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As Lexington’s real estate market turns the corner, see which neighborhoods saw the most action in 2012
As Fayette County Property Valuation Administrator David O’Neill reported in his annual real estate assessment for this magazine, there is an “encouraging trend” happening in the Fayette County real estate market, as evidenced by 17 percent more homes being sold in 2012 than 2011.
Adjusting the microscope to look at even finer details, many of Lexington’s neighborhoods are spurring this success, especially on the city’s south side.
Here’s a look at the top five neighborhoods within the Southsider Magazine’s distribution area that were very active in 2012. They are ranked according to the number of homes sold versus the number of homes in the given neighborhood (only neighborhoods that sold more than five units each year were considered).
No. 1: Beaumont Farm
beaumontfarm
real estate: beaumont farms
No. of parcels: 402
Even with a high median sale price, the Beaumont Farm neighborhood is consistently fertile ground for real estate transactions. With a majority of the units north of Beaumont Centre Lane along Roswell Drive, nearby shops and walking paths make Beaumont Farms an attractive locale.
2012
Number of homes sold in 2012: 51
Percentage of homes sold in 2012: 12.69
Median sales price: $545,000
Median fair cash value: $512,500
Median home square footage: 3,499
Median year built: 2002
2011
Number of homes sold in 2011: 38
Percentage of homes sold in 2011: 9.45
Median sales price: $525,000
No. 2: Ashbrooke & English Station
ashbrooke
real estate: ashbrooke
No. of parcels: 186
The Ashbrooke & English Station grouping is a bit of an anomaly in that the two areas aren’t physically connected with each other. Just over two dozen residences comprise English Station, accessed off of Harrodsburg Road just south of South Elkhorn Village, while the majority of homes are located in Ashbrooke, tucked behind the Firebrook neighborhood on the other side of Harrodsburg Road on the Fayette-Jessamine County line.
2012
Number of homes sold in 2012: 16
Percentage of homes sold in 2012: 8.60
Median sales price: $149,250
Median fair cash value: $152,225
Median home square footage: 1,578
Median year built: 1993
2011
Number of homes sold in 2011: 15
Percentage of homes sold in 2011: 8.06
Median sales price: $141,000
No. 3: Bradford Colony
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real estate: bradford colony
No. of parcels: 85
The Bradford Colony neighborhood is accessed off of Victoria Way just south of Man O’ War Boulevard near Nicholasville Road. The long, narrow houses are situated along Bradford Colony Drive and three cul-de-sacs: Kilgary, Suffolk and Harwick circles. With newer and affordable homes, the neighborhood is popular with first-time homebuyers.
2012
Number of homes sold in 2012: 7
Percentage of homes sold in 2012: 8.24
Median sales price: $90,000
Median fair cash value: $92,800
Median home square footage: 1,070
Median year built: 1989
2011
Number of homes sold in 2011: 2
Percentage of homes sold in 2011: 2.35
Median sales price: $102,750
No. 4: The Colony
thecolony
real estate: the colony
No. of parcels: 87
The Colony neighborhood is primarily located along Colonial Drive, Standish Way and John Alden Lane off south of Versailles Road just before New Circle Road, but Parker’s Landing, along Cape Cod Circle, and Carr Properties, along Williamsburg Estates Lane – both accessed from Parker’s Mill Road – are also included. In March, over 70 homes in the Old Colony neighborhood received an ND-1 overlay.
2012
Number of homes sold in 2012: 7
Percentage of homes sold in 2012: 8.05
Median sales price: $292,000
Median fair cash value: $365,000
Median home square footage: 3,009
Median year built: 1993
2011
Number of homes sold in 2011: 6
Percentage of homes sold in 2011: 6.9
Median sales price: $310,000
No. 5: Highland Lakes
HighlandLakes
real estate: highland lakes
No. of parcels: 1,370
A large grouping of residences west of Veterans Park makeup Highland Lakes. Primarily consisting of a number of cul-de-sacs accessed off of Southpoint Drive south of Clearwater Way, a number of homes are also located in and around Meadowcrest Park and Alderbrook Way.
2012
Number of homes sold in 2012: 100
Percentage of homes sold in 2012: 7.30
Median sales price: $229,974
Median fair cash value: $220,400
Median home square footage: 2,343
Median year built: 2002
2011
Number of homes sold in 2011: 64
Percentage of homes sold: 4.67
Median sales price: $221,500