Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Downtown Louisville Condo Decline Reflects National Trend

The worldwide economic downturn is affecting housing markets everywhere, including condominium projects in downtown Louisville. A recent article in the Louisville Courier-Journal claims that some downtown Louisville condo projects are being delayed and others turned into rental properties as slow sales and uncertainty about job security deter skittish developers and potential condo owners.  The Courier-Journal reviewed 12 different downtown Louisville condo projects and found that 5 of them—mostly larger projects with a combined total of 760 units—are now on hold with one project in foreclosure. Of the 7 condo projects that were completed or partially completed in the last several years, only 77 of 287 units have sold. The decline of downtown Louisville's condo market reflects a national trend. The median price of condominiums across the country has dropped 20.2 percent over the first 3 months of this year according to the National Association of Realtors. In the Louisville metropolitan area, condo prices have dropped 11.1 percent from this time last year to $113,600. Louisville Metro Mayor Jerry Abramson agreed with local developers and Louisville real estate agents who claim that the current setback in downtown condo prices and development is temporary. "It's not good, but we're really strong compared to our sister cities around the country," Abramson said in an interview. He said he's confident the same downtown attractions that started the condo building boom a few years ago "will reignite the investment of folks looking for a downtown experience." If you're looking for a downtown experience and are interested in owning a condo in downtown Louisville, make LouisvilleProperties.com your first stop. The site is the premier online resource for people interested in buying or selling Louisville real estate of any kind, and offers the full spectrum of...

Louisville Home Prices Drop Despite Tax Credit

A recent article in the Louisville Courier-Journal claims that the selling price of Louisville homes dropped again in April according to figures provided by the Greater Louisville Association of Realtors. They report that the median selling price of Louisville homes fell by 2.3 percent in April 2009 and is down by 6 percent for the first four months of the year. Members of the group report that they sold 787 homes in the Louisville metropolitan area in April which represents a 22 percent drop from the same period last year. The number of days that Louisville homes for sale remained on the market before selling increased to an average of 136. But the association reports increasing interest recently and members are hopeful that the federal tax credit of up to $8000 for first-time home buyers will inspire wary buyers to get off the fence and take advantage of the tax credit. But the drop in Louisville home selling prices is not as steep as the drop in prices nationwide. The National Association of Realtors claim that in the first quarter of the year, the median selling price nationwide dropped 13.8 percent over the same time period the previous year to $169,900 for an existing single-family home. The association claims that about half of all home sales across the country were deeply discounted foreclosure or distressed properties which pulled down the median selling price across the country. The median selling price for April 2009 in the Louisville real estate market was $129,000. If you're looking for Louisville foreclosures, Louisville homes for sale, or any kind of Louisville real estate, visit LouisvilleProperties.com—the area's premier source for information, services, and up-to-date listings of Louisville homes, condos, multi-family residences and real estate....

Pending Home Sales in the US at a Seven-Month High

An article in the Christian Science Monitor claims that pending home sales across the country climbed in April for the third month in a row and are now at their highest level since last September. Pending home sales are real estate transactions where a buyer signs a contract, but the deal has not yet closed. Pending home sales are regarded as a bellwether of the real estate market and real estate professionals across the country are hopeful that the upward trend will continue. The National Association of Realtors (NAR) says that the pending home sales index climbed 6.7 percent over the previous month to 90.3, which is also higher than the same period a year ago. This is one of several early indicators that suggest the economy may be heading towards a recovery. Lawrence Yun, NAR's chief economist, said, "The $8000 first-time buyer tax credit is beginning to impact the market. Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers." The largest climb in pending home sales occurred in the Northeast, which reported a hike of 32.6 percent from one year ago. Pending home sales in the South slipped over the same period, but remains 3.5 percent above last year's levels. The NAR also reported that housing affordability rose in April to its second-highest reading ever and nearly eclipsed the record set in January of this year. If the federal tax credit has you thinking about purchasing a home in Louisville, start your home search at the area's premier source for Louisville real estate services and information at LouisvilleProperties.com!...

New York Company Invests in Louisville Area Landmark

A recent article in the Louisville Courier-Journal provides very welcome news to supporters of a longtime Louisville area landmark. The former Colgate-Palmolive plant in Clarksville renowned for its huge clock has been purchased by Active International, an advertising and trading company based in New York. Before Colgate bought the plant in 1921, the building was a Kentucky state prison. The famous clock—40 feet in diameter—is one of the world's largest and has been clearly visible from anywhere in downtown Louisville since it was built in 1924. The almost 60-acre site located just off Interstate 65 in Clark County was purchased by Active International in April one and one-half years after Colgate-Palmolive closed the plant. The plant and the other buildings on the property has been on a list of the 10 most endangered landmarks in Kentucky, and local historical preservation buffs had been hoping that the main building with the huge clock could be saved from the wrecking ball. The site remains "on our radar screen," said Laura Renwick, community preservation specialist in the southern regional office of the Historic Landmarks Foundation. But the foundation is "hopeful" about the site, she said, "with a commitment from the new buyer and the interest the town has in seeing the key components being preserved." Along with the famous plant, around 20 buildings containing almost 1 million square-feet of space remain on the site, but Active International did not disclose the purchase price or reveal its plans for the historic landmark. If you're looking to buy or sell your own piece of Louisville real estate, historic or not, point your web browser to the area's premier web site for Louisville real estate services— LouisvilleProperties.com! No matter what your Louisville real estate needs may be, you're certain...

