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Home Insights Housing Market Report Neighborhood Insights

[From Fayette PVA] Demand for Homes in Lex Outpacing Supply!

DEMAND FOR HOMES IN LEXINGTON OUTPACING SUPPLY

[From the FayettePVA E-mail Newsletters: May 24, 2017]
Fayette County must produce 22,780 additional housing units in the next eight years to fully meet the demand of a projected influx of 40,000 new residents by 2025, according to a new housing demand study. The link to the full and final report is found below.
 
Click here for PDF
 
The report is sponsored by Fayette Alliance, homebuilders, realtors and various local government agencies including Fayette County Property Valuation Administrator, David O’Neill, who jointly issued an executive summary in May.

Based on recent buying trends and consumer polling, projected housing demand includes the need for 15,160 new single-family detached houses, 6,275 apartments and 1,345 condominiums and “other” units by 2025 or nearly 3,000 new housing units per year, which would require more than doubling current production levels.
 
Although the study stops short of making pricing and economic predictions, “it tells me that continued failure to keep pace with demand will drive up housing costs and place the heaviest burden on those at lower incomes,” said O’Neill. “The poor, working class and millennials are increasingly looking to surrounding counties for better affordability. Jessamine, Madison and Scott counties are growing faster than Fayette, especially Scott by a factor of 2 ½ to 1. “
 
“The shortage of housing is also driving homebuyers and investors into previously overlooked neighborhoods in and around Lexington’s urban core, resulting in the negative effects of gentrification including displacement, increased housing prices and a reduction in the number of affordable housing units. ”
 
“As a community we have a duty to address these complex and interrelated issues in the 2018 Comprehensive Plan update,” O’Neill continued, “regardless of whether we increase the availability of buildable land through expansion of the urban service area, we must profoundly and rapidly improve our strategy for incentivizing and increasing infill, redevelopment and urban density. But as we’ve seen, urban infill and redevelopment comes at a cost – any discussion of expansion should be accompanied by guarantees of a net increase in the number of affordable housing units and improved housing affordability in general.”
 
For weekly and monthly sales summaries and detailed property information including real-time sales data visit www.FayettePVA.com. For more information or questions, contact Fayette County PVA David O’Neill at david.oneill@ky.gov or call (859) 247-2722.

Copyright © 2017 Fayette County PVA, All rights reserved.
If you have any questions, please feel free to contact the Fayette County PVA office at (859)246-2722.

Our mailing address is:

Fayette County PVA
101 E. Vine St. Suite 600
Lexington, KY 40507

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Neighborhood Insights

Jefferson Street Soiree

Hidden between the historic downtown neighborhoods of Lexington, is an revitalized gem of entertainment, dining, and community support… Jefferson Street.

A prime street running parallel to Broadway, Jefferson Street holds rich history for Lexington, KY.

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Over the last several years Jefferson Street has evolved into a true restaurant and entertainment district and is now home to a variety of locally owned and celebrated businesses including: The Grey Goose, Stella’s Kentucky Deli, Nick Ryan’s Saloon, Wagon Bones Grill, Wine + Market, Enoteca, The Blue Heron Steakhouse, Chase Tap Room, The Green Lantern Bar, County Club Restaurant, West Sixth Brewing and Smithtown Seafood.  Prior to 2008, The Green Lantern and Stella’s were the only two establishments in operation.  Bookended by West Sixth Brewing at the north end of Jefferson and Stella’s and Wagon Bones on the south end, patrons can explore everything from white tablecloth dining to eclectic music venues and tap rooms.

Rector Hayden REALTORS® very own Whitney Baxter (Relocation Coordinator) and June Laves (Marketing Specialist) were lucky enough to be able to volunteer at the VisitLEX + Keeneland Event – The Jefferson Street Soirée this year!

The event is held annually to celebrate both the ending of the Keeneland Yearling Sales prior to the meets in October – and the release of Lexington’s favorite traveling companion – the Beyond Grits Local Restaurant Guide!

Baxter and Laves handed out the brand new 2016-2017 guides to street fair guests as they perused local craft beer and food from the area vendors. Local favorites like Blue Stallion Brewery, West Sixth, as well as Nick Ryan’s and Wagon Bones had samples and small plates for guests to enjoy. Families and friends milled about enjoying live music at each end of the street fair, the south stage being sponsored by Lexington Parks & Recreation.

We also managed to grab some photos of the great people enjoying the evening at the Jefferson Street Soiree.

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Neighborhood Insights

Lexington Ranks #1 for New Careers!

For those of us blessed enough to live in Central Kentucky, we know what a fantastic area Lexington Metropolitan is.  Growth, arts, culture, local support, education, and more – it’s a vibrant and gorgeous community. Recently, OnlineDegrees.com created a ranking of cities in the US that give the best benefits and opportunities to millenials graduating from post-secondary education.

Lexington ranked #1 on the list!


[From KyForward Article]

For those who can’t imagine staying in a place too big or too small, Onlinedegrees.com reveals the best mid-size cities in the U.S. for what millennials crave the most – work/life balance, access to entertainment, and a city full of their peers.

Based on our analysis, college towns and cities far from either cost scored particularly well and Lexington, home of the University of Kentucky, ranked No. 1.


