Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Louisville Seeking Federal Grant to Develop Sheppard Square

Louisville officials are lobbying for a $20 million grant from the federal government to help offset the costs of razing the Sheppard Square public housing complex in Smoketown and develop mixed income homes and Louisville apartments. The proposed project would level the 326-unit complex and would be Louisville's third project in the HOPE VI federal program that intends to destroy the barracks-style public housing projects built in the 50s and 60s and disperse the concentrations of poverty. The project is expected to cost $200 million and the Louisville Metro Housing Authority has not yet lined up the rest of the financing needed to fund the project, but agency executive director Tim Barry says he's confident the rest of the funding can be secured. "The fact that we have done this twice before and the fact that this is smaller—we are comfortable we can put together a budget that will pay for this," Barry said. Officials say that funding for the project would come from a similar mix of private and government sources like the projects that built Park DuValle in western Louisville and Liberty Green east of downtown. The housing authority promises to replace the 326 units lost when Sheppard Square is razed just as it did with the other projects by building or purchasing new public housing throughout the city. For over a decade, Louisville housing and planning officials have been developing plans to revitalize the Shelby Park and Smoketown neighborhoods with an eye on what the areas would look like without Sheppard Square. Patricia Bell, a resident of Shelby Street and president of the Smoketown Neighborhood Association, said both the neighborhood and public housing residents stand to benefit if the complex is taken down. "I think public housing has served its place," she said. "But to me, I never felt it was always good to stack people in predominantly ethnic groupings into a situation...

How-To for FSBOs

Selling your Louisville home and saving money by doing it yourself via the For Sale By Owner (FSBO) route is much easier than you may think if you're willing to do some research and handle the marketing yourself. Many people have discovered that the FSBO tools and resources available online make it much easier to accomplish this and the money you'll save makes a sizable down payment on your next home! Here is a brief how-to for FSBOs:
  • Stage your home – Staging your home makes it easier for potential buyers to imagine how they and their furniture will fit into your home. It is also a very effective means of pre-packing for your move.
  • Don't over-price your home – If you're asking more than comparable homes nearby are selling for, most prospective buyers won't even contact you and you're setting yourself up for a long wait. Over-pricing is the single biggest reason why FSBO homes languish on the market month after month.
  • List Your Home on the Local – You don't have to pay a high priced broker to get your home listed on your local MLS.  Many local brokers and National firms are offering flat fee listing packages today as a competitive options.   For national flat fee agencies,  just Google "Flat Fee MLS Listing".  If you live in the Louisville area, learn more on Louisville Flat Fee MLS Listings here.
  • Consider hiring a real estate lawyer – It will erode a bit of your FSBO savings but in the end, it's a very smart move to have a real estate lawyer protect your interests. It will provide...

Louisville Home Sales Up in August

Louisville real estate professionals report that 1084 single-family homes and condominiums sold in the area this past August, which represented a 12.3 percent increase from August 2008, but a slight decline from July's home sales in the Louisville metro area. The increase in home sales for August over the previous year was the second straight month for members of the Greater Louisville Association of REALTORS®. July's sales interrupted a streak of nearly two years of lagging sales by posting 1276 home and condo sales, a 26 percent increase over July 2008 home sales. Greater Louisville Association of Realtors president Jan Scholtz stated that the number of homes and condos sold in August indicate the continuing stabilization of Louisville's housing market. "It's the first-time home buyers that are making the market positive right now," she said. Many first-time buyers are motivated by an $8,000 federal tax credit. She said that Louisville area home sales are expected to continue to show improvements at least through December 1 when the tax credit program for first-time homebuyers is expected to end. If the tax credit program does not extend, she said consumer confidence will determine how the Louisville real estate market performs. Louisville homebuilders and realtors remain optimistic that the tax credit program will cause a "trickle up" recovery that will boost sales of more expensive homes in the area as first-time homebuyers move to larger homes with more amenities. The median selling price for homes sold in August 2009 was $136,800—down from $140,000 in August 2008, although a significant improvement from February 2009 $119,000 median selling price....
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