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 around Chevy Chase.
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.
No. 1: TahomaTerrace & Crestwood
tahomaterrace
real estate: tahoma terrace
No. of parcels: 240
Even the ongoing construction and growth of Baptist Health Lexington (formerly Central Baptist Hospital) on Nicholsville Road couldn’t deter home-buyers from the adjacent Tahoma Terrace & Crestwood neighborhood. The grouping includes Tahoma Terrace, along Edgemoor Drive, Tahoma Road, Shady Lane and Johnson Boulevard east of Nicholasville Road, and Crestwood, along Cherokee Park and Arcadia Park west of Nicholasville Road.
2012
Number of homes sold in 2012: 22
Percentage of homes sold in 2012: 9.17
Median sales price: $262,000
Median fair cash value: $241,800
Median home square footage: 2,908
Median year built: 1939
2011
Number of homes sold in 2011: 11
Percentage of homes sold in 2011: 4.58
Median sales price: $258,400
No. 2: Four Pines
fourpines
real estate: four pines
No. of parcels: 91
The relatively small Four Pines community, located just south of Old Mt. Tabor Road between Tates Creek Road and Alumni Drive, saw an encouraging amount of real estate activity in 2012, especially considering the median sale price for the residences during the year. Most homes in the neighborhood are just at, or over, 20 years old.
2012
Number of homes sold in 2012: 7
Percentage of homes sold in 2012: 7.69
Median sales price: $340,000
Median fair cash value: $335,000
Median home square footage: 1,920
Median year built: 1990
2011
Number of homes sold in 2011: 4
Percentage of homes sold in 2011: 4.40
Median sales price: $279,375
No. 3: Wickliffe
wickliffe
real estate: wickliffe
No. of parcels: 321
With a majority of the homes north of Menifee Avenue behind the Kenwick neighborhood to the south, the Wickliffe neighborhood is comprised of homes along Sherman, Bassett, Preston, Lincoln and Owsley avenues, as well as the 300 block of Richmond Avenue. Affordable home prices and proximity to downtown could be spurring a transition in Wickliffe’s character.
2012
Number of homes sold in 2012: 22
Percentage of homes sold in 2012: 6.85
Median sales price: $73,500
Median fair cash value: $75,000
Median home square footage: 1,332
Median year built: 1930
2011
Number of homes sold in 2011: 17
Percentage of homes sold in 2011: 5.30
Median sales price: $68,000
No. 4: Chevy Chase
chevychase
real estate: chevy chase
No. of parcels: 716
The venerable Chevy Chase neighborhood is one of the largest in the 40502 area code. With a majority of the neighborhood bounded by Cooper Road to the south, Fontaine Road to the north, Chinoe Road to the east and Tates Creek Road to the west, a few parcels jut into the Montclair neighborhood, as well as along Eldemere Road and Summit Drive.
2012
Number of homes sold in 2012: 48
Percentage of homes sold in 2012: 6.70
Median sales price: $340,500
2011
Number of homes sold in 2011: 41
Percentage of homes sold in 2011: 5.73
Median sales price: $320,000
No. 5: Fairway
fairway
real estate: fairway
No. of parcels: 388
Accessed from Richmond Road, Menifee Avenue or Henry Clay Boulevard – and sharing a southern boundary with Idle Hour Country Club, the Fairway neighborhood was built on land once owned by Mary Todd’s family. Recently, the Lexington Hearing & Speech Center moved its operations into the vacant Julia R. Ewan Elementary School.
2012
Number of homes sold in 2012: 26
Percentage of homes sold in 2012: 6.70
Median sales price: $343,500
Median fair cash value: $305,000
Median home square footage: 1,684
Median year built: 1948
2011
Number of homes sold in 2011: 15
Percentage of homes sold in 2011: 3.87
Median sales price: $280,000