For the first time I have noticed in a long time, and yes its the last day of the month, and quarter, but pendings and solds, and even solds along have surpassed new listings. At least as of 4:21 pm. Note there are even 5 price increases...watch out!
LBAR
24-Hour Market Watch
New Listings 70
Back on Market 11
Price Increases 5
Price Reductions 53
Pendings 38
Solds 80
Expireds 19
Inactives 18
Tuesday, June 30, 2009
Asbestos and Insulation Tips
Kentucky Home Safety Tips & Asbestos Prevention
Purchasing or moving into a new home is the investment of a
lifetime. It will insure you and your family will have a safe and
healthy home for a long foreseeable future. However, it is also time
where additional responsibilities will be brought into your life.
Having the assistance of a reliable and honest Kentucky real estate
agent will make all the difference in the world.
Asbestos Tips
Used throughout the 20th century to insulate pipes, boilers and in
roofing, asbestos gained recognition due to its resistance to heat and
electrical conductivity. Homes built before 1980 may still contain
asbestos. Its main uses were found as insulation, piping, brake lining,
flooring and roofing. Asbestos exposure incidents in Kentucky have
mainly occurred as a result of industrial sites.
If asbestos is located, it must be left un-touched until a
professional can provide a course of action. In many situations, the
best action is no action. Asbestos that is disturbed or damaged due to
age is known as "friable" asbestos. This is a concern because its toxic
fibers can easily circulate and become inhaled.
Frequent and long term exposure to asbestos has been known to cause asbestosis and sarcomatoid mesothelioma,
two forms of asbestos lung cancer. Asbestos-related illnesses may not
appear until 20 to 50 years after exposure and may have symptoms which
are commonly found with less serious illnesses. This makes mesothelioma diagnosis even more difficult for physicians.
Sometimes, the best action is no action. If asbestos removal is
necessary, it should be performed by licensed abatement contractors who
are trained in handling toxic materials. The Kentucky Division for Air Quality strives to protect the environment and civilian health by monitoring and assisting in the disposal and removal of asbestos.
Green = Healthier and Cost Efficient Homes
Recently, congress passed the American Recovery and Reinvestment
Act. Included in this act were extensions to the tax incentives placed
for energy efficiency in 2005, as well as new credits for homeowners
who remodel or build using eco-sustainable methods. This promotes
incentives for home or business owners who implement green building
methods into their property.
Many locations throughout the United States are swiftly changing
their construction practices to suit the environment and the health of
human beings. Promoting new ways of building construction and
insulation, there are new regulations being put on older methods which
are now known to be harmful.
Most people are unaware to the fact that eco-friendly products can
cut energy costs by 25 % per year. These include the use of cotton
fiber, lcynene foam and cellulose. These alternatives have the same
flame resistant, durable qualities of asbestos, except they are
eco-friendly and safe.
Conducting a study in 2003, the United States Green Building Council
also reported a savings of $50 to $65 for green constructed buildings.
Rather than expensive and mal-treated wood, interior walls can be made
from steel and concrete, avoiding many of the problems associated with
asbestos and other insulation methods.
Jesse Herman
National vs Local Stats
Local vs. National News
OK once again I am going to say it, All Real Estate is Local, meaning I don't really care what Las Vegas is doing, and I REALLY do not care about California. So why is it that that is all we hear about? Florida is a little closer to home, and well New York is understandable, but still not relavant to Lexington, or Kentucky for that matter. However we have to realize this is what our clients see everyday. Like the article on Yahoo today...Home prices post 18.1 percent annual drop in AprilWidely watched index shows home prices down by 18.1 pct. in April, but trend is stabilizing Case-Schiller? Again that is only 20 cities, and none of them are in Kentucky. Plus it says that 8 of the 20 posted gains. WHO CARES ABOUT VEGAS!? But this seems to contradict what NAR says...Take a look at the recent local KAR and LBAR numbers to see what is happening in Kentucky and Lexington. Which one of these makes more sense to you and your clients who may be selling or buying a home? So share it...
