Jefferson Co Real Estate Market Report (Louisville, Middletown: for sale, foreclosures, condos)

[Off Topic]

This may have been posted, but PVA has a very interesting report at:
http://www.pvalouky.org/downloads/RealEstateMarketInReview_2007 (broken link)

I went to a seminar this morning with the Administrator and among other things, learned that:

Half the foreclosures in America are in six states - California, Arizona, Florida, Nevada, Ohio and Michigan.

There are 520 homes in Jefferson County that are assessed at 1 million dollars or more.

Patio Homes/Condos are the fastest growing segment of sales.

Middletown looks to be the next area for major development.

And as we've all been saying, the Jefferson County real estate market never experienced the boom in other areas, and consequently we are not experiencing the big problems of those areas. Slow and steady!

[missymomof3]

Very interesting! Thank you!

[tomocox]

Yes, this was linked in a thread I posted about a month ago; however, do not worry for I truly appreciate that it is seen as often as possible.

At a seminar that I attended last Friday, it was noted that with the exception of the "B" grade mortgages written the past four years, Louisville is selling on the same pace as before the "downturn".

[Cattknap]

Tom - aren't sales still kind of slow? I'm constantly looking at listings and it seems I see the same homes for sale for months and months, often with price reductions - I realize the best deals probably don't make it to the internet. I know you guys haven't experienced a big boom but aren't you in a somewhat of a slow down?

[tomocox]

Originally Posted by Cattknap

Tom - aren't sales still kind of slow? I'm constantly looking at listings and it seems I see the same homes for sale for months and months, often with price reductions - I realize the best deals probably don't make it to the internet. I know you guys haven't experienced a big boom but aren't you in a somewhat of a slow down?

Yes, and no. Sales of certain value homes (350-750,000) and regional spots are not just slow, they are terrible; however, starter homes, investment-grade homes, mid-value condo's, are in steady.

Big issue still remains with the huge number of new homes sitting empty. We just have too many available houses. The number of sales are pretty steady. I am currently attending a conference of RE/MAX brokers here in Denver, and the overall national trend is beginning to turn. Sorta like Winston Churchills statement, "it's not the beginning of the end, but it's the end of the beginning," as he was describing the British victory in the Battle of Britain in 1940.

[texasLily]

Good luck with that, Tomo. By the way - "Happy Birthday" LOL

[johnsonkk]

Originally Posted by tomocox

Yes, and no. Sales of certain value homes (350-750,000) and regional spots are not just slow, they are terrible; however, starter homes, investment-grade homes, mid-value condo's, are in steady.

Big issue still remains with the huge number of new homes sitting empty. We just have too many available houses. The number of sales are pretty steady. I am currently attending a conference of RE/MAX brokers here in Denver, and the overall national trend is beginning to turn. Sorta like Winston Churchills statement, "it's not the beginning of the end, but it's the end of the beginning," as he was describing the British victory in the Battle of Britain in 1940.

I agree with Tom. Having moved to San Antonio from Louisville last year, I'm interested in selling *again* and the stats show that homes here between $100k and $200k and 'over one million' are near the same pace as last year where as homes between the $300k and $500k are moving very slow. This is from the city that has been listed as one of the 'top 5 markets' nationwide.

[Cattknap]

Thanks Tom & John- that explains it then - we are looking for homes within that "slow" category....which could be a good thing for us, I hope.

We certainly have lost big time on our end - the housing market in So. California is pretty dreadful - conservatively we have lost $150,000 on our home over the last 2 years because of the drop in home values here. We were very fortunate to get a full price offer within 4 weeks of listing (we were in failed escrow with another offer previous to this current escrow) - we pray everything works out and the escrow closes as scheduled so that we can hightail it over to Kentucky to live out our retirement years in peace and quiet.