Lexington Kentucky Real Estate » Woodford County

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

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

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

Metropolitan Lexington Ky Farm Sells for $4 million

Malok — Thu, 24 Apr 2008 17:47:11 +0000

Just a little update regarding the marketplace. Anytime a larger Lexington real estate transaction occurs, I like to make note of it for our reader’s knowledge and enjoyment.

In a deed dated April 2, 2008, a nearly 140 acre farm thats in the Lexington KY metropolitan area recently sold for $4 million.

The real estate is located at 2800 Lexington Road in Woodford County Kentucky and was purchased by Golden Age Farm LLC, with James Frazier III acting as the authorized agent for the transcation to purchase the property – and is located close to the Blue Grass Parkway near the Woodford Community Christian Church. The sellers of the Woodford County farm were as follows: Hampton Adams III, Mary Adams, Keene Adams, Elizabeth Adams, Eleanor Adams White, Spaulding White, Emily Adams Haly, & Adam Haly.

Its always an emotional rollercoaster wondering whats going to happen to these big Kentucky farms when they sell, and I’m sure many persons are curious, and/or nervous regarding the farms future. Hopefully the new owners will preserve and improve upon their new purchase for the betterment of the community.

Metropolitan Lexington Ky Farm Sells for $4 million is a post from: Lexington Kentucky Real Estate

Versailles KY Real Estate Transfers week ending 3-6-08

Malok — Sun, 09 Mar 2008 01:53:20 +0000

To be helpful to our readers, we like to publish the Versailles KY real estate transfers as they occur as noted by The Woodford Sun. This weeks Versailles KY real estate transfers are for week ending 3-6-08. There are quite a few this week – which is a great thing. Its a potential indicator that the real estate market is starting to become more active, and hopefully we can start moving some of the inventory that has been building up for some time. The transfers are as follows:

Martin Dearing LLC – to Lantern Square Home Owners Association Inc – common areas of Manor View Town Homes on Berry Avenue – no specific transfer costs was noted

Rebecca & Michael Marshall – to John & Shayla Mettille – 8004 Sea Hero Run – $280000

Timothy Holland – to Gerry Carwood – 212 West Main Street – Midway Kentucky – $142000

Nina Marshall & Nancy Inman – to David Miller & Tilda James – 647 Regent Road – $131000

South West Capital Investments LLC – to Keith Curry – 134 Preston Court – quitclaim deed – $51000

Ronald & Barbara Ward – to Keith Curry – 107 Walnut Street – $47000

Adena Woods Properties LLC – to Seth Dylan Properties LLC – 989 Lane Circle – $57900

Adena Woods Properties LLC – Seth Dylan Properties LLC – 757 Seth Drive – $62900

Michael Withrow & Heather Covington-Withrow – to Glenn Graetz – 4.9 acres located at McCracken Pike which is part of the Old Taylor Distillery property in Millville Kentucky – $75000

Jerry Wachter Construction LLC – to Larry & Ruth Frost – 805 Flint Ridge – $335000

Renee Spence & Samuel Fowler III acting as cotrustees of the Joan Fowler revocable trust & Robert Berryman Junior acting as executor – to Brenda Berryman Barrett – an undivided 1/2 interest in 3590 Lexington Road – no specific consideration was noted in the transfer

Christopher & Mindy Johnson – to Angie Siaens – 237 South Hill Drive – $215000

Judith Smith – to Tammy Neff – 333 Colony Drive – $145000

Bayne Welker – to Elizabeth Welker – 1190 Stourbridge Road – quitclaim deed – no specific consideration was noted in the transfer

Steve & Sonja Lyons – to Ryan Nelson – 513 Tincher Drive – $172000

Lillian Mayo – to Brian & Candy Jackson – 43.945 acres located at McCowans Ferry Road – $225000

Minto Partners – to Brian & Candy Jackson – 75.3 acres at McCowans Ferry Road – no specific consideration was noted in the deed transfer

Kenny Johnson and Linda & John Sams – to Scott McCauley – 332 Dogwood Court – $127500

Mary King – to Christopher & Mindy Johnson – 3009 Oak Hill Lane containing 3.212 acres +/- adjacent to 3009 Oak Hill Lane – $439500

The estate of Martha Foley through cotrustees William Foley & F. R. Foley – to Ronald Werner-Wilson & Tracy Werner-Wilson – 232 Montgomery Avenue – $275000

All in all, it was a good amount of activity in the Versailles KY real estate transfers department. Values seem to be creeping up somewhat, and is starting to hit the segment of the market that has been a little stale for a while which is the $250-450,000 price range. Its good to see this part of the market to start coming on just in time for the spring housing market.

