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Old 05-23-2010, 10:25 PM
 
5 posts, read 17,185 times
Reputation: 11

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My husband and I are moving to Lexington this summer and are currently looking for a house to buy. We have looked at many houses and we really like this subdivision but have heard some things about the area (Russell Cave rd.) Brookfield Chase appears nice and we really like the house. Could someone give me their opinion about the area as far as safety? I don't think the subdivision would have any problems but our concern is more with the surrounding areas. We're ready to move forward with the house but this is our only concern. Thanks!
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Old 05-24-2010, 06:26 AM
 
Location: Todds Rd. area
969 posts, read 2,511,874 times
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Those are nice houses for the money out there, but they will eventually turn into a lot of rental properties, and be brought down by the surrounding area. When you mention Russell Cave to most Lexington people, they are going to think about Hollow Creek and Winburn (or the horse farms further out!) All they really have to offer is that they are new. Once the newness wears off they will just be another neighborhood in a part of town that few people want to be in. I was showing some houses out there to a client a couple months ago....I told him the same thing.

For the money that you will be spending, I'd buy in Masterson. That is a huge neigbhorhood and won't be as easily influenced by its surrounding neighborhoods.

Another nice area for the money is Paris Place/Northpoint between Bryan Station and Old Paris Pike. It is established already, and I see nothing that will change that. There have been some foreclosures out there, but that is happening everywhere. Also, if you look at the map of the area, it has well defined boundaries. It has major roads on 2 sides, the interstate on one, and farmland outside of the urban service area. That means that there is less potential influence from an inferior boardering neighborhood.
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Old 05-24-2010, 09:26 AM
 
5 posts, read 17,185 times
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Thank you for the information! When you said they would eventually be brought down by the surrounding area, could you guess a time frame? We do not want this to be our permanent home, just something to get us through for 5-10 years until we can afford to buy the house that we foresee as being our last house. Safety and home value are definitely on the top of our list though. We have looked at Masterson, Old Paris Place and Northpoint, but I'll take a look again and see what there is available. It just seemed that we were paying the same price in those areas for a smaller house and lot, but maybe the stability and safety of these places could be worth that compromise.
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Old 05-24-2010, 11:36 AM
 
Location: Todds Rd. area
969 posts, read 2,511,874 times
Reputation: 290
I don't think it will take long at all. The problem is Hollow Creek and Winburn. Those are rough areas that nobody really wants to be near.....and always will be.

All neighborhoods go through cycles of decline as they age, but when you start with a bad location, it speeds up the process. Hollow Creek and Winburn were new once too and offered the most house for the money, just as Brookfield Chase does today. The apartments are what brought those areas down. Granted Brookfield doesn't have the multi family dwellings, but since those areas are already so rough, their influence will spread, especially as McCullough Drive is extended.

I am guessing you are looking at the 1500 square foot houses that are in the low $120's?? That is about 150-200 more square feet than you can get elsewhere for a newer house. Personally, I'd compromise size or condition before I'd consider skimping on location.

You may want to consider some of the neighborhoods out Georgetown Road (Coldstream, Coventry, Glens at Greendale, Belmont Farms) The prices are good right now, and will probably go up as that area gets built up. Atleast out there you have a chance of the area getting better, where as with Brookfield, the writing is on the wall already.

I blog about neighborhoods and what effects things have on their furture. If you want to read more, you can hit the "B" under my name or the link on my profile.

Sorry to be such a bummer, but if you are going to be there for as much as 10 years and hope to use the equity you build to get into your next house, I'd say move on to another area.
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Old 05-24-2010, 01:59 PM
 
5 posts, read 17,185 times
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Don't worry about it, we would rather be told the truth now than look back and say, "if we had only known..."

I'll look into those additional areas you mentioned. Our range is in the $120s and I think we will be able to find something we're comfortable with in it, we just may have to look a little longer. And I took a look at your blog, it has some useful infomation. Thank you for your help!

This is completely off topic, but since your experienced with real estate I thought you may be able to help. We are wanting to do a pre-approval for a mortgage but aren't quite sure who to go through. Would you happen to know of any good mortgage companies in the Lexington area? We did a pre-approval when we brought the house we have now, but it's not in Lexington and since we're not from there, we don't really know who to trust. Having the pre-approval just seemed to make things go more smoothly, and we would like to do it again.
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Old 05-24-2010, 02:30 PM
 
Location: Todds Rd. area
969 posts, read 2,511,874 times
Reputation: 290
I have personally used Kris Vanzant and send my clients to him when they need a Loan Officer. He did about a dozen or so last year for me. All of them went very well and closed on time with no drama at all. A couple of those were pretty complicated. I've talked to him about some of the complicated ones, and he always seems to know exactly what to do and has back up plans for every possible senario.

I must disclose that I am also friends with him, but that is not the reason I recommend him. I have other friends in various businesses and will only recommend them if I really think they are any good at what they do. I have too much at stake to promote somebody that will make me regret it later.

His office #'s are (859)963-1170 and 1171. His e-mail is kvanzant@smcapproved.com. The office is in Hamburg at 1795 Alysheba #7103.
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Old 05-25-2010, 09:27 AM
 
5 posts, read 17,185 times
Reputation: 11
Thank you for the contact info! We'll definitely look him up and give him a call!
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