OK once again I am going to say it, All Real Estate is Local, meaning I don't really care what Las Vegas is doing, and I REALLY do not care about California. So why is it that that is all we hear about? Florida is a little closer to home, and well New York is understandable, but still not relavant to Lexington, or Kentucky for that matter. However we have to realize this is what our clients see everyday. Like the article on Yahoo today...Home prices post 18.1 percent annual drop in AprilWidely watched index shows home prices down by 18.1 pct. in April, but trend is stabilizing Case-Schiller? Again that is only 20 cities, and none of them are in Kentucky. Plus it says that 8 of the 20 posted gains. WHO CARES ABOUT VEGAS!? But this seems to contradict what NAR says...Take a look at the recent local KAR and LBAR numbers to see what is happening in Kentucky and Lexington. Which one of these makes more sense to you and your clients who may be selling or buying a home? So share it...
Friday, June 05, 2009
What to Look for On Your First Investment Property
Here is a repost of a past article that I find very helpful still....
What to Look for On Your First Investment Property
I have already given you my 5 tips to make an investment purchase profitable.
But until you have done several deals, you may not know how to decide how to make the first one. So here are the things I look for in the property itself, the actual physical real property. Here are the 11 things I consider when I buy a property and again there are others, and there can be limitless different scenarios, which is why I think you must consult a professional Realtor to help. But here is what I look for and what I tell me clients to look for. —Disclaimer this should not be considered in any fashion a replacement for a full property inspection by a licensed professional or inspector. Please have this done on ANY property you consider especially the first few. Any real estate professional can help you include that language in your contract, regardless of the seller. Auctions can be an exception so use caution.
1. Easy cheap fixes – Is a home not selling because it has a bad paint job? Old outdated wall paper, is dirty, or needs landscaping? These are easy inexpensive fixes that can be a good buying opportunity. Always plan to repaint any home you buy to re-sell, its and easy cheap way to make almost any home look better. Pay particular attention to curb appeal and the entrance and little things like door knobs, lighting, and light switch covers.
2. Kitchen – Old cabinets fixtures and appliances are a big expense, but often necessary. If the kitchen is a wreck it can be an opportunity to add value and possibly get a better deal. If the space is good however they are a great investment. If they are in good shape and in working order that is a big, big plus.
3. Flooring – I love to see old worn out carpet over hardwood! 8 out of 10 times if you can see hardwood you can refinish it and make it look nice. Pet stains are a big problem sometimes, but a lot of people like the used antiquy (sic) look of older hardwood. Beware that many homes seem to have one bedroom that has something other than hardwood under there, I am not sure why but they do VERY often, so always plan to re-carpet the bedrooms.
4. Windows – The worse the better. Nothing makes a home look and sell better than new clean high efficient windows. Unless they have been replaced in the last few years plan to rip them out and replace them.
5. Heat and Air Units – Look for newer units with good brand names! If they are old they are costly to replace. Remember the new 13 SEER regulation, the old ones soon may not be able to be fixed even if they are not real old.
6. Foundation – Look for cracks and undermining of the soil around the foundation particularly near the down spouts. These are generally bad, and expensive to fix. Small cracks are usually OK, as all concrete will crack, but displaced, shifting, diagonally cracked blocks are usually not good.
7. Layout – Not only the room dimensions but the layout and style. In my opinion ranches are the best bet to start, as they are pretty straight forward and less can go wrong. But often the bathrooms or kitchens are deficient. However this is often easily fixed, but again it costs money so keep that in mind.
8. Lot/parking – Consider the slope of the yard and how useable it is, fencing and privacy are good. Looking around to see what is behind and around the house is also important. Is there sufficient parking?
9. Electrical – Look for an updated service panel in an older home, and check to see if any panel is full, old school fuse boxes are usually not a good idea. This could mean that you have to spend good money to be able to add circuits or could be a dangerous situation. This is best left to a professional licensed professional but a quick look can go a long way initially.
10. Plumbing – This can be especially tricky in vacant homes that may or may not have been winterized. Frozen pipes are usually not discovered until too late. Also pay attention to the tub or shower, one that appears to be in good shape can save a lot of money as it can be saved.
