neighbohoods

LEXpert’s top picks for around $350k

by John Rice

At the bottom of the market just a few years ago, it seemed like $350k was a HUGE budget.  It still gets you a very nice house, but most of the popular choices like Firebrook, Palomar, Hartland, Andover Forest and Chevy Chase are now well over $400k for a fairly updated home.

Here are a few neighborhoods that I always like to make sure my $350k buyers are aware of:

Dogwood Hills-This is an 80’s neighborhood with large traditional houses located out Harrodsburg Road across from Firebrook.  I’ve always described Dogwood Hills as upscale but not pretentious.  It just has a comfortable, cozy vibe to it that I have always found appealing.   You’ve got a great southwest Lexington location, there is a shopping center with a Kroger right next door, and you have a great city park in the back of the neighborhood.

Rabbit Run-This is a late 80s/early 90s neighborhood.  I am taking about Wellington Lane, part of Wellington Way, Meadowbrook Drive, Meadowbrook Court, Comanche Trail, Comanche Court, Blenheim Way and Blenheim Court.  Rabbit Run does have a section of medium sized houses on small lots.  There is also an adjoining neighborhood whose real name is Saint Stephen’s Green at Rabbit Run….but most people call it all Rabbit Run these days.  Now that I have cleared up all that, what do I like about it?  Like Dogwood Hills, it does have that cozy, comfortable upscale vibe to it.  I think it’s best feature is the location.  It is right in the middle of everything you want on the southwest end of Lexington.  Both Man O War and New Circle Road are minutes away.  You can sneak in the back way to get to Fayette Mall without ever being on Nicholasville Road.  You have all the great things that Harrodsburg Road offers very close, such as the YMCA, library, restaurants, gym, grocery stores…even a hardware store.

Lansdowne-This neighborhood has become very trendy.  $350k doesn’t go as far as it use to here.  What makes it special is that you get a mid-century neighborhood with large lots inside New Circle Road and close to UK, downtown and Chevy Chase.  You can also get to about anything on Nicholasville Road by taking one of the side streets like Zandale, Malabu or Reynolds Road.  A popular spot for many residents is the Signature Club.  It has a great swimming pool.  You can enjoy the club even if you are not a member and dine in “The Cellar.”  As if this location was not ideal enough, you are very close to The Lansdowne Shoppes which has several amazing businesses such as The Fresh Market (One of my favorite grocery stores-great sushi!)

Stonewall-This is my default suggestion when people tell me they want a safe neighborhood with good performing schools and they want a huge yard in south Lexington.  I guess it is my default because it is about the only neighborhood that meets all that criteria.  Stonewall is a 1960s neighborhood that use to be just outside of Lexington.  Just beyond Stonewall is a 70s neighborhood called Grasmere.  Some people think Grasmere is part of Stonewall, but it isn’t.  Grasmere has a similar feel to it, although the lots are a little smaller and the houses are about 10 years newer.  It is a little cheaper too.  When Stonewall won’t fit in your budget, look in Grasmere.  Stonewall is right off Clays Mill Road just outside of New Circle.  It is just a few minutes away from Rabbit Run, so you get all the same location perks.

LEXpert’s top picks for around $250k

by John Rice

Okay.  You want a 4 bedroom house in Lexington.  Nothing too old.  Maybe you have kids.  Maybe you don’t.  Either way you realize a house in this price range and size should be in a good performing school district to keep the resale potential up.

Here are a few neighborhoods I always suggest and why:

Andover Hills-I know, I know.  I am always talking about Andover Hills.  I lived there for several years and it has been my absolute favorite place I’ve ever lived.  You are close to Hamburg, but since you are on the southeast side of it, you do not have to pass through Hamburg EVERY time you go any place else in town.  Since I now live on the northeast side of Hamburg and must get past Hamburg to get anywhere, I am always aware of this.  Andover Hills has a nice vibe.  Upscale without being pretentious.  $250k is the low end for this neighborhood.  An added plus is having Andover Golf and Country Club so close for golfing and the pool if you wanted to join.  There are a lot of businesses that you use regularly that are very close too.

Chilesburg-This neighborhood would not have been on my list many years ago.  It has always been nice, but the school district change finally put all of Chilesburg in the elementary school that sits in the middle of it.  It is just a few minutes past Andover Hills, so it shares many of the same perks.  One cool thing Chilesburg has is a bunch of walking trails through the neighborhood.

Willow Oak-This is one neighborhood few people know exists.  It is tucked away behind Millpond Shopping Center on Boston Road.  If you’ve been out there and seen a park with a pool and a big pond, that belongs to this neighborhood.  There is only one way in and out, and it is across a picturesque bridge.  Anything you want in South Lexington is close, and you could walk to Starbucks.  The streets are lined with huge pin oaks.  This neighborhood has one of my highest “Good vibes per dollar” ratings ever.  You could spend twice as much elsewhere and not get as much neighborhood character.