The Top 10 Cities for Millenials to find success and opportunity after graduating are as follows:

  1. Lexington, Kentucky
  2. Amarillo, Texas
  3. Madison, Wisconsin
  4. Colorado Springs, Colorado
  5. Lubbock, Texas
  6. Durham, North Carolina
  7. Tallahassee, Florida
  8. Honolulu, Hawaii
  9. Lincoln, Nebraska
  10. Omaha, Nebraska

You can read the full report and see the top 15 selections here: OnlineDegrees Top Cities

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Neighborhood Insights

September is National Better Breakfast Month!

You may have already known, but September is National Better Breakfast Month!

And if you know Lexington, you KNOW we love our local restaurants!

Check out our foursquare list of Best Breakies in Lex!

September is National Better Breakfast Month

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Neighborhood Insights

Lexington, KY Ranks #6 Best Run City

Lexington Kentucky has ranked #6 Best Run City in US from a study run by WalletHub.

You can read WalletHub’s original report here: https://wallethub.com/edu/best-run-cities/22869/

Whether you’re considering a move to the bluegrass, or just love knowing you’re living in one of the greatest communities on Earth, WalletHub’s most recent report will give you some peace.

Lexington, KY has been ranked as 6th best run city in the country according to a variety of factors.

In order to make such a comparison, we examined each city’s performance on six key indicators, including financial stability, education, health, safety, economy as well as infrastructure, and pollution.  

We then combined these categories to construct an “Overall City Services” ranking against which we measured the cities’ total per-capita budgets in order to reveal their budgeting efficiency.

From WalletHub Report Writer, Richie Bernardo

Lexington ranked in the top 18% for Overall City Services and 6th in our per-capita budget, putting as as the 6th overall best run city in the country!  As comparison – Washington DC was dead-last at #150.

hospital bed pngLexington also tied for the #1 position of Most Hospital Beds per Capita.

Check out WalletHub’s interactive graphic below to see how other Metropolitan areas measure up!

Source: WalletHub
Categories
Events Local Events Neighborhood Insights

Neighborhood Insights: Southland

Southland is a beautiful neighborhood and community center nestled between the Broadway and Nicholasville Road Spokes in Lexington, Kentucky.  Best known to tourists as an eclectic shopping district, Southland is home to unique retail spaces – favorite local restaurants – and great locally owned service centers.  To the north and south of Southland Drive are close knit neighborhoods of classic ranch, split-level, and cape cod style homes.  If that classic red brick and big trees is your idea of ‘home sweet home’ then this area is for you!

Thanks to the Southland Association – there have been some beautiful changes and developments to this area as well!  Southland is the main location of the Lexington Farmer’s Market every Sunday between April and October.  In the winter, Southland holds it’s own beautiful tree lighting event in front of the fire station of a gorgeous 15 foot white fir tree. There are also murals and two commercial rain gardens to enjoy – and bike lanes, bike lanes, bike lanes!!

Just last year – in 2015 – the annual Southland Street Fair began!  We had the pleasure of attending this year’s event last weekend – and many of you came out to join us!

Vendors from all over the area came and set up booths and activities along Southland Drive in front of the Habitat for Humanity ReStore and the Good Foods Co-op.  Ice cream, kettle corn, inflatables, face painting, live music, and more – activities for both young and old to enjoy.

Here’s some photos from the event – we hope you all were join us next year!  Or, looking for a unique shopping or day out on the town?  Take a day trip around Southland Drive!

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Search Southland Area Homes for Sale

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Events Neighborhood Insights

Neighborhood Insights: North Limestone

Historic, charming, and an embodiment of the Lexington Spirit – The North Limestone Community sits just north of main street in downtown Lexington, KY.

Due to rapid growth in Lexington, many of the great gifts of this community have been lost to the public eye. However, the non-profit organization – North Limestone Community Development Corporation – works to revitalize this area.

Now, the NoLi Neighborhood is home to some of Lexington’s greatest artist attractions, local eateries, and fun family entertainment! Recently, Rector Hayden members Whitney Baxter and June Laves stopped by one of NoLi’s main events: The Night Market / Mercado Bajo La Luna.

mercadobajolaluna

“The Night Market is a monthly pop-up street festival that helps businesses, artists, and non-profits from the North Limestone Corridor reach new audiences. [-nolicdc.org]”

 

Food trucks and local breweries lined the ends of the market, which takes place at the intersection of Bryan Avenue and Limestone.  This portion of the road is shut down to traffic and turned into a pedestrian market for the evening.

A stage is set up against the old materials warehouse where live music is performed throughout the evening.  We were delighted to see that the night’s particular band allowed children on stage to jam out with them!

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Vendors and stalls of crafts and wares are setup along both sides.  Priority placement is given first to local residents and businesses, as the night market’s goal is to help invigorate the community – but vendors from all over are welcome to sign up and participate.  Beautiful organic plants and garden starters from a local green thumb – you can see an intrigued pooch considering the selection of herbs and ferns.  Kentucky for Kentuckyhttp://www.kyforky.com/ ], sells chic clothing and gifts that, “highlight the complex identity of our state.”

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