11. Roof – If there is any doubt about the integrity of a roof plan to replace it. The key is to find a nice looking flat roof, with no missing, bent, or damaged shingles. Always look in the attic for signs of leaking and on the ceiling. Leaks are not always bad if you can find the source and repair them easily. Also since you are doing the roof it’s a good idea to have new gutters and downspouts put on too.
What to Look for On Your First Investment Property
I have already given you my 5 tips to make an investment purchase profitable.
But until you have done several deals, you may not know how to decide how to make the first one. So here are the things I look for in the property itself, the actual physical real property. Here are the 11 things I consider when I buy a property and again there are others, and there can be limitless different scenarios, which is why I think you must consult a professional Realtor to help. But here is what I look for and what I tell me clients to look for. —Disclaimer this should not be considered in any fashion a replacement for a full property inspection by a licensed professional or inspector. Please have this done on ANY property you consider especially the first few. Any real estate professional can help you include that language in your contract, regardless of the seller. Auctions can be an exception so use caution.
1. Easy cheap fixes – Is a home not selling because it has a bad paint job? Old outdated wall paper, is dirty, or needs landscaping? These are easy inexpensive fixes that can be a good buying opportunity. Always plan to repaint any home you buy to re-sell, its and easy cheap way to make almost any home look better. Pay particular attention to curb appeal and the entrance and little things like door knobs, lighting, and light switch covers.
2. Kitchen – Old cabinets fixtures and appliances are a big expense, but often necessary. If the kitchen is a wreck it can be an opportunity to add value and possibly get a better deal. If the space is good however they are a great investment. If they are in good shape and in working order that is a big, big plus.
3. Flooring – I love to see old worn out carpet over hardwood! 8 out of 10 times if you can see hardwood you can refinish it and make it look nice. Pet stains are a big problem sometimes, but a lot of people like the used antiquy (sic) look of older hardwood. Beware that many homes seem to have one bedroom that has something other than hardwood under there, I am not sure why but they do VERY often, so always plan to re-carpet the bedrooms.
4. Windows – The worse the better. Nothing makes a home look and sell better than new clean high efficient windows. Unless they have been replaced in the last few years plan to rip them out and replace them.
5. Heat and Air Units – Look for newer units with good brand names! If they are old they are costly to replace. Remember the new 13 SEER regulation, the old ones soon may not be able to be fixed even if they are not real old.
6. Foundation – Look for cracks and undermining of the soil around the foundation particularly near the down spouts. These are generally bad, and expensive to fix. Small cracks are usually OK, as all concrete will crack, but displaced, shifting, diagonally cracked blocks are usually not good.
7. Layout – Not only the room dimensions but the layout and style. In my opinion ranches are the best bet to start, as they are pretty straight forward and less can go wrong. But often the bathrooms or kitchens are deficient. However this is often easily fixed, but again it costs money so keep that in mind.
8. Lot/parking – Consider the slope of the yard and how useable it is, fencing and privacy are good. Looking around to see what is behind and around the house is also important. Is there sufficient parking?
9. Electrical – Look for an updated service panel in an older home, and check to see if any panel is full, old school fuse boxes are usually not a good idea. This could mean that you have to spend good money to be able to add circuits or could be a dangerous situation. This is best left to a professional licensed professional but a quick look can go a long way initially.
10. Plumbing – This can be especially tricky in vacant homes that may or may not have been winterized. Frozen pipes are usually not discovered until too late. Also pay attention to the tub or shower, one that appears to be in good shape can save a lot of money as it can be saved.
11. Roof – If there is any doubt about the integrity of a roof plan to replace it. The key is to find a nice looking flat roof, with no missing, bent, or damaged shingles. Always look in the attic for signs of leaking and on the ceiling. Leaks are not always bad if you can find the source and repair them easily. Also since you are doing the roof it’s a good idea to have new gutters and downspouts put on too.
Thursday, June 04, 2009
Only in KY - More Good Press! - Louisville of Course
Gun-loving pastor to his flock: Piece be with you
AP – Ken Pagano, pastor of New Bethel Church in Louisville, Kentucky, talks, Wednesday, June 3, 2009, about …
By DYLAN T. LOVAN, Associated Press Writer Dylan T. Lovan, Associated Press Writer – Thu Jun 4, 5:50 pm ET
LOUISVILLE, Ky. – A Kentucky pastor is inviting his flock to bring guns to church to celebrate the Fourth of July and the Second Amendment.
