Louisville Property Market and Real Estate Guide
(Louisville, Kentucky - KY, USA)
Kentucky's largest city is also the most popular place to buy property or rent an apartment in the region. Louisville has been a booming city since the 19th century, when the Kentucky Derby first kicked off.
Affordable freestanding houses are available south of Louisville in the industrial and residential districts. Meanwhile, old-town Louisville offers historic Victorian homes and upmarket condominiums and apartments. This area is also characterised by grand, cast-iron embellishments. The most expensive property is in the Highlands, where upscale restaurants and boutiques flourish.
Louisville's economic success has recently hinged on the medical sciences industry, which helped the city weather the global economic downturn. Properties in more affluent neighborhoods are expected to hold over the long term, providing excellent investment opportunities.
Renting Serviced Apartments
Tens of thousands of apartments are available in Louisville's greater metropolitan area, with the best selection of serviced units being found in the downtown and old town districts. These are well-suited for business travelers who need to carefully budget their time in Louisville.
Prices for serviced apartments are well above those of non-furnished apartments. Available in corporate-housing complexes or through real-estate agencies, these units offer a level of service comparable to a mid- or upper-range hotel, and they often present greater value for money in terms of space and amenities. Reckon on spending twice as much as for a regular apartment, with more cost-effective leases available for periods of a month or longer.
Buying Apartments and Houses
Spacious family homes in Louisville vary in price considerably depending on neighborhood. Half a million dollars affords a luxurious home in the central districts, though it is possible to spend substantially less in a blue-collar residential neighborhood.
There are few restrictions limiting the purchase of Louisville property by foreigners. Potential buyers can contact local real estate agencies to get an idea of which districts are best suited to their needs. When all is accounted for, closing costs are usually under ten percent of the purchase price (though this can be higher in upmarket neighborhoods like Bonnycastle). This includes loan origination, settlement and recording fees. Of note, agents seldom close deals on behalf of non US residents and might be unfamiliar with the paperwork involved for foreigners to acquire local property.
Real Estate Agents
The key to securing the best deal on property that is most suited to your needs is finding a real estate agent who will provide you with objective information about the Louisville market. Property values shift over time, making it important to understand the regional dynamics before making a major investment. It is likely that a few local agents specialise in exactly the type of property that you are looking for, so it is wise to shop around first.
Check out the following Louisville realtors and real estate agents:
Address: 200 South 5th Street, Louisville, Kentucky KY, 40202, USA
Tel: +1 502 625 1944
Mulloy specialises in condominiums in Louisville, with properties available across the old town and commercial districts.
Kentucky Select Properties
Address: 2000 Warrington Way, Louisville, Kentucky KY, 40222, USA
Tel: +1 502 271 5000
Kentucky Select maintains an excellent portfolio of historic Victorian homes in the city.
Address: 111 South Hubbards Lane, St. Matthews, Kentucky KY, 40207, USA
Tel: +1 502 895 6300
Eline Realty has served the Louisville area for nearly 100 years and offers homes, as well as property rentals.