Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Louisville's Phoenix Hill Neighborhood is an Urban Renewal Success Story

While dire economic news and forecasts dominate the media in Louisville and other parts of the country, some good news about Louisville real estate showed up in a most unlikely source. A report on the Philadelphia website, Philly.com, recently discussed a Louisville neighborhood's success story. Twenty-five years ago, Louisville's Phoenix Hill neighborhood was a typical example of urban blight with rows of abandoned houses and unkempt properties. Since then and thanks to Louisville homeowners who saw the neighborhood's potential, Phoenix Hill is a model of urban renewal with an active and engaged neighborhood association. David Kinloch is one of those homebuyers who took a chance on one of the vacant homes and is now enjoying the benefits of living in the revitalized Louisville neighborhood. "We were told that you couldn't build new housing inside the old city of Louisville," said Brown Kinloch, a renewable-energy developer. "We proved that not only could you do it, if you made them affordable . . . they'd sell right away." The grassroots strategy of reclaiming decaying neighborhoods has also taken hold in neighborhoods in other American cities that are struggling with similar problems. In cities such as Detroit, Philadelphia, Cleveland, Pittsburgh and others, community groups and local governments are working together to buy properties, create parks and attract business. It's not easy and requires a great deal of work, but it is working and Louisville's Phoenix Hill neighborhood is one of the country's best examples. If you're thinking of buying or selling a home in Phoenix Hill or another Louisville neighborhood, contact the Louisville real estate expert at Louisville Properties by filling out a contact form or call 502.744.9504....

Preservation Louisville Presents 2009 List of Endangered Real Estate

An organization created to save Louisville's distinctive and vanishing homes and buildings recently presented its 2009 list of endangered properties. An article published in the Louisville Courier-Journal describes a presentation given by the organization that was an overview of the group's successes and its current targets of endangered Louisville real estate. The program was presented at Bearno's Building on Louisville's architecturally rich and diverse Whiskey Row. Speakers at the presentation included Marianne Zickuhr, executive director of Preservation Louisville Inc., Robert Griffith, president of the board of directors of Preservation Louisville, Anne Arensberg, the Kentucky adviser to the National Trust for Historic Preservation, and Mark Dennen, executive director of the Kentucky Heritage Council. The group is dedicated to preserving Louisville's unique architectural flavor and its eclectic mix of shotgun houses, Victorian frame houses, distinctive and historic commercial buildings and other noteworthy examples of Louisville real estate. The city's endangered shotgun houses comprise 10 percent of the total housing stock in Louisville and exemplify a popular Southern style of homebuilding in the late 19th and early 20th centuries. This style of house was extremely popular with homebuilders and homebuyers throughout the south from New Orleans to as far north as Louisville. The group has targeted several buildings in addition to the shotgun houses found in downtown Louisville and in other areas of the city. The list of endangered buildings includes the Louisville Water Co. block, a Victorian house at 2225 Frankfort Ave., Engine 7—the city's and the nation's oldest firehouse, the University of Louisville Dentistry Department, the old industrial Park Hill district, as well as other properties on Whiskey Row and the Samuel...

Energy Efficiency a Common Theme at Homearama 2009

This year's version of the annual Louisville Homearama showcase of new home designs and ideas provided examples of new home features, such as elevators, wine tasting rooms and dog washing stations, along with far more practical home attributes intended to increase a home's energy efficiency. The Courier-Journal said that twelve of the thirteen entries in the Homearama show will receive the federal government's Energy Star rating and eight targeted the more stringent designation of Green Build Kentucky. Homebuilders say that increased awareness and focus on decreasing energy use around the house is reflected at all price levels of Kentucky's homebuilding industry. They say the shift in consumer demand along with federal tax credits for energy-saving windows, insulation and kitchen appliances is having a real impact on home construction and design. Bob Weiss, executive vice president of the Home Builders Association of Kentucky said, "As we start educating our members, we'll see a lot more homes getting into it. The builders are starting to see this can be a marketing tool." Since the Green Build Kentucky program launched in April 2008, the program has experienced a slow start, but organizers say that the program has really started to take off in recent months despite the slow economy and Kentucky's history of relatively low utility costs. Homebuyers are responding positively to single-family homes with the Energy Star label and the state's share of Energy Star homes jumped from just 7 percent in 2007 to 25 percent in 2008. If you're selling a Louisville Energy Star home or thinking about buying an energy-efficient home in the Louisville area to save money on utilities, fill out a contact form or call Louisville Properties at 502.744.9504 today....

