

While several persons have voiced their support for the development in that they want some new activity to take place in their community, critics are saying that perhaps there is change needed, but this is not necessarily the correct choice to get it. With the proposed new homes in Midway Kentucky, comes along with it a potential increase in services costs for the county. [Commercial ventures generally bring in money to a county, residential ventures generally cost more due to service requirements with sewers, police, water, fire departments, etc.] Additionally, basically doubling the number of Midway homes will double the number of people in the community. A hard adjustment to make with just 1 project leading the way. Its sort of like putting all of your eggs into 1 basket.

It will be interesting to see how this real estate development works out for the Midway community. Hopefully the gamble will pay off – and along with this residential home development, will come with it some commercial and retail ventures that will provide an influx of capitol and jobs into the community.

New Midway KY Homes are on the way is a post from: Lexington Kentucky Real Estate

Lexington KY gets $1 million to purchase Homes

Malok — Sat, 04 Oct 2008 18:39:13 +0000

Lexington KY has received $1 million to purchase homes that are located in flood prone areas. This money was given as a grant from FEMA to help reduce the amount of Lexington homes that are prone to water problems. 9 homes have been identified to have chronic flooding issues, and those homes will be purchased, and razed. The properties are located in the Joyland subdivisionon Shandon Drive as well as Fort Sumter Drive which is located off Eastland Parkway here in Lexington KY.

The total estimated cost to address the flood prone areas in these communities is estimated at $1.3 million. The additional $300,000 is to be contributed by the city of Lexington. The 9 homes located within this area haven’t actually been purchased yet – but all home owners have been told that the cities intentions to acquire their homes as part of the grant received from FEMA. There are no plans proposed for the 9 properties to be razed. They may used as green space – but no new construction projects will be allowed on the properties. [The green space concept is a cost saving measure as its much cheaper to purchase the Lexington homes adn raze them than it is to put in infrastructure with storm drainage projects.]

Lexington KY gets $1 million to purchase Homes is a post from: Lexington Kentucky Real Estate

Nicholasville Kentucky Named Most Affordable Small City

Malok — Fri, 26 Sep 2008 16:42:06 +0000

According to a recent report done by Money magazine, Nicholasville Kentucky has been named the most affordable small city in America. You can read the entire article in the August 2008 issue of Money magazine in the Top 100 Best Places To Live article. Some accolades in the article given to the area include its proximity to Lexington (its essentially a bedroom community), as well as a home town atmosphere, and a 3 bedroom home starts at approximately $100,000, while a median home price of approximately $70,000.*

*With a value of $70,000 as a median single home price, its likely that when compiling the data that the analysts considered townhomes as part of the contributing source data.

A big congratulations goes to Nicholasville and its residents. Its certainly well deserved!

Nicholasville Kentucky Named Most Affordable Small City is a post from: Lexington Kentucky Real Estate

Lexington Homes are more expensive than Louisville KY

Malok — Fri, 26 Sep 2008 12:12:20 +0000

The local newspaper, the Lexington Herald-Leader recently had an article about how Lexington homes are more expensive than the homes in Louisville KY. Their source for this comparison was the Coldwell Banker Home Price Comparison Index, which is released annually for persons to be able to compare what their homes value would be relative to properties in 315 other cities across the United States. The standard of comparison utilized in the report was a 2200 sq.ft. home w/ 4 bedrooms, 2.5 baths, a family room, and a 2 car garage.

Louisville was the reigning champ for highest priced home in Kentucky in 2007. For 2008, the Lexington homes with those features were priced at $291,000. For Louisville, it was only $241,060. A substantial turn around from the previous year. For comparison, the average price across all 315 cities surveyed was $403,738. So, relative to that both Louisville and Lexington Kentucky homes represent a tremendous value relative to many other parts of the country. And just for kicks: the highest priced area nationally & internationally was Dubai – where that home that met those specifications was valued at $2.5 million.

So, Lexington gets to be the champ for 2008. Hopefully the trend will continue. The local real estate market has languished somewhat with inventory increasing generally. The uppermost high end market has continued to pick up steam, and the $7500 first time home buyers tax credit that was recently passed has helped, at least somewhat, the entry level homes market to improve. But a lot of the property in between has increased market times due to the excessive amount of inventory, and people’s concerns with how the economy is fairing. All of that has left many persons wanting to wait and see what will happen before diving in to make a new home purchase.

Lexington Homes are more expensive than Louisville KY is a post from: Lexington Kentucky Real Estate