New Versailles KY Homes Decline

The quantity of new Versailles KY homes are on the decline.  So far this year, only 64 new home permits have been issued.  At this same time last year, it was 132.  So, basically a 50% reduction in the amount of new homes being requested for being started compared to previous years.  In earlier recent years, the numbers have held pretty steady with 132 in 2006, and 147 in 2005.

But, if you look at the numbers a little more closely - its not showing the entire picture, as the permit figures do not include those being acquired for townhomes and condos.  Just looking at the September numbers, of the 39 permits issued - 37 of them were for townhomes and condos.  Only 2 were for construction of new Versailles Kentucky homes.  So, there is some activity taking place for the construction of new real estate properties in Woodford County.

Real estate development in Woodford County has slowed some overall.  There are nearly 2000 vacant lots currently zoned - but only 463 of those currently are able to acquire building permits.  The remaining 1500+ are waiting for infrastructure to be put in and constructed which includes roads, sewers, utilities, etc.

On the commercial real estate side of things, the new Lowe's that is going in can not start until the infrastructure gets finished by Rubloff Versailles LLC.  And from a Versailles homeowner perspective, many people are still putting their money into their home.  They are doing renovations, building on to their property, adding outbuildings, swimming pools, etc.   So, unlike some parts of the country, there is still activity going on in Woodford County.

Hopefully after the first of the year, the Versailles real estate market will start seeing some stronger numbers get posted.  It will be after the elections, and some effects from the $700 billion package approved by the government should be in the initial stages of "hitting the streets" so to speak.  This should help ease the credit crunch that some persons are feeling and get them interested in possibly taking advantage of some of the buying opportunities available in the metropolitan Lexington real estate market that is currently available.