Homes in Louisville- need data (Jeffersontown, Fern Creek: sales, real estate, house)

[CitySearcher]

We are considering a 5-year assignment to our company's new facility south of Louisville. The corporate offices are near the airport. This means we would be purchasing a home nearby, but before we begin the search, I need some housing questions discussed. I come from a real estate background, so I'll try to just hit the things that would affect our economics:

Our house would probably be a 2700-3000 sf, 2-story, with a minimum 2- car garage. We need at least 4 bedrooms. Lot size is less important than not under a flight pattern. A newer, good neighborhood with growth around is important. We have children, so security is important.

1) What areas within a 20 minute "commute" around the airport would be good. We prefer something in the <5 years old range.
2) We have a pre-schooler. What areas (see above) would offer a good elementary school.
3) What are typical prices per SF in the above neighborhoods?
4) Do the homes in these areas typically have a walk-out LL or basement?
5) What would typical real estate taxes be on a home, as a % of value? Do taxes get locked in?
6) What would be the typical HO policy premium?
7) Is the area south of Louisville typically in a 100-200 year flood plain?
8) Are there taxes on personal property?
9) What are typical auto taxes, fees and plates?
10) Has Louisville seen reasonable home appreciation in the last 5-10 years? If so, where is it best?

Many thanks in advance for anyone's input..

CitySearcher

[rppipa01]

Hello and welcome to the Louisville area. Glad to hear that you are looking at moving to our section of the country. I am currently a college student (woo hoo dorm life!), but I do know a few sections of the city and can provide you with some data regarding areas to look at.

I guess before I give you areas to live, I'll answer some of your questions first.

Has Louisville seen reasonable home appreciation in the last 5-10 years?

A real estate background would tell you both yes and no. Overall, Louisville has had a low 20%ish appreciation rate in housing over a 5 year period. While this isn't stellar (some places in CA and AZ have had up to 146%), it is not horrible either. Also, that is simply an average for the city and, as we all know, those averages can tend to break down when you investigate specific areas in a city.

Also, I would speculate (just my opinion) that if several of the major projects slated for completion in the upcoming years (Museum Plaza, Downtown Arena, and the 1 billion dollar UPS expansion) deliver all that they promise, that rate will at least stay constant (if not go up slightly).

What are typical auto taxes, fees and plates?

Plate fees (standard issue ones) are $15.00 for a new plate with a 15 dollar fee to renew. As for taxes and all that jazz, try browsing around the Jefferson County Clerk's Office website. They should have all the information you require (if you are out of state, they list the whole process, fees, taxes, etc).

Are there taxes on personal property?

I assume you are meaning real estate taxes (tax for land)? I think that the Kentucky Department of Revenue has set the 2006 State Real Property Tax at 12.8 cents per $100 of assessed value (approx...I do know that it has gone down from last year which was 13.3ish). The value of the home is the what determines the amount of property taxes. A home that is valued higher will have a tax bill that is larger than a smaller, cheaper home.

Also, another point about taxes, KY has a 6% sales tax (food exemption).

Is the area south of Louisville typically in a 100-200 year flood plain?

That depends on which way you go. The flood plain is much longer north to south than it is east to west. For example, within several miles of downtown, the Highlands (South East of Downtown) sitting at 540 feet is out of the thousand year flood plain, whereas areas 10 miles from downtown such as Fairdale and Okolona (both between seven and 11 miles from the river and directly south) have the same elevation as downtown Louisville. Most areas in the east end have an elevation from 600 to 700 feet, and are not considered part of the floodplain.

Areas along and west of the south fork of Beargrass Creek (and more generally, I-65) are located where the Ohio River once ran, so the land here is very flat and is composed of harder rocks. Prior to urbanization much of this area was composed of wetlands.

[rppipa01]

Do the homes in these areas typically have a walk-out LL or basement?

Varies a lot. I do know that a lot of neighborhoods do have basements, but really it is more of a mix. My girlfriend's subdivision has plenty of both (depending on whatever you want).

We have a pre-schooler. What areas (see above) would offer a good elementary school.

Do you want private or public? if private, would you like catholic or christian or just private? If you are a church-go and want a protestant education, Louisville is home to the Christian Academy of Louisville (largest protestant school system in the nation...it is K-12). Educationally, it provides a good education. There are also around 36-40 Catholic schools scattered around the city of Louisville. Public schools for that young of a child...don't have the info on that..sorry. But I am sure you can find the information somewhere (might try a school rating site).

What areas within a 20 minute "commute" around the airport would be good. We prefer something in the <5 years old range.

Okay, now for the real meat and bones part. First thing, West end is out (anything west of I-65 and north of I-264). That is the rough side of Louisville and I'd advise you to steer clear of it. Your best areas are going to be South/East sides of the city or maybe even over in Indiana.

South Side

Sheperdsville - This city is about 20 minutes due south of Louisville's airport and is located in Bullit County (using interstates). While you are not in Louisville-Jefferson County, you are still close to the city and in (what I am told) is a very nice/smaller sized town. While I personally enjoy living in the city, I will admit that I do like Bullit county.

Mount Washington - Also in Bullit county. About 26 minutes out from airport (using interstates) However, it is a gorgeous area and has a lot of benefits of a small town (small crime, less pollution, etc).

Fern Creek - Nice section of Louisville. After the merger, it became a neighborhood of Louisville. May want to look more at this area since it is in the city (if you are looking at private schools) would be a closer drive to many of them. About 18 minutes to the airport (using interstates).

South-East

Jeffersontown - a city in Jefferson County, Kentucky. Population is around 26K. When the government of Jefferson County merged with the city of Louisville, Kentucky in 2003, its citizens became part of Louisville Metro, however, for Census purposes, it is not counted towards the population of Louisville. 20 minutes to the airport.

Seneca Gardens - neighborhood in Louisville. Close to Bellarmine University. Some nicer homes in the area. Probably will not find a lot of newer homes in this area but it is 12 minutes from airport.

East End (longer commute)

Middletown (in specifically, Lake Forest Area) - 20-25 minutes from airport. Some VERY nice communities (lake Forest) with very large sized homes. Has some nicer end private schools and is located on the east end of Louisville.

Anchorage - 24 minutes from airport. Very nice area of Louisville with upper class housing (median income for a family was over 120K). Farther out but a nice area if you can afford it.

Indiana

Clarksville/Jeffersonville - directly across from Louisville in Indiana. Airport is probably 10-15 minutes down I-65. Has some nicer neighborhoods and property is usually cheaper on this side of the river.

[rppipa01]

So there is a few basic points to keep in mind. One thing you might want to do is take a trip to Louisville to see what each area is like as well as contacting a real estate office (they can help you a lot more than I can). Good luck to you.

[CitySearcher]

Wow- many thanks for so much information. Thank you.

Citysearcher