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Old 05-26-2015, 06:13 PM
 
41 posts, read 43,609 times
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Hi All

I have read in a couple different threads that the Single family home inventory is low in Louisville (proper). What are your thought on the condo market? Are there new developments/conversions? How was your housing market effected in the 2008 housing bubble bursting?

Also if anyone reading is a condo owner/former owner or condo renter what are your thoughts on your buildings..and in Louisville in condo buildings are rentals generally allowed or not? I know it is based on the bylaws but in my research I have found some cities tend to have more owner occupied buildings only

Thank you in advance for any and all replies
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Old 05-26-2015, 07:13 PM
 
6,295 posts, read 13,173,944 times
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Quote:
Originally Posted by NanciLou View Post
Hi All

I have read in a couple different threads that the Single family home inventory is low in Louisville (proper). What are your thought on the condo market? Are there new developments/conversions? How was your housing market effected in the 2008 housing bubble bursting?

Also if anyone reading is a condo owner/former owner or condo renter what are your thoughts on your buildings..and in Louisville in condo buildings are rentals generally allowed or not? I know it is based on the bylaws but in my research I have found some cities tend to have more owner occupied buildings only

Thank you in advance for any and all replies
The condo market in Louisville is not the strongest to be frank, but there are plenty of options. It all depends on where you want to live. There are probably 30 new apartment complexes planned or under construction, but I can count on one hand the amount of new condos projects going up. The largest condo tower proposed right now is the 17 story Willow Grand in Cherokee Triangle (the subject of lawsuits in the Cherokee Triangle NIMBY land), and a couple 15 story towers on the river in RiverParkPlace, on the river, but they have not stated when (or if) they will break ground. A good half of those are either downtown or around it. However, there are just not a ton of condos. If you are interested in urban living, then you really just need a good realtor. I would be happy to introduce you to one that focuses on the city. I am also willing to give city tours, as mentioned. I have extensive, street by street knowledge of the entire urban city and inner ring suburbs, as well as the history of these areas.

The 2008 market crash had little to no effect on Louisville other than building literally froze for about 3 years. That is why the inventory is so low now, because we are seeing good growth. This guy really knows the market

http://www.trepryor.com


http://insiderlouisville.com/busines...st-home-sales/

http://insiderlouisville.com/busines...s-turbo-speed/


You need to read insiderlouisville every day
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Old 05-27-2015, 12:08 PM
 
4,542 posts, read 4,460,950 times
Reputation: 3481
Quote:
Originally Posted by Peter1948 View Post
The condo market in Louisville is not the strongest to be frank, but there are plenty of options. It all depends on where you want to live. There are probably 30 new apartment complexes planned or under construction, but I can count on one hand the amount of new condos projects going up. The largest condo tower proposed right now is the 17 story Willow Grand in Cherokee Triangle (the subject of lawsuits in the Cherokee Triangle NIMBY land), and a couple 15 story towers on the river in RiverParkPlace, on the river, but they have not stated when (or if) they will break ground. A good half of those are either downtown or around it. However, there are just not a ton of condos. If you are interested in urban living, then you really just need a good realtor. I would be happy to introduce you to one that focuses on the city. I am also willing to give city tours, as mentioned. I have extensive, street by street knowledge of the entire urban city and inner ring suburbs, as well as the history of these areas.

The 2008 market crash had little to no effect on Louisville other than building literally froze for about 3 years. That is why the inventory is so low now, because we are seeing good growth. This guy really knows the market

Louisville Real Estate | Homes for Sale in Louisville KY | Tre Pryor Realtor


A look at what Louisville ZIP codes are experiencing the fastest home sales - Insider Louisville

Louisville home sales on turbo speed - Insider Louisville


You need to read insiderlouisville every day
In regards to property tax. Do brand new condos get hit with more property tax than similar older ones from the 1980s or 1990s?
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Old 05-27-2015, 08:46 PM
 
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Originally Posted by SandyJet View Post
In regards to property tax. Do brand new condos get hit with more property tax than similar older ones from the 1980s or 1990s?
No. Property Tax is solely based on the assesed value. Ky has high income tax, but virtually zero homeowners tax. This is why it is IMPERATIVE to own, not rent, property in KY. Depending on the area, a 100k condo may have yearly property tax for under 300 dollars.
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Old 05-28-2015, 10:11 AM
 
4,542 posts, read 4,460,950 times
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Originally Posted by Peter1948 View Post
No. Property Tax is solely based on the assesed value. Ky has high income tax, but virtually zero homeowners tax. This is why it is IMPERATIVE to own, not rent, property in KY. Depending on the area, a 100k condo may have yearly property tax for under 300 dollars.
wow $300 bucks is crazy low property tax!!!! How much is average maint?
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Old 05-28-2015, 07:34 PM
 
41 posts, read 43,609 times
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Thanks for the links Peter--I am stunned by how low the property taxes may be
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Old 05-28-2015, 09:31 PM
 
6,295 posts, read 13,173,944 times
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Originally Posted by SandyJet View Post
wow $300 bucks is crazy low property tax!!!! How much is average maint?
Too hard to say because it varies by location/property. Some condos have little to no HOA. Some are a 1000. I would say most condo HOAs are around 200 a month.

FYI, you can look up any address here:

https://jeffersonpva.ky.gov/property-search/

Once you click on the address, it will list info. Pay careful attention to the line marked property tax as it will link you to it.


Here is a VERY well located mid century condo rehab in the walkable Highlands:

https://jeffersonpva.ky.gov/property...?StrtNum=1117#

Valued at 96k, property taxes a little over 1 grand annual. You are talking a mortgage of just a few hundred dollars a month. It is always cheaper to own here, especially after tax/mortgage interest write offs.
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Old 05-30-2015, 10:48 AM
 
Location: Anchorage, KY
242 posts, read 307,938 times
Reputation: 148
Quote:
Originally Posted by Peter1948 View Post
No. Property Tax is solely based on the assesed value. Ky has high income tax, but virtually zero homeowners tax. This is why it is IMPERATIVE to own, not rent, property in KY. Depending on the area, a 100k condo may have yearly property tax for under 300 dollars.
I'm not sure where in the world you are getting your information about property taxes in Jefferson County! Property taxes on a $100,000 condo would be at least $1000 and possibly more depending on where in the county it was located. Per the attached page the tax rates are as follows: $.71 per $100 of assessed valuation for the school district and an additional $0.122 per $100 of assessed valuation for County taxes plus $.10 per $100 of assessed valuation for fire protection (in the county). Not included in this is small city property taxes or USD (Urban Services District) taxes.

http://http://www.thinkkentucky.com/cmnty/taxincent.aspx?cw=091
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Old 05-30-2015, 06:30 PM
 
6,295 posts, read 13,173,944 times
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Originally Posted by Msradell View Post
I'm not sure where in the world you are getting your information about property taxes in Jefferson County! Property taxes on a $100,000 condo would be at least $1000 and possibly more depending on where in the county it was located. Per the attached page the tax rates are as follows: $.71 per $100 of assessed valuation for the school district and an additional $0.122 per $100 of assessed valuation for County taxes plus $.10 per $100 of assessed valuation for fire protection (in the county). Not included in this is small city property taxes or USD (Urban Services District) taxes.

http://http://www.thinkkentucky.com/cmnty/taxincent.aspx?cw=091
Meh. Still dirt cheap.
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