From the Lexington-Bluegrass Association of Realtors (LBAR) here is the latest statistical news on last year's real estate market:
Residential sales in LBAR’s market area where down 3% compared to 2005 which makes it the third best year in real estate sales. Of the 10,693 sales reported for the year 2006, 5,376 of those took place in Fayette County. As of the end of the year, there were 6,026 residential and townhouse/condo properties on the market for sale: 5,257 single family and 772 townhouse/condos.
Friday, January 26, 2007
Thursday, January 25, 2007
Downtown Income Opportunity
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Investors take note! Have you seen how much is happening in downtown Lexington these days with brand-new condos and lovely renovations? If you're looking for income potential, this great building is a perfect opportunity. The sellers have made MANY improvements and the building is an easy rent since it's less than a block from Transy and includes off-street parking for the tenants.
Monday, January 22, 2007
This week's mortgate news...
If you are keeping an eye on the housing market and interest rates, here's this week's word on the street (kindly taken from Mortgage Matters courtesy of Bluegrass Mortgage.) If you'd like to get this free weekly update, just email me at GwenMathews@remax.net and I can forward it on to you!
"Recent reports suggest that housing sales may be rebounding. New home sales rose in three of four months through November, and housing starts increased by 4.5% to a seasonally adjusted 1.642 million annual rate in December. Meanwhile, the National Association of Home Builders/Wells Fargo index of homebuilder sentiment rose to 35 this month from a revised 33 in December, the highest it has been since July.
Unfortunately, the housing market isn’t likely to receive much help from the Federal Reserve over the near future. While underlying inflation pressures have softened from mid-2006, the moderation likely isn't pronounced enough to convince Fed officials that price pressures are no longer a threat, suggesting that steady interest rates are the most likely path, at least through the first half of 2007.
Steady rates are also likely to apply to the mortgage markets. This week’s economic data releases are unlikely to move credit rates. Energy prices, having dropped precipitously over the past three weeks, are also unlikely to fall much further this week. Given current expectations, odds favor mortgage rates holding steady; possibly swinging a basis point or two in either direction."
"Recent reports suggest that housing sales may be rebounding. New home sales rose in three of four months through November, and housing starts increased by 4.5% to a seasonally adjusted 1.642 million annual rate in December. Meanwhile, the National Association of Home Builders/Wells Fargo index of homebuilder sentiment rose to 35 this month from a revised 33 in December, the highest it has been since July.
Unfortunately, the housing market isn’t likely to receive much help from the Federal Reserve over the near future. While underlying inflation pressures have softened from mid-2006, the moderation likely isn't pronounced enough to convince Fed officials that price pressures are no longer a threat, suggesting that steady interest rates are the most likely path, at least through the first half of 2007.
Steady rates are also likely to apply to the mortgage markets. This week’s economic data releases are unlikely to move credit rates. Energy prices, having dropped precipitously over the past three weeks, are also unlikely to fall much further this week. Given current expectations, odds favor mortgage rates holding steady; possibly swinging a basis point or two in either direction."
Wednesday, January 17, 2007
Building a Dream Home
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Simply Gorgeous! Check out this fantastic 5 acre lot I now have listed in Jessamine County. This lot can accommodate the home of your dreams and would be perfect for a walk-out basement. Chandamere is one of the best values in Jessamine County and this lot has some of the best views out there. In addition, the sellers have had the property perc tested and the results are on file in Jessamine County.
Monday, January 8, 2007
Why Lexington?
Relatives from Chicago just left the Mathews family from a few days stay over the holiday break. Their visit provided a great opportunity for my visiting neice-in-law and I to take a quick lunch and shopping break from our families -- it was a great reminder for me of the wonderful quality of life we have here in Lexington and Central Kentucky. We shopped small (For Friends and Peggy’s on Clay Avenue, two of my favorite local stores) and large (Macy’s at Fayette Mall – Kentucky’s largest mall) and had a great lunch out at Zuni’s on High Street.
As we drove through Lexington, we talked about how affordable and well-built our homes are, the diversity of our neighborhoods and how strong the public school my children attend is. Lexington’s great blend of big city resources with small town charm is truly special. While the Chicago relatives have a great lifestyle too, they really pay the price, quite literally, in terms of housing costs, taxes, commute times and crime.
I love big cities -- love to visit them, shop, tour and admire them, but when it comes to living, it's hard to beat the quality of life the Bluegrass affords. Central Kentucky has several wonderful colleges and universities, cultural and artistic attractions, excellent medical care, a temperate climate and the spectacular beauty of the Bluegrass.
It's a good place to visit and a great place to live!
As we drove through Lexington, we talked about how affordable and well-built our homes are, the diversity of our neighborhoods and how strong the public school my children attend is. Lexington’s great blend of big city resources with small town charm is truly special. While the Chicago relatives have a great lifestyle too, they really pay the price, quite literally, in terms of housing costs, taxes, commute times and crime.
I love big cities -- love to visit them, shop, tour and admire them, but when it comes to living, it's hard to beat the quality of life the Bluegrass affords. Central Kentucky has several wonderful colleges and universities, cultural and artistic attractions, excellent medical care, a temperate climate and the spectacular beauty of the Bluegrass.
It's a good place to visit and a great place to live!
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