Help me get specific on where to live in Louisville (Frankfort: best neighborhood, apartment complexes)

[im2bob]

My wife and I are considering a move back to Louisville. We have been in Atlanta for 10 years. We have endured living in a very nice, but snobby area of Atlanta. We moved to this particular area for the schools. Our kids are now in college/working and we are free to move to any area without regard for kid stuff. We are 43 and ready to reap the benefits of having our kids young.

I could use some help since I have been somewhat removed from Louisville and I always lived in the Middletown area. We want to live nearer the city and are looking to downsize from our current 4BR 3BA suburban home. I would be working downtown. When we first got married, we lived off Frankfort near Stiltz.

Our price range is in the $250K-$400K range. I know that's a big range but if I were to buy at the lower end, I would most likely be finding a bargain and then pumping $50K to $100K to remodel and update. I would like a 2 car garage and a nice, small, at least semi-private yard. Would need to be about a 3BR, 2BA house. No condo or patio home for us.

Questions:

What specific part of the highlands might we look at? We don't mind if its a little edgier or in transition. I would think almost the entire highlands has transitioned though.

What about Clifton or Crescent Hill?

Are there other areas where we might find a deal that is in transition? Perhaps parts of Germantown or Butchertown?

What's going on with Old Louisville?

Am I missing something else like maybe New Albany or something?

Thanks. Any feedback is appreciated.

[mdawg]

I would look in Cherokee Triangle, St. Matthews and Clifton. Clifton is probably the least desirable location, and therefor it is the least expensive. You could definitely find a nice house in Butchertown or Germantown, but be very careful of the area it is in, because it changes from nice to not nice pretty quickly. Old Louisville IMO is going downhill, crime is an issue and a lot of people just don't have the desire to put up with that, even if it would mean living in a great historic house. Have you considered a loft downtown? You could easily find a new one in your price range. Check out Waterfront Park Place and Fleur Di Lis.

[tomocox]

STAY AWAY FROM CONDO's of any style. I would even exclude those with higher income owners. Why? Quite simple. While the freedom of maintenance is certainly refreshing, when a condo-owner misses mortgage payments, they also miss association payments and unless the association has the deep pocket reserves to pay for the costs of maintenance and repairs, the entire project will begin to fail.

[mdawg]

Originally Posted by tomocox

STAY AWAY FROM CONDO's of any style. I would even exclude those with higher income owners. Why? Quite simple. While the freedom of maintenance is certainly refreshing, when a condo-owner misses mortgage payments, they also miss association payments and unless the association has the deep pocket reserves to pay for the costs of maintenance and repairs, the entire project will begin to fail.

That's certainly not true with all condo's, you just have to be careful.

[tomocox]

Originally Posted by mdawg

That's certainly not true with all condo's, you just have to be careful.

For how long? Many good condo associations fail 10-15 years afterwards simply because as the property grows older, just like a higher mileage car, the more maintenance and repair costs. If you want to put your life savings in the hands of a committee who you have no clue will be sitting on it, then by all means risk it. Many, many people do exactly this and 15 years later they are terribly limited on cash flow just as the association starts raising condo fees.

Of course recently, our governments have been hitting us even harder with new property taxes. What's a person to do?

[TeamZissou]

When you say reap the benefits of having kids early, are you looking more for the restaurant scene? The bar scene?

I live in Clifton and think it's without a doubt the best neighborhood in Louisville. If I worked downtown I'd sell my car and take the bus or ride a bike in because I walk everywhere from my house as it is. You name the style of restaurant and it's on Frankfort Ave in Clifton. We've got a grocery store, numerous small shops and galleries, everything I need to do I can walk to.

Anyway, that's my idea of a great neighborhood. This one is very diverse, very vibrant and seems to be fashioning itself into somewhat of an eco-village (or will be long term). I think you could probably find what you're looking for in Clifton, although the first couple streets in Crescent Hill may have some better housing stock for your needs.

[tomocox]

Originally Posted by mdawg

That's certainly not true with all condo's, you just have to be careful.

For how long? Many good condo associations fail 10-15 years afterwards simply because as the property grows older, just like a higher mileage car, the more maintenance and repair costs. If you want to put your life savings in the hands of a committee who you have no clue will be sitting on it, then by all means risk it. Many, many people do exactly this and 15 years later they are terribly limited on cash flow just as the association starts raising condo fees.

Of course recently, our governments have been hitting us even harder with new property taxes. What's a person to do?

[mdawg]

Originally Posted by tomocox

For how long? Many good condo associations fail 10-15 years afterwards simply because as the property grows older, just like a higher mileage car, the more maintenance and repair costs. If you want to put your life savings in the hands of a committee who you have no clue will be sitting on it, then by all means risk it. Many, many people do exactly this and 15 years later they are terribly limited on cash flow just as the association starts raising condo fees.

Of course recently, our governments have been hitting us even harder with new property taxes. What's a person to do?

I think if you were to pick an apartment in a desirable area, like downtown, which obviously a new up-and-coming area, you wouldn't have problems in most quality complexes, because demand for the property would stay strong and people would be continually filling up empty spaces. Obviously some apartment complexes function perfectly fine because thousands of people in Louisville live in them.

But anyways, to the original poster, the Highlands and St. Matthew's are more overpriced than Clifton, Crescent Hills, Germantown, and Butchertown. Another place you might want to look is Anchorage. Yes it is farther away from the city, but its seclusion and abundance of unique homes makes it a great little town. They only downside is the taxes, which are very high because you are paying for your own school, police, and fire station.

[missymomof3]

Originally Posted by mdawg

I think if you were to pick an apartment in a desirable area, like downtown, which obviously a new up-and-coming area, you wouldn't have problems in most quality complexes, because demand for the property would stay strong and people would be continually filling up empty spaces. Obviously some apartment complexes function perfectly fine because thousands of people in Louisville live in them.

But anyways, to the original poster, the Highlands and St. Matthew's are more overpriced than Clifton, Crescent Hills, Germantown, and Butchertown. Another place you might want to look is Anchorage. Yes it is farther away from the city, but its seclusion and abundance of unique homes makes it a great little town. They only downside is the taxes, which are very high because you are paying for your own school, police, and fire station.

I would guess there is a diefference between condos which you buy and apartments which you rent. I would be afraid of buying a condo and not being able to sell it, but then again I say the same about a house.

[im2bob]

Yes, we are thinking about restaurants and, to some extent, the nightlife. Also, and probably more importantly, we would like to find some diversity in the people.

Can you recommend a specific area of Clifton? Where does Clifton stop and Crescent Hill start?

Also, are people buying and improving homes in Clifton? I'd like to get a sense of what property values might do over 10 years. Also, we would consider a major renovation if the price was right to begin with.

To the poster who mentioned Anchorage, that's not my style. Homes are too far apart and I would rather not pay those taxes to support the school when I don't have younguns anymore.

Originally Posted by TeamZissou

When you say reap the benefits of having kids early, are you looking more for the restaurant scene? The bar scene?

I live in Clifton and think it's without a doubt the best neighborhood in Louisville. If I worked downtown I'd sell my car and take the bus or ride a bike in because I walk everywhere from my house as it is. You name the style of restaurant and it's on Frankfort Ave in Clifton. We've got a grocery store, numerous small shops and galleries, everything I need to do I can walk to.

Anyway, that's my idea of a great neighborhood. This one is very diverse, very vibrant and seems to be fashioning itself into somewhat of an eco-village (or will be long term). I think you could probably find what you're looking for in Clifton, although the first couple streets in Crescent Hill may have some better housing stock for your needs.