Louisville Judges and Politicians Launch Foreclosure Prevention Program

An article published in Business First of Louisville discusses a progressive and innovative project to prevent more homes from foreclosure in and around the Louisville area. The report claims that Jefferson Circuit Court Judges, Louisville Metro Mayor Jerry Abramson and U.S. Rep. John Yarmuth joined together to launch what they are calling the Foreclosure Conciliation Project. The program is designed to encourage mortgage lenders to explore alternatives to foreclosure that will help more Louisville-area residents to keep their homes. Louisville area judges have agreed not to require the sale of a foreclosed home before the homeowners have a chance to meet with the lenders. Not only will the program help homeowners remain in their homes, fewer foreclosed homes will also help Louisville neighborhoods by reducing vacant houses that are frequently targets of vandalism. Homeowners who get involved with the Foreclosure Conciliation Project will learn about options that they can pursue to keep their home such as forbearance agreements, loan modifications and other alternatives to foreclosure. In a press release issued by Louisville Mayor Abramson, he said, "Having a clear plan to follow will make this process less traumatic and more educational for homeowners." In 2008, 3264 Jefferson County home foreclosures were filed that led to 2408 homes being sold at foreclosure sales. This year is looking even grimmer for foreclosures, and experts claim that if current trends continue, foreclosure filing will near 5,000 before the end of 2009. Chief Judge Jim Shake said in the press release, "A foreclosure sale displaces families, disrupts neighborhoods and drains wealth from our community. If we can use our resources to encourage communication, offer alternatives and prevent significant losses to families and neighborhoods, then we as a community have a responsibility to do that." Anyone...

Louisville Company Purchases Commercial Real Estate

A recent report on Louisville's Business First website claims that Louisville-based company Industrial Services of America, Inc. has reached an agreement to buy commercial real estate adjacent to its Grade Lane operations. The company has agreed to buy the property from a company owned by Harry Kletter. Industrial Services, Inc. intends to buy two parcels of land from Harry Kletter Family Partnership LLC for 500,000 newly issued shares of Industrial Services' common stock. According to a press release about the Louisville commercial real estate transaction, the deal is valued at $3.2 million based on Industrial Services' current share price of $6.40. The parties expect the sale to close in August 2009. A portion of Industrial Services' new metal shredder is currently located on parcels of the land in the deal and the company currently rents the land from Harry Kletter. Industrial Services, Inc. buys, processes and markets scrap metals and recyclable materials in addition to providing waste management programs for commercial clients. If you're a business owner looking for Louisville commercial real estate to expand operations or an owner of Louisville commercial property looking to sell, contact the Louisville commercial real estate expert at Louisville Properties. They offer the full spectrum of commercial real estate services, including property management solutions that make owning investment property easy and lucrative. To contact the experienced Louisville commercial property professionals at Louisville Properties, fill out a contact form for a timely response or call them direct at 502.744.9504....

