What will school district rezoning do to real estate prices?

So, Fayette County Public Schools is about to redistrict all of Lexington for the first time in over 10 years. It has me wondering what that will do to the value of real estate.

Since I have a house in Andover Hills, naturally I was worried about the thought of losing Athens-Chilesburg Elementary (A.C.E.) That neighborhood is one of the few with this higher performing school. If you want the best elementary school in the Hamburg area, Andover Hills was really your only choice in the $200-400k range.

But you know what. Then I remembered that Andover Hills was a very desirable neighborhood long before A.C.E. was built. It sold well when it was in the Yates/Crawford/Bryan Station district.

Then my next thought was about a neighborhood called Waterford. Waterford use to be in the much coveted Veteran’s Park district until the last big district boundary change. Waterford was a neighborhood many people moved into just for that school and moved out when they didn’t have elementary aged kids. That was also when prices were rising rapidly, so people could buy a house, stay for a few years, sell and make some money. Can’t really do that any more.

Waterford is now in the Southern Elementary District. A neighborhood called Pinnacle got the Veteran’s Park school district. I’ve just had several buyers looking in the area of both of these neighborhoods. Want to know what I discovered? A similar house in Waterford sells for just about the same as it would in Pinnacle, despite not having the higher performing elementary school. So yeah, Waterford’s values survived losing one of the top rated elementary schools in Lexington.

Then this got me thinking about desirable neighborhoods that don’t have top performing school districts. Look at Hartland. It never had a top rated school district, but everybody loves it and prices are strong.

And finally I remembered some areas that got better schools and the values didn’t really change. Masterson got Sandersville Elementary. Right in the middle of the neighborhood in fact. All those neighborhoods along Liberty Road got an upgrade with the new Liberty Road Elementary. Values didn’t really change in either of the districts of these brand new schools.

So, I think there might be some very minor adjustments in value, but I don’t see any big changes unless a neighborhood suddenly hits the jackpot and gets a much higher rated elementary AND middle AND high school than they had………or had that and lost it all.

What I hope comes out of this redistricting is that we end up with less of a gap between the higher rated schools and those that don’t perform as well. Imagine how great that would be for the kids and parents. You could live anywhere and still get your kids in a good school.

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