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We moved to Lexington over the summer for a UK job. We're in a rental until we find the house we want to buy. Our kids are at Cassidy which we love. But we're willing to consider other schools too.
So far, I've been focused on the Morton middle school district. I've looked in Ashland, Chevy Chase, Kenwick, Fairway, Glendover, Lansdowne up to $400,000. Haven't found my house yet.
In the past few weeks, I've been walking over to UK from Cassidy through the Tremont, Melrose and Sunset Streets. I'm wondering about that neighborhood given it's proximity to schools, grocery, etc. What is it's history and future? Are property values holding? I see lots of adorable houses mixed in with run-down houses with trashy cars and furniture out front. Where does "student housing" begin? What is the neighborhood "feel"?
There is a mix of owner occupied and student rentals. The closer to Tates Creek Rd the more owner occupied, Sunset is a major cut through street and is heavily traveled. Providence and the streets close to it are more owner occupied than the other s you mention.
I have shown several houses in that area. I think you will be okay if you stay south of Sunset and closer to Tates Creek. I think this section has actually improved a lot over the past several years. I knew it would happen......it just has too good of a location to not eventually attract people who want 40502.
I know what you mean about the houses out there right now. There are a ton of them out there, but none are really anything special. If you do find one that has "It", act fast. I have been in more multiple offers this year than ever before. Everybody is wanting the same great house when it is on the market.
Also, look over your price range. There aren't a lot of buyers in your price range, especially this time of year. Many houses are getting their seasonal price reduction. When a seller does that, anybody who has been watching the property makes an offer. A buyer of mine lost one on Queensway that way, but them made a fair offer on an over-priced house on Fontaine and got it. I'll probably make a few people mad, but many of the big listing agents in 40502 don't know what the house is really worth. They usually start high, then reduce, reduce, reduce it down to market value. In an older area, you can't just get an average square footage value from the comps and multiply. The quality of the square foot comes into play, as well as the functionality of the floorplan. Also, as you have seen, in older areas you can sometimes go two blocks away and see major price differences.
The area adjacent to the Tremont neighborhood (i.e., across Euclid) is slightly older and is known as "Chatauqua Park", though that name doesn't seem to be used much these days. Woodland Park, just across High Street, hosted Chatauquas in the early 20th century.
The bungalows of the Tremont area date to the 1900 -1920s era. They are small, but have considerable charm and character. The Arts and Crafts movement's classic bungalows are easily found here, some with Japanese influence, others with more of a Swiss cottage look, and a few with Frank Lloyd Wright influence. As noted, some of these houses are in much better condition than are others at present. Some have recent additions and/or internal updates of various quality. Many have wonderful woodwork and trim inside, and most have fireplaces. Rooms tend to be small, however. There are mature trees in this area, and as you noticed, it's extremely convenient for shopping and schools and very walkable. Houses don't seem to come on the market here too frequently, but should sell for considerably less than $400,000. BTW, there are several older Chevy Chase houses presently for sale not far from the Tremont neighborhood - same walking distance to schools and shopping, just on the other side of Tates Creek. You might want to check them out.
I should have written that this nice, convenient, modest older neighborhood is traditionally known as "Hollywood".
No irony intended; that's the actual name.
Last edited by CraigCreek; 11-04-2010 at 11:52 PM..
Reason: clarification
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