Versailles KY Real Estate Transfers week ending 3-6-08 is a post from: Lexington Kentucky Real Estate

Versailles Kentucky Real Estate Transfers – week ending 2-21-08

Malok — Sun, 02 Mar 2008 01:44:20 +0000

For your convenience, the Versailles Kentucky real estate transfers for week ending 2-21-08 as published by the The Woodford Sun follows. It appears that some higher valued homes are beginning to move. Its just in time for the spring housing market. Several properties were in the two to three hundred thousand range, and is a good shot in the arm for the local real estate market. The real estate transfers are as follows:

Barbara & Ronald Ward – to Philip Latham – 107 Walnut Street – $47000

Michael & Rebecca Herren – to Kim Harris – 336 Winton Road – $197500

Cordell Ventures LLC – to The Epicure Shop & Catering Co. – 119-121 East main Street aka Bistro La Belle building in Midway KY – $350000

Jack & Susan Reilly – to Dann Reilly – a not divided 1/2 interest in 203 Gayland Drive – $35000

Kimberly Harris – to Richard & Beverly Adkins – 450 Cedar Lake Road – $289900

Ray Watkins, LLC – to William Ray Watkins – 20 acres on Cummins Ferry Road – no consideration was specifically noted

Shelton Housing LLC – to James Lee – 2016 Tuscan Way – $335000

Gary & Linda Black – to Daniel & Joanna Spradlin – 404 Marsailles Road – $192000

There ya go, a run down of the Versailles KY real estate transfers for this week.

Versailles Kentucky Real Estate Transfers – week ending 2-21-08 is a post from: Lexington Kentucky Real Estate

Versailles KY Real Estate Transfers week ending 2-14-2008

Malok — Tue, 26 Feb 2008 19:12:34 +0000

As always, the Versailles KY newspaper, The Woodford Sun released the Versailles KY real estate transfers for week ending 2-14-2008. As you will see, the volume of property dropped somewhat this week, as did the valuation for the properties. All of the transfers were under $200,000, so there were no what we would call luxury homes, or luxury real estate transfers this week.

For your convenience, the homes and properties that sold this week are as follows:

Angela Jeffers – to Ronald Layman, Jr. – 116 Coach Station Road – Midway Kentucky – quitclaim deed – $1

James Brown - to Joseph & Desiree Mitchell – 212 Dalton Circle – $131000

Estate of Alma Bickford – to Joshua Lawrence – 489 Scarborough Drive – $110000

Joseph & Kathleen Filipp acting as trustees for the Filipp familyliving trust – 220 Doncaster Road – quitclaim deed – no value was reflected on the real estate transfer

Dennis & Bonnie Wise – Jeffery & Cheryl Coover – 121 Carriage Lane – Midway KY – $176900

Aaron Jones – to Perry Builders Inc. – 800 Jones Lane & a 19.297 acre farms located on Jones Lane – $173000

Perry & Kathleen Rossi – to Jutta Campbell – 528 Tincher Drive – $194000

Miquel Esparza – to Maria Alba – 905 Delaney Ferry Road – quitclaim deed – no valuation was reflected on the real estate transfer

Coleman Duncan, Jr. & Lela Duncan – to Karen Duncan – an undivided 4/25ths equity in 327 Princess Circle – no valuation was reflected on the real estate transfer

Hopefully things will pick up – in both volume of the number of sales, as well as the amount of valuations for the homes. There is a lot of inventory in the luxury real estate market at present, and there are some opportunities for persons that are wanting to acquire a new home, to be able to negotiate strongly with some of the properties that been for sale on the market for a long time.

