So, I am hanging out with a friend of mine who also is a Realtor. We are drinking some coffee and talking about neighborhoods at Calistoga. My friend is into bargains. He never pays full price for anything. He is telling me about a house he is considering for himself in the low $200,000 range. I tell him he ought to look in The Gleneagles. This dude looks at me like I am nuts because I usually advise people to NOT buy in this area.
What has changed? Well, for starters, the price. The part of Gleneagles that has existing houses in the $200-300,000 range have seen some depreciation. There are several factors of why this happened. When this was a new area, all the people who wanted this part of town built their brand new house out there because it was really the only option. Now, here we are 5-8 years later, the newness has worn off, the market has slowed and there are a ton of houses for sale all over Lexington. It doesn’t help that the school district isn’t that desirable and that there are some rough characters that live in the apartments up by Man O War. The area I am talking about is about 1/2 mile from the apartments. All the people that live in this area have to do is drive by them, so I don’t think there is any danger!
Once you are in this area you will find the same houses as you would in much of Andover Hills. In fact, Barrington, Caversham Park, Blackmoor Park, Dunhill, Shaker Run, Sunningdale and Oakhurst Lane really feel just like Andover Hills.
All this talk about Andover Hills brings me to my point. When the prices for both neighborhoods were the same, why would you buy in Gleneagles when you can get a better school district and be in a little more established neighborhood? Well, I guess a lot of buyers had the same thought. Now there is about a 5-10% price difference between the neighborhoods for a similar house.
So, now I can recommend it to my buyer’s. I tell them that this area will probably always sell for less than Andover Hills, but if you buy it for less it will be okay. This area is a real bargain for people that don’t need use of the school district. My friend and his wife plan to home school, so why not get a nice house in a nice area and pay less.