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Condos in the downtown area are generally aimed at the high end of the empty nester's and the middle of the young professionals. Most units are two bedroom and are located near the entertainment venues. There are few or no units for families.
Well my wife and I are renting a 2bd/2br downtown and love it. We just moved to Lexington last month from Philadelphia. We are planning on buying in the next year but since we were moving from a major city wanted to get here and make an educated choice.
It seems to me that there are a lot of units on the market with more and more coming up into the pipeline. Our building currently feels more empty than occupied.
The Nunn building seems finished, the 500's are building another phase right now, the Mark Lofts are well underway, and so many others. (CenterCourt, Main and Rose, Kimball...)
Where you wondering about any of the buildings in particular?
"Where you wondering about any of the buildings in particular?"
Yes, the Nunn and Main and Rose. We liked several of the units but what we fear is buying and getting stuck if we want to go back to Chicago in a few years; that perhaps things are overbuilt and there'll poor demand in the future. I don't care whether we make money or not but I fear taking a bath.
We (my wife and I, retired empty nesters) moved down here from Chicago (the city itself not the burbs) a couple of years ago and we have a house out by Hays but it's so boring out there; nowhere to walk to or ride a bike to---no stores, restaurants, coffee shops etc. You can walk or bike but no destinations, know what I mean? People just walk around in circles, no street life.
Last edited by Irishtom29; 06-04-2008 at 07:53 PM..
My wife and I are renting at Main and Rose. I am working on my PhD at UK. Since I am under a five year commitment here we were kind of thinking along the same lines about not buying, esp since I am not sure where we will live after I finish my degree.
Moving to Lex has been a big change for us. There are def things to do here and we always feel safe (which is a nice change from Philly) We lived here is Lex about five years ago during undergrad work and are very impressed with the changes that have occurred since we had been gone. We are def finding things to do and places to go which are within easy walking or biking distance. Some days though we really do miss big city life.
I have been wonder the same thing about the condo situation being overbuilt. At the same time I think the demographic they units are marketing towards maybe hasn't seen as much of a downturn as the rest of the market in general. I am by no means any kind of real estate expert....just my layman's thoughts.
Do though feel free to direct message me if you have any questions about the M&R building in particular.
Hi, We may be moving to Lexington and were considering renting a townhome or Loft in the city. While there are a few websites, the information I am finding is a bit sketchy. If anyone has any really good websites or names of complexes to recommend, I would really appreciate it. We are empty nesters.
In general across the country I think safe inner ring neighborhoods (roughly defined in lexington as inside new circle) and condo areas are going to outperform the real estate market as a whole the next several years. As long as the whole metro area is doing well economically and adding population (which Lexington is) then I think it would be a very safe investment if you're going to hold for more than 3 years or so. Across the country we're seeing renewed investment in the established areas of cities and a return to life for many previously declining neighborhoods. Add to that increasing gas prices and ever increasing commute times, people are seeing benefits to living in the city as opposed to living in the suburbs.
Some of the things UK is doing is really going to drive up demand for housing close to campus (and I don't mean just by undergraduates). As UK grows, more and more employees in the "creative class" will be hired are going to move to Lexington. They will preferentially look for housing near campus.
At least that was my reasoning on buying a house well inside new circle as opposed to out near Hamburg or some of the other new neighborhoods.
There are more condos downtown for sale than there are buyers. That is why so many of the developers have opted to rent them. All the demand we heard about a few years ago (when they all seemed to break ground at once) turned out to be investors who thought they were the next big thing. I would not buy a condo downtown if I knew I would be selling at any point in the future. It is much cheaper to rent one than it is to buy one.
Does anyone know anything (good or bad) about the condos at 105 S. Hanover off East Main in Lexington, KY? (i.e. Is it a safe place? What age groups are mainly there? Any amenities such as pool, weightroom, etc...?) I saw an ad for a 1 bdrm for rent utilities included for a good price, but wondered if there was a catch. Thanks.
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Condos, condos, condos
