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

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

The new school plans were approved by the Jessamine County Board of Education to be constructed at 851 Union Mill Road (also known as KY 169), which is located on the eastern side of Nicholasville KY.  The site encompasses 86 acres and was purchased by the school board for $2,000,000 last year.  [The site also will be utilized to accommodate a new proposed elementary school that is planned to open in 2012.]

The new project is arguably one of the most ambitious, and the most expensive project ever done by the Jessamine County board.  The plans as proposed are to have the school OPEN in the Fall 2009, and is going to cost an estimated $22.4 million.

Some of the amenities included in the proposal are a reflective roof to reduce energy consumption and costs, & the cafeteria will pull double duty as an auditorium as well.

Money is being raised for the project through the sale of bonds.  They are hoping to break ground in March 2008.

The expansion and growth is needed to accommodate the ever increasing community of Nicholasville.  The East Middle School that is currently being utilized was constructed in 1971 on Wilmore Road and currently has enrollment of 833 students.   The new facility is being constructed for 1000 students.  After the new middle school opens, the old facility will then be converted into a facility for pre-schoolers called Jessamine Early Learning Village which is scheduled to be ready in 2010.

The population of Nicholasville KY grew by 14% between 2000 and 2006.  This made it the 7th fastest growing county in Kentucky.

The new schools should certainly be a welcome addition to the community, and should bring some new technological improvements and highlights that weren’t available when the current facility was built in 1971.

Nicholasville KY New Middle School Project is a post from: Lexington Kentucky Real Estate

The meeting was held at The Clark Building which is located at 109 North Main Street (and is located immediately adjacent to the Nicholasville Cafe).

This meeting was open to the public and the government officials wanted input from the local residents of Jessamine County KY to voice their views on how they would like to see real estate development go on and the future development plans for the city.

The mayor of Nicholasville KY, Mayor Russ Meyer used the campaign pledge that he would lead the city to a revitalization of the downtown area and promote growth within Jessamine County KY.

One of the new developments for the area has included the rehabing of 4 of the historic buildings on South Main Street that date back to the 19th century and were destroyed by fire in December 2004.

The government purchased those burnt out buildings for $210000 and has spent approximately $1.7 million making them a completely renovated asset to the community.

Other expansion and growth that has promised to be coming is a satellite location for one of the Lexington Kentucky staples – which is Common Grounds Coffee House.  They have plans for placing a new location in operation at the corner of Main Street and Maple, and will name their new store Main & Maple because of its location.

The meeting had speakers from several organizations including CDP Engineers who are consults in Lexington acting on behalf of the city of Nicholasville and Jessamine County KY to provide their input regarding feasibility for some of the upcoming proposals as well as providing commentary for suggestions made by the public.

Some of the additional real estate development that was voiced as a desirous by the community was some additional restaurants – feeling that would give persons a reason to go to the downtown area and perhaps support some of the existing businesses that are in the area.

It certainly looks like Nicholasville KY is well on its way toward becoming an even more charming and revitalized area for the community.

Nicholasville Kentucky Real Estate Development Public Meeting 12-8-2007 is a post from: Lexington Kentucky Real Estate

Nearly all of the cases were in Fayette County (204 were for Lexington).  The next closest was Scott County at 4 filings.

These numbers are approximately 1 foreclosure filing for every 919 households in the 6 county area:

Bourbon County

Clark County

Fayette County

Jessamine County

Scott County

Woodford County

These recent filings put Lexington Kentucky in the dubious honor of being in the top 100 foreclosure rankings for the United State’s largest metropolitan areas.  This is a point of concern for many persons, as Lexington doesn’t have sufficient population to warrant such tainted recognition.

Here’s how some nearby other communities rated:

Dayton Ohio – 17th – 1 filing per 314 households

Columbus Ohio – 23rd – 1 filing per 104 households

Indianapolis Indiana – 24th – 1 filing per 109 households

Cincinnati Ohio – 30th – 1 filing per 145 households

Louisville Kentucky – 66th – 1 filing per 314 households

Knoxville Tennessee – 72nd – 1 filing per 426 households

Hopefully the mortgage industry can help clean up its own situation where they allowed persons with marginal credit worthiness to qualify for homes with loan terms that they wouldn’t be able to afford unless the housing industry remained strong.   Things like 1 year balloon ARMs, stated incomes, and the like created an artificial market that worked fine, unless the real estate and homes appreciations started to slow or even decline, and then it caused the persons that were relying on building equity in a property by using its appreciation – to end up getting into a negative equity position on a property.

Lexington Kentucky Foreclosures Filed at Record High is a post from: Lexington Kentucky Real Estate