Louisville or So. Indiana? (Fern Creek, St. Matthews: for sale, foreclosures, condos)

[Abigail1031]

Hi- Thinking about moving back to Louisville area, and I am familiar with the various areas of town. I am early 30's, single, professional. What part of town would locals recommend for me? I can tell that housing, etc is less expensive in Southern Indiana areas, but don't know what the lifestyle is in those areas? Anyone have any thoughts on the benefits/downsides to living in Louisville vs. So. Indiana from a local perspective? Thanks~

[tomocox]

I my opinion, it all depends on where you will work. The drive from home to work can be expensive. Southern Indiana has some wonderful places to live. So does Louisville/Jefferson Co and the adjoining counties.

If you are planning to remain single, it won't matter too much either, but a Louisville home will likely give you better return on your dollar if you need to sell faster than you plan.

[Abigail1031]

Thanks- that's exactly the type of opinions I am looking for. Looks like I'll be working downtown on Broadway. I'm thinking of the St. Matthews/Crescent Hill area. I will have a good deal of travel, so I was thinking of a condo, but there doesn't seem to be a high volume of condo options, so I worry about resale of a condo when it comes time. Do they move quickly in Louisville? Conversely, for Indiana, I wondered about buying a single family home near where the "planned" East End bridge would be around. So I wonder if it would be good to buy there with the hope that a bridge would come along and raise the property value in So. Indiana as people who work in the East End may start going over to IN with the lower housing prices. I don't know which is the best financial move. A condo in St. Matthews/Crescent hill where the appreciation is proven or rolling the dice to see if a bridge happens and shoots up the Indiana prices. I am hoping not to be single forever and my brother told me that I should pick St. Matthews due to its reputation in the area and I would be more likely to find single friends than I would in Indiana. Thoughts? Am I totally off base?

[tomocox]

I advise everyone to avoid condo's due to the dangers associated with how well property will be maintained in the future. I have seen several foreclosures of condo's inpart due to failure to maintain the "common property" by either the condo-association or the firm that owns the common areas.

St. Matthews is an excellent place to meet other singles. From bars, to churches, to groceries, civic clubs, and an excellent society, St. Matthews is a good place for singles. I am certain some will mention Crescent Hill and the Highlands, too, but I would prefer St. Matthews to own.

A good mate can be found most anywhere, but there will be greater opportunities in St. Matthews than S. IN.

[Abigail1031]

Great info on condos. I appreciate your time-- Thanks!

[bk1234]

I would also agree that Louisville might serve you better esp. b/c of singles scene. I think you should consider something along the Eastern Parkway corridor - very convenient to Bardstown Road, close to U of Louisville, can be downtown at east Main or Market in less than 15 minutes.

I'm no realtor, but I personally think if you pick an established condo in established area you should be OK. The ones to worry about are the masses being built in the eastern part of the county.

[stx12499]

Originally Posted by bk1234

I would also agree that Louisville might serve you better esp. b/c of singles scene. I think you should consider something along the Eastern Parkway corridor - very convenient to Bardstown Road, close to U of Louisville, can be downtown at east Main or Market in less than 15 minutes.

I'm no realtor, but I personally think if you pick an established condo in established area you should be OK. The ones to worry about are the masses being built in the eastern part of the county.

Agreed. What Tomocox failed to mention is that condos appreciated over 10% last year compared to less than 2% for houses. Condos are the hot thing in Louisville right now, so I am not sure why you can't find many for sale. A quick search on semonin.com produced several hundred for sale within a few miles from downtown.

Do: avoid cookie cutter, dime a dozen garden/patio/condos in the east suburbs/Oldham. If there are multiple units and they all look alike, that speaks volumes= ZERO curb appeal, and ZERO resale appreciation.

Dont: pass up on a historic rehabbed condo priced at 150 per square foot in the Highlands, Downtown, Old Louisville, or Crescent Hill. Downtown is now a viable living option, and I have seem some sweet condos for sale for fair prices. In general, I would be leary to pay over 200 a square foot, although many condos in the market, especially close to downtown, are still pulling close to 300 a square foot (and then you have outliers like Museum Plaza which are asking a ridiculous 500 per square foot, accounting for only 16% in presales). 2 bedroom/2 bath condos with top finishes and good parking have a very viable and well seated place in the local market now. 10 years ago no, but now today almost all the new construction and rehabs inside the Watterson are condos. I do agree some of the historic condo properties on Eastern Parkway are also great options, and even the area around Douglass Loop and Douglass Boulevard, providing a unique, urban setting, yet with the tranquility and safety of the surburbs. It may seem an oxymoron, but you have to see these properties to believe it. Any more questions, please feel free to PM me.

[tomocox]

STX, you are right, I did not mention the dangerous appreciation of condos. Unless Kentucky law is changed to better safeguard values, condo owners are at risk from poorly maintained common property. If one understands the risks of any event, there is no problem, but few people understand or are properly told of even who owns the common grounds of a condo.

Ownership of a condo can work, but buyers must be educated and informed.

[Abigail1031]

Thanks to you all for this valuable information. You've all given me a lot to chew on and I thank you very much. Definitely all valid points and something to give consideration. The one thing everyone seems to agree on is from an appreciate standpoint, Louisville does seem to be better. Have a great week!

[EclecticEars]

Originally Posted by stx12499

Agreed. What Tomocox failed to mention is that condos appreciated over 10% last year compared to less than 2% for houses. Condos are the hot thing in Louisville right now, so I am not sure why you can't find many for sale. A quick search on semonin.com produced several hundred for sale within a few miles from downtown.

Do: avoid cookie cutter, dime a dozen garden/patio/condos in the east suburbs/Oldham. If there are multiple units and they all look alike, that speaks volumes= ZERO curb appeal, and ZERO resale appreciation.

Dont: pass up on a historic rehabbed condo priced at 150 per square foot in the Highlands, Downtown, Old Louisville, or Crescent Hill. Downtown is now a viable living option, and I have seem some sweet condos for sale for fair prices. In general, I would be leary to pay over 200 a square foot, although many condos in the market, especially close to downtown, are still pulling close to 300 a square foot (and then you have outliers like Museum Plaza which are asking a ridiculous 500 per square foot, accounting for only 16% in presales). 2 bedroom/2 bath condos with top finishes and good parking have a very viable and well seated place in the local market now. 10 years ago no, but now today almost all the new construction and rehabs inside the Watterson are condos. I do agree some of the historic condo properties on Eastern Parkway are also great options, and even the area around Douglass Loop and Douglass Boulevard, providing a unique, urban setting, yet with the tranquility and safety of the surburbs. It may seem an oxymoron, but you have to see these properties to believe it. Any more questions, please feel free to PM me.

I think STX has hit the nail right on the head.

Also, while Clifton neighborhood and the Brownsboro Road (US 42 portion b/t Main St. and Hillcrest Ave.) corridor both don't have many condo options now, they're growing. I know a building with condos starting in the $100s recently went up on Brownsboro Road less than a mile or east of Main St. You could look there, also. Plus, they're nice neighborhoods that are generally walkable, safe, and have nice but unpretentious restaurants and shops.

Another person suggested St. Matthews. That too is a good place; it is, however, 4-5 miles east of Downtown. Stay within a few blocks of Shelbyville Road, Hubbards Lane, or Westport Road and you'll experience the "most neighborhood feel" of the neighborhood, if you will.

And, I'll reaffirm other people's statements that I wouldn't want a run-of-the-mill, cookie-cutter, little-character condo or townhouse in Fern Creek, Middletown, Oldham or Shelby Counties, or southern Indiana. If you like that, that's fine, but it might not sell as easily as you might think.