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I've read through the forum and noticed the Masterson Station was an area that was mentioned as safe. Being from the east, I am not too familiar with the area, but have been Breyerfest a few times. Once I saw that it was near an equestrian park, I was hooked. It sounds ideal for a vacation home.
I have done research on prices, property records and taxes and looked through the association website. However, the HOA fees of 48/year are lower then my HOA fees in PA which is 217/month(covers our pool fees, heat, water and money for any repairs to the property - roofs/parking lots/etc.). I assume that the property has substantial assessment fees then? I saw alot of investors listed also in searching the property records - so mostly rentals?
You know the saying, if it sounds too good to be true....
The HOA fee does not include membership for the pool/clubhouse, that is why it is only $48. Plus, there are a lot of houses out there to divide the expenses.
Masterson Station is a nice neighborhood. I would live there. I have had probably 5 or 6 clients buy there in the past couple of years.
It is a HUGE neighborhood, with prices from the $110k to well over $200k. The nicest streets in my opinion are the ones on the west side of Masterson Station Drive and south of Sandersville Road that boarder the park. (Jessica, Trailside, etc.) This area was mainly built by PSC Homes and Barlow. I don't think you'll see as many investor owned homes in this section. The area with the greatest percentage of rental homes will be on streets with values under $130k.
Many Lexingtonians don't care much for Masterson Station because they consider it too far away from anything. That perception is slowly changing. I usually tell people that Masterson Station is about value and whether the location works for you or not. Most of my clients chose this neighborhood because they worked on that side of town or they got more for their money.
At the moment, there are a ton of houses for sale. I think a lot of it is that people from the smaller houses want to move up and the people with the bigger houses want a better location while rates and prices are down. The under $150k seems to be doing okay. The over/near $200k is a little slow unless it is just a great house. I normally advise people not to spend more that $200k out there unless we just get a bargain. The reason is that most buyers over/around $200k have more choices throughout Lexington.....plus there is the value perception. When you ask the typical Lexingtonian about Masterson they think of the small starter homes.
I used to live there from 2004-07 (Jacquelyn Lane). We moved because we needed a larger home and wanted a bigger yard, but our only objections about the neighborhood were the speeders on some of the main roads and the increase of rental properties we were seeing at the time. We used the park (Masterson Station also) quite a bit, and the neighborhood was excellent for walking.
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