Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Louisville Home Sales Rise in October

The Greater Louisville Association of Realtors reported that its members sold 1210 Louisville homes last October, which represented the fourth consecutive month of gains over 2008 year-over-year. President of the local realty group, Linda Gibson Cecil, called the sales figures "very encouraging." Until this past July, monthly home sales in the Louisville real estate market has posted steady declines for almost two years.

"It gives you hope that this is not an anomaly, that this is actually a trend," Cecil said.

She said that the Louisville real estate market continued to enjoy a boost from the federal government's $8,000 first-time homebuyer tax credit that helped the sale of Louisville homes, especially in the $90,000-$125,000 sales range. She went on to say that a surge of Louisville homes for sale went under contract in the middle of October, a clear indication that prospective homeowners were trying to get their deal closed before the tax credit program expired. The tax credit program was initially set to expire on Dec. 1, but it has been extended to June 2010 and has been amended to include a $6,500 tax credit for current homeowners who wish to sell their home and buy another. Homebuyers have until April 30 to get a home under contract and have until June 30 to close the transaction.

October represented the second-busiest month for Louisville real estate professionals, having sold 1276 homes last July. Another positive trend for Louisville real estate was a modest rise in median sales prices. In October, the median sales price was up slightly to $133,500, up from $130,000 the previous October.

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Obama Administration Looking to Boost Homes Sales by Modifying Short Sale Guidelines

The Obama administration has requested that the U.S. Treasury Department provide guidance, financial support and sales measures for short sales in an effort to kick-start the U.S. housing market. The Home Affordable Foreclosures Program is expected to provide financial incentives and streamline procedures for the completion of short sale real estate transactions that have been blamed for clogging the mortgage loan pipeline. Short sales favor real estate agents and mortgage lenders as they are the last opportunity for homeowners to avoid foreclosure if they are unable to have their mortgage modified.

In most cases where a home is sold via a short sale, the home is in reasonably good shape, unlike foreclosed homes where the home can be damaged by angry homeowners or looters after the home becomes vacant. Short sales benefit lenders and real estate professionals as the home is more or less in better condition, and can be sold far more quickly and easily than a foreclosed home. Short sales also help the home seller who wants to get rid of the debt obligation of their mortgage before the lender begins the foreclosure process. Further, if a lender accepts a short sale offer, the lender may forgive the difference between what is owed on the mortgage and the short sale price, or the deficiency balance.

Initial reports on the program's success say its effectiveness has been very limited. "The incentives, first announced in May, expand the government's Home Affordable Modification Program known as HAMP, which has seen limited success in lower payments for distressed homeowners."

The HAMP incentives for completing short sales include $1,500 in relocation expenses for borrowers,...

Historic Guthrie Coke Building Sold

A group led by a noted local restorer of historic Louisville real estate bought the Guthrie Coke Building at Fourth and Chestnut. Local architect and developer Bill Weyland is the leader of a group that recently redeveloped another old Louisville building just a block away—the Henry Clay—the old YWCA building at 3rd and Chestnut. The four-story Guthrie Coke at 570-574 S. Fourth sold for $1.2 million, has 36,523 square-feet of space and is on the National Register of Historic Places.

The Guthrie Coke was built in 1883 and was owned for many years by noted Louisville citizen James Guthrie. The Coke family was related to the Guthrie family. Weyland said it will likely be a year or more before he starts renovating the historic piece of Louisville real estate, citing the struggling economy. His plans for the building include a mixed-use project with retail or other commercial uses for the ground floor and 20 or more living spaces, probably apartments, on the upper three floors.

"We are going to hold it until we've got an opportunity to redevelop it as a full-blown historic rehab," Weyland said, adding that "we have some existing tenants in the building who will continue to be there until we are ready to redevelop."

Weyland has been the lead developer on many notable Louisville real estate projects over the last several years, including Market Street's Glassworks project, the Louisville Slugger Museum and Factory, and others. One of his other Louisville real estate projects is the Whiskey Row Lofts on West Main Street, and he has been chosen by Louisville's City Council as a co-developer for the Liberty Green development.

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New Louisville Condo Development Transforms Building into the Marseilles of Cherokee Road

Looking for a Louisville condo for sale? A development group purchased and transformed the 19th Century Cherokee Triangle home, previously divided into eight apartments, into a new Louisville condominium building called The Marseilles of Cherokee Road Condominiums. The new Louisville condo building's address is 927 Cherokee Road—close to Eastern Star Drive—and has been renovated, reconfigured and expanded to accommodate six condos as part of a $1.2 million development. Part of the building's renovations included a new addition to the back of the structure and the interior was gutted and made into luxury condos.

One of the developers, Robert Dockery, owner and manager of Bob Dockery Entertainment near Los Angeles, is a Louisville native who wanted to transform the "eyesore" into a model for older apartment buildings in the Highlands neighborhood.

"While it's been a long and complicated undertaking, we think the end project is really going to be dynamic," Dockery said. "The aim has been to blend historic features with state-of-the-art-type amenities that people expect today."

Each new Louisville condo for sale has advanced audio and video systems and high definition cable connections already built into the walls. Dockery said that two of the condos are very near completion and each will be used as models, complete with furnishings. Prices for the units range from $256,000 to $499,000.

If you're looking for the perfect Louisville condo, call Louisville Properties today at 502.744

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