Versailles KY Real Estate

A new Versailles KY grocery store is now open: Save-A-Lot recently opened in the former Woodford Plaza (which previously was home to Cable's Furniture & Appliances). The new grocery store is certainly a welcome addition to the Woodford County community as it allows persons to shop within their own area instead of having to drive further out to other communities. The Save-A-Lot grocery store employs approximately 30 persons.
One of the big attractions of the Save-A-Lot grocery store is that is typically runs with less overhead, which can often lead to lower prices. Extravagances like a lobster tank are unlikely to be found in a typical Save-A-Lot store - because they often lose money, which means the costs have to be bore by the other products in the store…

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…

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…

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…

Just a little update regarding the marketplace.  Anytime a larger Lexington real estate transaction occurs, I like to make note of it for our reader's knowledge and enjoyment.

In a deed dated April 2, 2008, a nearly 140 acre farm thats in the Lexington KY metropolitan area recently sold for $4 million.

The real estate is located at 2800 Lexington Road in Woodford County Kentucky and was purchased by Golden Age Farm LLC, with James Frazier III acting as the authorized agent for the transcation to purchase the property - and is located close to the Blue Grass Parkway near the Woodford Community Christian Church.  The sellers of the Woodford County farm were as follows:  Hampton Adams III, Mary Adams, Keene Adams, Elizabeth Adams, Eleanor Adams White,…

To be helpful to our readers, we like to publish the Versailles KY real estate transfers as they occur as noted by The Woodford Sun.  This weeks Versailles KY real estate transfers are for week ending 3-6-08.  There are quite a few this week - which is a great thing.  Its a potential indicator that the real estate market is starting to become more active, and hopefully we can start moving some of the inventory that has been building up for some time.   The transfers are as follows:

Martin Dearing LLC - to Lantern Square Home Owners Association Inc - common areas of Manor View Town Homes on Berry Avenue - no specific transfer costs was noted

Rebecca & Michael Marshall - to John & Shayla Mettille - 8004 Sea Hero Run - $280000

Timothy Holland - to…

For your convenience, the Versailles Kentucky real estate transfers for week ending 2-21-08 as published by the The Woodford Sun follows.  It appears that some higher valued homes are beginning to move.  Its just in time for the spring housing market.  Several properties were in the two to three hundred thousand range, and is a good shot in the arm for the local real estate market.  The real estate transfers are as follows:

Barbara & Ronald Ward - to Philip Latham - 107 Walnut Street - $47000

Michael & Rebecca Herren - to Kim Harris - 336 Winton Road - $197500

Cordell Ventures LLC - to The Epicure Shop & Catering Co. - 119-121 East main Street aka Bistro La Belle building in Midway KY - $350000

Jack & Susan Reilly - to Dann Reilly - a not…

As always, the Versailles KY newspaper, The Woodford Sun released the Versailles KY real estate transfers for week ending 2-14-2008.  As you will see, the volume of property dropped somewhat this week, as did the valuation for the properties.  All of the transfers were under $200,000, so there were no what we would call luxury homes, or luxury real estate transfers this week.

For your convenience, the homes and properties that sold this week are as follows:

Angela Jeffers - to Ronald Layman, Jr. - 116 Coach Station Road - Midway Kentucky - quitclaim deed - $1

James Brown - to Joseph & Desiree Mitchell - 212 Dalton Circle - $131000

Estate of Alma Bickford - to Joshua Lawrence - 489 Scarborough Drive - $110000

Joseph & Kathleen Filipp acting as…

The Woodford Sun newspaper published the Versailles KY homes transfers for week ending February 7 2008.  Prices seemed to reflect 2 extremes this week.  Modest homes and luxury real estate seemed to be the 2 opposite ends of the spectrum.  The modest end had the bulk of the transfers being in the $100000 to $200000 range.  The luxury real estate end had properties $650000 to $1.25 million.  But upon closer review, you'll not that the one sale over a million was actually the transfer of some vacant lots so that real estate developers could construct some new homes for sale.  The total number of sales seemed adequate this week.  Hopefully, we'll see some more activity in the bread and butter area of moderate price ranges of $200000-$400000. …