How to Sell Your Home

Every homeowner has a unique set of needs when it comes to selling a home. Some people excel at getting the word out and meeting with potential buyers. Other homeowners take to the paperwork and marketing like pros. Depending on the strengths a homeowner has, there are several ways to sell a home. Here's a comparison of three common ways to sell your home: For Sale By Owner (FSBO) For the homeowner who does not mind doing some extra legwork, the FSBO route can save a bundle in agent's commissions. However, deciding to sell your home without a sales agent can expose you to a lot of pressure. You are responsible for marketing your home, answering potential buyer questions and being available for showings. On top of these tasks, you are responsible for the paperwork that a sales agent usually handles. Good FSBO Candidates: Confidant, Educated, DIY Homeowners Flat Fee MLS Listings Flat Fee MLS listings are a good choice to augment a FSBO strategy. With a single fee, you can list your home with the REALTORS®'s MLS, plus one or more local real estate websites. Since most homebuyers work with a buyer's agent, choosing a flat fee real estate listing service puts your home in front of professional agents who are actively seeking homes. Good Flat Fee MLS Listings Candidates: Any Home Seller without a Seller's Agent Full Brokerage Service A full brokerage service handles virtually all aspects of a home sale. Marketing, showings, listings, paperwork and other tasks are handled by a professional real estate agent. This top-notch service comes at a price: the agent's commission. However, if you are unable to spend the extensive time needed to market and sell your home, a full brokerage service may be a good choice. Full Brokerage Service Candidates: Extremely Busy...

Flat Fee Real Estate Listings

As more sellers turn away from agents as a way to increase profits, flat fee real estate listing services have emerged as a way to reduce seller costs while still taking advantage of the real estate listings network. Here's a look at the common features of flat fee listing services. The basics of a flat fee listing service are simple: A single fee covers listings in the Realtor's Multiple Listing Service (MLS), which gets your property in front of hundreds of professional agents. Since an overwhelming majority of homebuyers contract with an agent, getting your property on the MLS is a huge step toward the sale of your home. In addition to the agent's MLS, many flat fee listing services place your property on several Internet real estate sites. Better flat fee listing services will get your property listed on real estate websites with local reach, such as LouisvilleProperties.com, as well as nationally recognized sites like Realtor.com or HomeAdvisor.com. Some flat fee real estate listing services provide a yard sign. This important marketing tool attracts the attention any potential homebuyers researching your neighborhood. Usually, a sign will include space for your contact information so you can convert a casual once-over into a serious inquiry. A key lockbox is a common extra included with a flat fee listing service. A key lockbox enables agents to schedule viewings more often and frees you from the hassle of being present at showings. When it comes to the sale, not all flat fee real estate listing services give you equal value. If you are interested in flat fee real estate listing services, please read the details of the service agreement. Some service providers will lock you into a specific commission rate with the selling agent. Other services may restrict your right to sell on your own. Double check these details now and save yourself a nasty surprise at sale time. If you have any questions about Louisville real estate...

Tax Rebate for First-Time Home Buyers Ends Soon

The December 1, 2009, deadline to get the first-time home buyer income tax credit for Louisville real estate purchases is fast approaching. Under the provisions of the American Recovery and Reinvestment Act of 2009, first time home buyers who purchase a home between January 1, 2009, and December 1, 2009, will qualify for up to $8,000 in income tax credit. According to a recent ruling by the United States Department of Housing and Urban Development, the first-time home buyer tax rebate is available up front to finance loans meant to cover closing costs, purchase a lower interest rate or to put up more than the minimum required down payment. This credit does not need to be repaid, provided the home buyer retains possession of the house for at least three years. However, if the purchaser sells the home before the end of the three-year time limit, he or she will need to repay the amount. In order to qualify as a first time home buyer, the purchaser or the purchaser's spouse must not have owned a residential property for three years prior to the credit-earning purchase. The actual amount of the income tax credit is equal to 10 percent of the purchase price of the home, up to a maximum possible rebate of $8,000. This amount may be reduced depending on the purchaser's income. The cutoff income to receive the maximum tax benefit is $75,000 for singles and $150,000 for married couples. For those making more than the cutoff income, there is a reduction in the total amount of the first-time home buyer rebate. A single first-time home buyer with an income range of $75,000 to $95,000 is eligible for a portion of the tax credit, as well as couples filing jointly in the income range of $150,000 to $170,000. If you have any questions about Louisville real estate  services, feel free to call 502.744.9504 or fill out our contact form for a fast...
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