Louisville's Recovery from the Recession Lagging behind Other U.S. Cities

Louisville real estate professionals, merchants and other businesspeople got some unwelcome news recently when the Brookings Institute published a report that indicated Louisville is lagging behind other U.S. cities in recovering from the recession. Key economic indicators for the first quarter of 2009 presented to elected officials from Louisville showed that while the city was showing some signs of recovery from the recession, it was not recovering as quickly as hoped. The report ranks 100 metropolitan areas around the U.S. in several categories and the greater Louisville area—which comprises 13 Indiana and Kentucky counties—ranked in the lower half of cities in four of six categories. In unemployment, Louisville ranked 78 out of 100. In the total economy produced by the Louisville area, or gross metropolitan product, the city was 99 for the first quarter of 2009. In average wages, Louisville ranked 95. However, the news wasn't all bad for the Louisville metro area. Louisville home prices ranked 24 and in real-estate owned properties, the city came in at 46. Reacting to the news, Greater Louisville Project representative Carolyn Gatz had this to say, "Well, I think the data shows—and most of us know—that the recession has hit our community very badly. I think that's true in what they call 'older industrial cities,' cities that are trying to make this turn from a 20th century economy to a 21st century economy. That's why today we're going to be talking about the interplay between education and jobs, 21st century jobs, and I think the Brookings data just showed what a challenge and what a sense of urgency we as a community need to have to deal with these issues." If Louisville home prices and the federal tax credit for first-time homebuyers has you thinking about buying a home in the area, call the Louisville real estate...

Louisville Homes Sales Only Slightly Down in June

An article about Louisville-area home sales in June that appeared in the Courier-Journal provides some welcome news for Louisville real estate professionals. The article claimed that members of the Greater Louisville Association of Realtors sold 1,175 homes in June 2009, a figure that shows only a 1.3 percent decline in sales from the previous June. With housing markets across the country struggling with flagging home values, foreclosures, sluggish sales and other difficulties, many Louisville real estate agents perceive a slight decline in home sales as a positive. In spite of the modest decline, the number of homes sold in the Louisville area was the most in a single month so far this year. Overall, Louisville-area home sales were down 19.7 percent for the first six months of 2009 compared to 2008. However, Louisville realtors and homebuilders claim that the federal tax credit for first-time homebuyers is boosting sales and they expect that trend to continue as the November 30 deadline for the credit nears. Louisville's median home selling price as of June 2009 was $136,000, a slight decline from the previous year, but only a 3.5 percent drop. Louisville Realtors® Association President Jan Scholz predicted that a high percentage of first-time homebuyers would help to keep median home prices lower for the rest of 2009. She added that Louisville home sales would continue to strengthen for the rest of the year. Looking for Louisville real estate services? Call Louisville Properties today at 502.744.9504 or fill out a contact form for a fast reply. If you want to buy a home, sell a home, need flat-fee FSBO listings, property management or more, Louisville Properties offers the full spectrum of real estate services!...

Why Flat-Fee Listings are Valuable to FSBOs

A recent article about FSBOs published in the Edmonds Beacon discusses the advantages of real estate owners selling their own property without a real estate agent or realtor. It's a timely article as most folks are looking to trim expenses wherever possible with the nation's economy continuing to struggle. However, while owners stand to save some money by selling their homes themselves, a modest investment in flat-fee listings can make a huge difference. Here's why flat-fee listings are valuable to FSBOs:
  • Realtor MLS listings. Making an investment in flat-fee listings puts your FSBO home on the Multiple Listing Service, which allows real estate agents to find your home for sale for their clients.
  • Listings on the Internet. When people are looking for a home to buy, they're looking at real estate online from the comfort of their home. An online listing makes it easy for people to discover the features of a FSBO and see relevant information, such as number of bedrooms, bathrooms, closets, lot size, etc.
  • Virtual tours of your home. A flat-fee listing allows a FSBO owner to post up to 20 images of a home and lets online shoppers take a ‘virtual tour' through their Internet connection. Even the most descriptive words and phrases cannot ignite a potential buyer's imagination quite like a photograph.
  • Yard signs. A buyer will oftentimes be ‘just driving by' when they see a For Sale sign in the yard of a home they eventually buy. Yard signs may be the oldest form of FSBO marketing...
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