Got out in the Miata and shot a few cool areas under $200k. Not the usual neighborhood tour…..more like a collection of a few areas in southeast Lexington.
First I went to Squire Oak/Hunting Hills. There is a really cool park in a giant median out there. Big trees. A creek. Nice. Some of the lots along Farmview back to a huge horse farm. Houses out there run about $140,000 to $180,000.
Then I went to East Lake…..more specifically I went to a street called Cool Water and all the cul de sacs off of it. What is cool about this area is that several of the houses back to a lake. We just don’t have many water front houses in Lexington. The few that there are tend to be much more expensive. One house in particular has a panoramic view. Houses out there go for $170,000 to maybe just over $200,000. It has been so long since one of the fantastic lot houses has sold that there really is no data.
I then jumped across Man O War and went down Carriage Lane and Tanforan Drive. These streets back to Tates Creek Golf Course on one side.
I finished up at Lake Crossing, which is across the lake from East Lake. I’ve done a full video tour of Lake Crossing, so just scroll through my blog or my YouTube channel to see it.
Well, I like these neighborhoods because they have something unique and are affordable. When I am out with buyers, I always am looking for that “Thing” that is going to be appealing to the next buyer when it is time for my peeps to sell it. Finishes can go out of style and get worn out. What you really want to look for is a house with a fantastic floor plan, a great lot, or a great location. Location is the real estate code word for an asset that is tied to the neighborhood. Chevy Chase is always going to be a great spot to be even if all the trees die and granite becomes passe. Beaumont will always have the best combination of public schools for the foreseeable future. Houses that are in neighborhoods with a city park, golf course, or are on the water will always be desireable.
Stick to these principles and you won’t be like the seller’s of a nice house on a busy corner in my neighborhood. They’ve just reduced the house to an amount that will probably be the cheapest that one has sold for out here in a loooong time. Since nobody wants to be there, all you can do is drop the price to the point that somebody feels so good about the price that they temporarily forget the big negative. And if you disregard my advice, be sure to buy it soooo right that you can afford to be at the bottom of the comps when it is your turn to be the seller.