New Bethel Church is welcoming "responsible handgun owners" to wear their firearms inside the church June 27, a Saturday. An ad says there will be a handgun raffle, patriotic music and information on gun safety.
"We're just going to celebrate the upcoming theme of the birth of our nation," said pastor Ken Pagano. "And we're not ashamed to say that there was a strong belief in God and firearms — without that this country wouldn't be here."
The guns must be unloaded and private security will check visitors at the door, Pagano said.
He said recent church shootings, including the killing Sunday of a late-term abortion provider in Kansas, which he condemned, highlight the need to promote safe gun ownership. The New Bethel Church event was planned months before Dr. George Tiller was shot to death in a Wichita church.
Kentucky allows residents to openly carry guns in public with some restrictions. Gun owners carrying concealed weapons must have state-issued permits and can't take them to schools, jails or bars, among other exceptions.
Pagano's Protestant church, which attracts up to 150 people to Sunday services, is a member of the Assemblies of God. The former Marine and handgun instructor said he expected some backlash, but has heard only a "little bit" of criticism of the gun event.
John Phillips, an Arkansas pastor who was shot twice while leading a service at his former church in 1986, said a house of worship is no place for firearms.
"A church is designated as a safe haven, it's a place of worship," said Phillips, who was shot by a church member's relative for an unknown reason and still has a bullet lodged in his spine. "It is unconscionable to me to think that a church would be a place that you would even want to bring a weapon."
Phillips spoke out against a bill before the Arkansas General Assembly that would have permitted the carrying of guns in that state's churches. The bill failed in February.
Pagano, 50, said some members of his church were concerned that President Obama's administration could restrict gun ownership, and they supported the plan for the event when Pagano asked their opinion.
Marian McClure Taylor, executive director of the Kentucky Council of Churches, an umbrella organization for 11 Christian denominations in Kentucky, said Christian churches are promoters of peace, but "most allow for arms to be taken up under certain conditions."
Taylor said Pagano assured her the event would focus on promoting responsible gun ownership and any proceeds would go to charity.
"Those two commitments are consistent with the high value the Assemblies of God churches place on human life," she said in an e-mail message.
Pagano is encouraging church members to bring a canned good and a friend to the event. He said guns must be unloaded for insurance purposes and safety reasons.
He said the point was not to mix worship with guns, though he may reference some passages from the Bible.
"Firearms can be evil and they can be useful," he said. "We're just trying to promote responsible gun ownership and gun safety."
AP – Ken Pagano, pastor of New Bethel Church in Louisville, Kentucky, talks, Wednesday, June 3, 2009, about …
By DYLAN T. LOVAN, Associated Press Writer Dylan T. Lovan, Associated Press Writer – Thu Jun 4, 5:50 pm ET
LOUISVILLE, Ky. – A Kentucky pastor is inviting his flock to bring guns to church to celebrate the Fourth of July and the Second Amendment.
New Bethel Church is welcoming "responsible handgun owners" to wear their firearms inside the church June 27, a Saturday. An ad says there will be a handgun raffle, patriotic music and information on gun safety.
"We're just going to celebrate the upcoming theme of the birth of our nation," said pastor Ken Pagano. "And we're not ashamed to say that there was a strong belief in God and firearms — without that this country wouldn't be here."
The guns must be unloaded and private security will check visitors at the door, Pagano said.
He said recent church shootings, including the killing Sunday of a late-term abortion provider in Kansas, which he condemned, highlight the need to promote safe gun ownership. The New Bethel Church event was planned months before Dr. George Tiller was shot to death in a Wichita church.
Kentucky allows residents to openly carry guns in public with some restrictions. Gun owners carrying concealed weapons must have state-issued permits and can't take them to schools, jails or bars, among other exceptions.
Pagano's Protestant church, which attracts up to 150 people to Sunday services, is a member of the Assemblies of God. The former Marine and handgun instructor said he expected some backlash, but has heard only a "little bit" of criticism of the gun event.
