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 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 real estate services for buyers, sellers and investors.

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
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