Versailles KY Real Estate Transfers week ending 2-14-2008 is a post from: Lexington Kentucky Real Estate

Versailles KY Homes Transfers week ending 2-7-2008

Malok — Mon, 11 Feb 2008 16:35:37 +0000

The Woodford Sun newspaper published the Versailles KY homes transfers for week ending February 7 2008. Prices seemed to reflect 2 extremes this week. Modest homes and luxury real estate seemed to be the 2 opposite ends of the spectrum. The modest end had the bulk of the transfers being in the $100000 to $200000 range. The luxury real estate end had properties $650000 to $1.25 million. But upon closer review, you’ll not that the one sale over a million was actually the transfer of some vacant lots so that real estate developers could construct some new homes for sale. The total number of sales seemed adequate this week. Hopefully, we’ll see some more activity in the bread and butter area of moderate price ranges of $200000-$400000. Regardless, for your convenience the Versailles Kentucky homes transfers for this week are as follows:

Kenneth Riley – to William & Margaret Shanks – 214 Lexington Street – $130000

Woolridge Development LLC – to Harmony HB LLC – 192-196 & 205-251 Abbey Road, 307-325 Abbey Alley & 404-412 Penny Lane (all of which comprise 41 lots within the Wooldridge Gardens subdivision phase 2, on Falling Springs Blvd) – $1225000

Allen & Traci Atkinson – to Daniel Hacker & Heather Preston – 709 Eureka Drive – $185900

Richard & Lynn Castlelow – to Ruth Taylor – 1296 Delaney Ferry Road – $650000

Kentucky Properties Inc – to Kentucky Enterprises Inc – 460 Pisgah Pike – quitclaim deed for $10 and additional consideration which was not specifically noted in the transfer deed

Kentucky Properties Inc – to Kentucky Enterprises Inc – 330 Pisgah Pike – quitclaim deed for $10 and additional consideration which was not specifically noted in the transfer deed

Marty & Debbie Torson – to Derek Couch – 803 Mildred Street – $118500

Rose Ridge LLC – to Bob Matthews – 2057 Rose Bay Road – $1

Donald & Ruth Leigh individually & as members of Leigh Properties LLC – to Walter Schot III – 100 Gregory Court – $200000

Karen & Michael Koontz – to Pearl Asher – 321 Ridgewood Drive – $110000

All in all a fairly decent week. A couple big transfers (would have still been nice to see even more & bigger!). And quite a few modest ones. Hopefully the next coming week will show some more activity in the moderate price ranges for the $200000 – $400000 homes.

Versailles KY Homes Transfers week ending 2-7-2008 is a post from: Lexington Kentucky Real Estate

Versailles KY Planning Commission Meeting 2-14-2008

Malok — Sat, 09 Feb 2008 16:36:00 +0000

The next meeting of the Versailles KY Planning Commission is scheduled for 2-14-2008. [Happy Valentines Day by the way!] The meeting will be begin at 6:30 pm on the 2nd floor of the courtroom in the Woodford County Courthouse.

Part of the scheduled agenda for that next meeting includes:

Proposed amendments for hotels & motels to be allowed as conditional uses for the B-2 central business district. These amendments include a possible text amendment, as well as making it a requirement for off street parking to be available at a ratio of 1 space per unit & 1 space per employee for the facility used during a high shift at the hotel. Additional proposals include making 4% of the land open space. And there is a hearing to be scheduled that would possibly require landscaping language to be added to the proposed plans.

A zoning map amendment as well as develoment plat for Troy Pike is to be discussed. The real estate development in question has currently proposed rezoning 85 acres from agricultural use A-1 to A-2, and 17 acres from A-2 to rural residential, and 68 acres from A-2 to residual farmland. The net result if approved would be the creation of 8 residential homes lots which would be accessed by Holly Hill Lane which would remain a private roadway for these properties.

An amended plat will be discussed for Wooldridge Gardens that includes 68 residential homes sites in phase 3 section 3 of the Wooldridge Gardens subdivision located on Falling Springs Blvd.

A final plat will be also be addressed for Rose Ridge that includes 21 single family lots in Rose Ridge unit 3B located on Greentree Road. Its possible that this plan could receive approval after review at this meeting. The Rose Ridge development is located near Old Dry Ridge Road and is currently zoned R-1B.

Versailles KY Planning Commission Meeting 2-14-2008 is a post from: Lexington Kentucky Real Estate