Copperfield-This is one of the most desirable neighborhoods in this price range.  It is upscale in a classic sense like Andover Hills and has all the character that you find in Willow Oak.  It is also on the edge of the Dunbar High School district, which is one reason it is so popular.  The neighborhood has it’s own pool and clubhouse too.

 

 

 

LEXpert’s top picks for around $150k

by John Rice

Let’s say you are a first time buyer, retiring, downsizing, or maybe you just don’t need a big house.  Your budget is around $150k.  You don’t want to compromise location.  You don’t want a characterless neighborhood.  What to do?  Where to look?

Here are my top 5 picks for neighborhoods to consider.  All are from the 80s and 90s and all are in southwest Lexington:

  1.  On the low end of the budget, you should consider Overview Drive in Hidden Springs.  One side of this street backs to a creek, so you have a little breathing room since the houses on the other side of the creek are a little further away.  Not that you will, but you could walk to the Boston Road Kroger, or Starbucks, or all the stores on either side of Boston Road.  You’ve got a gas station and pharmacy too.
  2. If you like being in an affluent part of town at a bargain price, look into either Ashbrooke or Harrods Point.  Both are right on the Fayette-Jessamine County line out Harrodsburg Road.  Both are nice, quiet and convenient locations.  You have Bellerive Shopping Center sooo close.  Just down Harrodsburg Road is Palomar Shopping Center, the library and the YMCA.
  3. Copper Trace is in the middle of it all.  It is on the outside corner of Man O War and Clays Mill Road. Anything you want to do in south Lexington is a very short drive.  Unless you are on Spring Run Road, there is only one way in and out of either side of this neighborhood.  The huge pin oak trees that line the streets give it that established vibe everybody likes (except in the fall when the leaves drop!)
  4. While all of Clemens Heights is a nice neighborhood, one street in particular is amazing.  If you know the area, you know I am talking about Steamboat Road.  Almost the whole street backs to either greenspace or the city owned Waverly Park.  I’ve been in many houses on either side.  The wooded greenspace is a great view.  Waverly is a real gem of a park.  Just the right size and all the features you’d want.
  5. The fifth one was Harrods Point, but I combined it in #2 with Ashbrooke since they are so close.

Worried about resale value?

by John Rice
I sold a house to a very cool family I have been working with for a while.  We’ve looked at a lot of houses and I have become pretty close to them.  We always have a great time looking at houses and talking about our favorite Lexington restaurants.
But this post isn’t really about all that.  I just wanted to give you the background.
This family has owned several houses before.  This is the first one using me as their realtor.  The last two they ended up selling for less than they paid for them.  Granted, that happened to a lot of people between about 2007 and 2012.  They are understandably nervous about it happening again.
While I don’t have a crystal ball to predict what will happen in the future, I told them I thought they would be in good shape with this house.  Why?  Because the value of their new house is right smack in the middle of the range for the neighborhood.  That is always a safe place to be.
This house is in Hartland.  The range in Hartland is between the low $200s all the way up to over a million.  Most fall in the low $300s to mid $400s.  When you think of Hartland, it is the houses in this range that pop in your head more so than the ones under $300k or over $500k.  Which houses in this (or any other neighborhood) do you think would be the hardest to sell?  It is the cheapest and most expensive ones.  See, somebody looking at the low $200k house might be thinking that they could go to a slightly less fancy neighborhood and get a better house for the same money.  The buyer in the high range for the neighborhood is thinking they might want to be in a neighborhood with more houses in their price range.

Any neighborhood has a range of values.  Most don’t have as wide of a range as ones like Hartland, Chevy Chase, Ashland Park, Greenbrier, etc.  Even if you are shopping in a neighborhood with a narrower range of values, you are usually best to stay away from both the lowest and highest price houses.

So I think my special family is going be just fine with the house they have picked!

Great Time to Downsize/Retire in Lexington

by John Rice

It is always a good time to be in the market for somebody.

A few years ago anybody moving up had it made.  The price of their old house had dropped, but the price on their move up house had dropped even more.

Today, the winner is the buyer who is downsizing.   Sure, the house they want to buy is worth a lot more than it was a few years ago, but so is the house they are selling.

I’ve worked with several buyers who have been empty nesters or retirees.  Some already lived in Lexington.  Some have moved from out of state after discovering Lexington is a great place to retire.

Almost all of them want a ranch house less than 2000 square feet.  Some want an older house for the character.  Some want a newer house for maintenance free living.  Some have considered a condo, but none have bought one (yet).  They all have wanted to be close to shopping/dining/entertainment as well as health care facilities.  Many of them have family spread out in different states and tell me they like how Lexington is two hours to their grandkids, or 3 hours in the opposite direction to other family.  Guess having two interstates with Lexington in their crosshairs helps.

It is a lot of fun to work with these buyer, and it sure is a good time to be one of them!