Groundbreaking ceremonies for the much anticipated Museum Plaza skyscraper are set to occur this Thursday, October 25, 2007. More details here.
It's exciting to me to see what's happening in downtown Louisville. The naysayers were many with regard to this project at its inception, but it certainly appears the promise of such a huge undertaking will come to fruition.
Monday, October 22, 2007
Wednesday, October 17, 2007
Metro Housing Corp. Stats
Here are some interesting statistics just released by Metro Housing Corporation regarding the Louisville Metropolitan Statistical Area. It's an interesting read that basically reaffirms what we pretty much already know: Foreclosures are increasing, as are rents. There's good info about income vs. rental cost. Check it out.
A Peak at the Million Dollar Home Market in Jefferson County
In some areas of the country, $1,000,000 won't get you much as far as housing is concerned(Manhattan for example), while in other areas, Million Dollar homes are relatively scarce. The Louisville Market has its fair share, but they are not at all prevalent. I thought it might be interesting to see how this tiny segment of the Louisville Market has evolved since 2000.
My research is based on the Greater Louisville Multiple Listing Service's records. I culled the sales of Million Dollar Homes from each year since 2000, and compared the data. Included are sales of new & existing homes & condominiums that sold for $1 Million Dollars or more. Excluded are raw acreage/land sales or any parcels or properties that could be developed for commercial use (including larger condominium conversions). Only properties located within Jefferson County were included.
Here are the results:
Year--# of Sales---Low--------High--------Average----Median
2000-----12-----$1,000,000---$2,275,000--$1,360,352--$1,190,000
2001-----13-----$1,060,000---$2,250,000--$1,333,846--$1,250,000
2002-----16-----$1,008,212---$2,098,000--$1,319,388--$1,168,750
2003-----13-----$1,000,000---$1,525,000--$1,234,904--$1,225,000
2004-----19-----$1,000,100---$2,250,000--$1,368,598--$1,200,000
2005-----39-----$1,000,000---$2,650,000--$1,442,262--$1,300,000
2006-----31-----$1,000,000---$2,880,500--$1,393,704--$1,195,000
2007*----38-----$1,000,000---$2,250,000--$1,308,770--$1,233,210
*=through 10/17/07. Additionally, there are 4 PENDING sales that would qualify upon closing.
Currently, there are 83 properties listed for sale that meet the criteria. At the current pace, that's over two years worth.
Since I'm not much of a proponent of looking at an entire metro area as one market, I broke down the areas in which these Million Dollar sales occurred. Here is a geographical description of each area represented in the Louisville Area:
Area 00: The Central Downtown Business District, loosely defined as north of Broadway, east of 9th St., south of the Ohio River, & west of Baxter Ave.
Area 01: Old Louisville/West Louisville/Shively, loosely defined as south of Broadway, east of 44th St., north of I-264, & west of S. Brook St.
Area 02: Butchertown/Highlands/Germantown, loosely defined as north of I-264, east of I-65, southwest of Lexington Rd.
Area 03: Brownsboro Rd./Crescent Hill/St. Matthews, loosely defined as east of Story Ave., south of the Ohio River, west of Rudy Ln. at I-264, north of I-64 at Cannons Ln.
Area 07: Fern Creek/Hikes Point/Jeffersontown
Area 08: Douglas Hills/Hurstbourne/Middletown Anchorage
Area 09: Anchorage/Lyndon/Prospect/River Rd.
Year-----Area------# of sales
2000----- --00------------0
2000--------01------------0
2000--------02------------2
2000--------03------------3
2000--------07------------1
2000--------08------------0
2000--------09------------6
Year-----Area------# of Sales
2001-------00-------------0
2001-------01-------------0
2001-------02-------------0
2001-------03-------------4
2001-------07-------------0
2001-------08-------------5
2001-------09-------------4
Year-----Area------# of Sales
2002-------00-------------0
2002-------01-------------0
2002-------02-------------0
2002-------03-------------4
2002-------07-------------0
2002-------08-------------5
2002-------09-------------7
Year-----Area------# of Sales
2003-------00------------0
2003-------01------------0
2003-------02------------2
2003-------03------------2
2003-------07------------1
2003--------08-----------6
2003--------09-----------3
Year-----Area------# of Sales
2004------00-------------1
2004------01-------------0
2004------02-------------2
2004------03-------------2
2004------07-------------0
2004------08-------------6
2004------09-------------8
Year-----Area------# of Sales
2005-------00------------0
2005-------01------------0
2005-------02------------2
2005-------03------------12
2005-------07------------0
2005-------08------------8
2005-------09------------17
Year-----Area------# of Sales
2006-------00------------5
2006-------01------------0
2006-------02------------2
2006-------03------------9
2006-------07------------0
2006-------08------------4
2006-------09------------11
Year-----Area------# of Sales
2007-------00------------0
2007-------01-------------1
2007-------02------------7
2007-------03------------6
2007-------07------------0
2007-------08------------5
2007-------09------------20
Current Active Listings FOR SALE
Area 00: 4
Area 01: 1
Area 02: 3
Area 03: 18
Area 07: 3
Area 08: 21
Area 09: 33
So What Does It All Mean?
