Nicholasville KY Real Estate

The ongoing drama with the economy, softening real estate markets, and banks tightening their requirements on loans continue to pinch the credit lines of Lexington area home builders.  As a result, the amount of new Lexington Homes for sale are on the decline.  This has results in both fewer new Lexington home permits being issued, and a new issue is starting to arise:  half finished homes are becoming more commonplace within the community.  What is happening is as builders get their credit lines called, they simply end up running out of money and can't afford to continue to work on homes - which then ends up costing them their permit (Home permits become void after 180 days of inactivity on the job site).

Here's a few snapshots of the metropolitan…

According to a recent report done by Money magazine, Nicholasville Kentucky has been named the most affordable small city in America.  You can read the entire article in the August 2008 issue of Money magazine in the Top 100 Best Places To Live article.  Some accolades in the article given to the area include its proximity to Lexington (its essentially a bedroom community), as well as a home town atmosphere, and a 3 bedroom home starts at approximately $100,000, while a median home price of approximately $70,000.*

*With a value of $70,000 as a median single home price, its likely that when compiling the data that the analysts considered townhomes as part of the contributing source data.

A big congratulations goes to Nicholasville and its residents. …

The latest news is now available from the Lexington Bluegrass Association of REALTORs regarding the rate of Lexington homes sales.  For the 1st quarter of 2008, there were 835 homes sold.  This equates to approximately a 16 percent decline compared to the 1st quarter of 2007.  Home values were fairly flat, in that the median values of homes sold were down approximately 1% comparing 1st quarter 2008 vs. 2007.  Values for March 2008 was down 5% relative to March 2007.

If you compare these numbers to the national average, nationally the median price was down 7.7% for March 2008 vs. 2007.

The amount of inventory currently on the market and the marketing time needed to sell a home continues to lag the market.  Marketing times for the 1st quarter 2008…

The most recent predictions are out regarding the national real estate and homes values that are expected to happen this year in 2008. Nationally, things are looking pretty bleak. Fannie Mae ran up over $2 billion (yes, with a B) in losses for the quarter and is predicting a decrease in homes and housing values this year. Foreclosure rates appear to be increasing - which when added to the already excess inventory thats built up in most markets around the country, will further exacerbate the problem. This then causes many home owners that got into their existing property for little or no money - to cause their equity to be stripped out completely as the value of their home decreases. Fannie Mae is predicting a potential decline in values nationally ranging…

A review of the 2007 Lexington KY real estate market shows some strength especially relative to many other parts of the country.

But, there remains a potential for some opportunities for savvy investors.  The Lexington Kentucky newspaper, The Lexington Herald-Leader published an article recently that Lexington KY homes foreclosures for the metropolitan area have increased by 121% for 2007. If you examine the actual numbers, for 2006 there were 210 Lexington KY homes that were in some phase of foreclosure proceedings.  For 2007, there were 464 Lexington KY homes that were in some phase of foreclosure proceedings.  So, if you do the math:

464 - 210 = 254

254 / 210 = 121%

That sounds grim.

But, if you look at it from a broader perspective -…

The Lexington KY newspaper, the Lexington Herald-Leader published an article on February 12, 2008 regarding a new middle school construction project for Nicholasville Kentucky in Jessamine County.

The new school plans were approved by the Jessamine County Board of Education to be constructed at 851 Union Mill Road (also known as KY 169), which is located on the eastern side of Nicholasville KY.  The site encompasses 86 acres and was purchased by the school board for $2,000,000 last year.  [The site also will be utilized to accommodate a new proposed elementary school that is planned to open in 2012.]

The new project is arguably one of the most ambitious, and the most expensive project ever done by the Jessamine County board.  The plans as proposed…

The Lexington Kentucky newspaper, The Lexington Herald-Leader, had an interesting article on their Friday January 18 2008 edition of their newspaper on the front page regarding how homes for sale in Lexington KY and the rest of the central region in Kentucky, had declined overall for 2007.  So, these figures represent the entire metropolitan area including Georgetown, Nicholasville, Versailles, etc.

Overall, the sales of homes for sale in Lexington Kentucky decreased by 18.4% for December 2007 - with a year end value of a decrease of 8.2% relative to the previous year in 2006.

Overall, the average price for homes that sold was only slighty decreased from what they had been in previous years as announced by the Lexington Bluegrass Association of…

A meeting was held this past Saturday on December 8 2007 regarding the future of Nicholasville Kentucky real estate development downtown - and included future plans for the city.

The meeting was held at The Clark Building which is located at 109 North Main Street (and is located immediately adjacent to the Nicholasville Cafe).

This meeting was open to the public and the government officials wanted input from the local residents of Jessamine County KY to voice their views on how they would like to see real estate development go on and the future development plans for the city.

The mayor of Nicholasville KY, Mayor Russ Meyer used the campaign pledge that he would lead the city to a revitalization of the downtown area and promote growth within Jessamine…

Lexington Kentucky Foreclosures are being filed at a record high of 212 new foreclosures this past quarter.  This is the highest amount in the past 3 years.

Nearly all of the cases were in Fayette County (204 were for Lexington).  The next closest was Scott County at 4 filings.

These numbers are approximately 1 foreclosure filing for every 919 households in the 6 county area:

Bourbon County

Clark County

Fayette County

Jessamine County

Scott County

Woodford County

These recent filings put Lexington Kentucky in the dubious honor of being in the top 100 foreclosure rankings for the United State's largest metropolitan areas.  This is a point of concern for many persons, as Lexington doesn't have sufficient population to warrant such tainted…