I'd say the data suggests that purchasing a home for over $1 Million Dollars is a bit of a risk in the Louisville Market. Don't get me wrong, it's encouraging that the total number of sales of these type properties is increasing. The values on the other hand are fairly flat, so be sure to have the home in tip top condition when needing to sell. Buyers in this range demand a lot and at times are hard to come by. Despite the challenges, this segment of the market is doing better than others in the area. More on that later...
My research is based on the Greater Louisville Multiple Listing Service's records. I culled the sales of Million Dollar Homes from each year since 2000, and compared the data. Included are sales of new & existing homes & condominiums that sold for $1 Million Dollars or more. Excluded are raw acreage/land sales or any parcels or properties that could be developed for commercial use (including larger condominium conversions). Only properties located within Jefferson County were included.
Here are the results:
Year--# of Sales---Low--------High--------Average----Median
2000-----12-----$1,000,000---$2,275,000--$1,360,352--$1,190,000
2001-----13-----$1,060,000---$2,250,000--$1,333,846--$1,250,000
2002-----16-----$1,008,212---$2,098,000--$1,319,388--$1,168,750
2003-----13-----$1,000,000---$1,525,000--$1,234,904--$1,225,000
2004-----19-----$1,000,100---$2,250,000--$1,368,598--$1,200,000
2005-----39-----$1,000,000---$2,650,000--$1,442,262--$1,300,000
2006-----31-----$1,000,000---$2,880,500--$1,393,704--$1,195,000
2007*----38-----$1,000,000---$2,250,000--$1,308,770--$1,233,210
*=through 10/17/07. Additionally, there are 4 PENDING sales that would qualify upon closing.
Currently, there are 83 properties listed for sale that meet the criteria. At the current pace, that's over two years worth.
Since I'm not much of a proponent of looking at an entire metro area as one market, I broke down the areas in which these Million Dollar sales occurred. Here is a geographical description of each area represented in the Louisville Area:
Area 00: The Central Downtown Business District, loosely defined as north of Broadway, east of 9th St., south of the Ohio River, & west of Baxter Ave.
Area 01: Old Louisville/West Louisville/Shively, loosely defined as south of Broadway, east of 44th St., north of I-264, & west of S. Brook St.
Area 02: Butchertown/Highlands/Germantown, loosely defined as north of I-264, east of I-65, southwest of Lexington Rd.
Area 03: Brownsboro Rd./Crescent Hill/St. Matthews, loosely defined as east of Story Ave., south of the Ohio River, west of Rudy Ln. at I-264, north of I-64 at Cannons Ln.
Area 07: Fern Creek/Hikes Point/Jeffersontown
Area 08: Douglas Hills/Hurstbourne/Middletown Anchorage
Area 09: Anchorage/Lyndon/Prospect/River Rd.
Year-----Area------# of sales
2000----- --00------------0
2000--------01------------0
2000--------02------------2
2000--------03------------3
2000--------07------------1
2000--------08------------0
2000--------09------------6
Year-----Area------# of Sales
2001-------00-------------0
2001-------01-------------0
2001-------02-------------0
2001-------03-------------4
2001-------07-------------0
2001-------08-------------5
2001-------09-------------4
Year-----Area------# of Sales
2002-------00-------------0
2002-------01-------------0
2002-------02-------------0
2002-------03-------------4
2002-------07-------------0
2002-------08-------------5
2002-------09-------------7
Year-----Area------# of Sales
2003-------00------------0
2003-------01------------0
2003-------02------------2
2003-------03------------2
2003-------07------------1
2003--------08-----------6
2003--------09-----------3
Year-----Area------# of Sales
2004------00-------------1
2004------01-------------0
2004------02-------------2
2004------03-------------2
2004------07-------------0
2004------08-------------6
2004------09-------------8
Year-----Area------# of Sales
2005-------00------------0
2005-------01------------0
2005-------02------------2
2005-------03------------12
2005-------07------------0
2005-------08------------8
2005-------09------------17
Year-----Area------# of Sales
2006-------00------------5
2006-------01------------0
2006-------02------------2
2006-------03------------9
2006-------07------------0
2006-------08------------4
2006-------09------------11
Year-----Area------# of Sales
2007-------00------------0
2007-------01-------------1
2007-------02------------7
2007-------03------------6
2007-------07------------0
2007-------08------------5
2007-------09------------20
Current Active Listings FOR SALE
Area 00: 4
Area 01: 1
Area 02: 3
Area 03: 18
Area 07: 3
Area 08: 21
Area 09: 33
So What Does It All Mean?
I'd say the data suggests that purchasing a home for over $1 Million Dollars is a bit of a risk in the Louisville Market. Don't get me wrong, it's encouraging that the total number of sales of these type properties is increasing. The values on the other hand are fairly flat, so be sure to have the home in tip top condition when needing to sell. Buyers in this range demand a lot and at times are hard to come by. Despite the challenges, this segment of the market is doing better than others in the area. More on that later...
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