John Phillips, an Arkansas pastor who was shot twice while leading a service at his former church in 1986, said a house of worship is no place for firearms.
"A church is designated as a safe haven, it's a place of worship," said Phillips, who was shot by a church member's relative for an unknown reason and still has a bullet lodged in his spine. "It is unconscionable to me to think that a church would be a place that you would even want to bring a weapon."
Phillips spoke out against a bill before the Arkansas General Assembly that would have permitted the carrying of guns in that state's churches. The bill failed in February.
Pagano, 50, said some members of his church were concerned that President Obama's administration could restrict gun ownership, and they supported the plan for the event when Pagano asked their opinion.
Marian McClure Taylor, executive director of the Kentucky Council of Churches, an umbrella organization for 11 Christian denominations in Kentucky, said Christian churches are promoters of peace, but "most allow for arms to be taken up under certain conditions."
Taylor said Pagano assured her the event would focus on promoting responsible gun ownership and any proceeds would go to charity.
"Those two commitments are consistent with the high value the Assemblies of God churches place on human life," she said in an e-mail message.
Pagano is encouraging church members to bring a canned good and a friend to the event. He said guns must be unloaded for insurance purposes and safety reasons.
He said the point was not to mix worship with guns, though he may reference some passages from the Bible.
"Firearms can be evil and they can be useful," he said. "We're just trying to promote responsible gun ownership and gun safety."
More on CentrePoint Fiasco
If CentrePointe financing fails, Webb has plans B and C, he said
By Beverly Fortune - bfortune@herald-leader.com
Developer Dudley Webb told the Lexington Forum on Thursday he has a Plan B and Plan C for financing for the CentrePointe project and if those plans don't work, he will look for fill dirt to level the site and plant grass.
Also, Webb said he remains optimistic that funding from his unnamed, deceased, financial backer will still come through. He said assets of the international investor's estate are being held in numbered Swiss bank accounts.
Conversations with the man's family indicate they are aware of his commitment of $250 million to finance Webb's luxury hotel and condominium project on West Main Street in downtown Lexington, Webb said.
if(miyahoo.ads[mi_live_or_preview].dart.enabled){ // 'live' or 'preview' is set during page build
_krdDartInc++;
document.write('');
}
Their concern is, on the advice of their attorney, that the funds are there, Webb said.
Recently, Webb and the family reached a compromise that Webb will not look to them to finance CentrePointe if the money isn't the estate.
Webb was notified in late September of the death of the major investor in this project, Webb said. The investor had signed an agreement to provide the funding for the project in June 2008.
Webb and his nephew Woodford Webb are developers for the proposed project. A major portion of the land is owned by businessman Joe Rosenberg and his family.
Webb said he had evidence one year ago that the investor had earmarked $550 million for three projects in the United States, one of which was CentrePointe.
When Webb revealed in April that the investor had died without a will, concern was raised about whether the building would be built. Lexington Vice Mayor Jim Gray said the community had been hoodwinked.
"Believe me, neither the Rosenberg family or we would have gone in and torn down buildings if we didn't think the funding was there for building this project," he said Thursday morning.
Webb also revealed that an original partner in the CentrePointe, John Anderson, backed out of the project a year ago. Anderson had lined up financing with a bank in Atlanta, Webb said. Anderson has developed other project including Marriott hotels, Webb said.
Webb's Plan B includes another unnamed investor, he said. Plan C, he said, involves an unnamed bank "in the states that is interested in getting involved in helping us do this deal."
Earlier in the week, Webb said he had an offer of 20,000 cubic yards of fill dirt that could be used to level the site. If The Webb Companies could get the dirt for free, it would spread it and plant grass, he said. But he said, he "would hate to spend $200,000 to $300,000" to fill the building site hole when in 90 days, construction might begin.
However, he's tempted to take that step, "to shut these people up," he said, referring to the critics of the site.
By Beverly Fortune - bfortune@herald-leader.com
Developer Dudley Webb told the Lexington Forum on Thursday he has a Plan B and Plan C for financing for the CentrePointe project and if those plans don't work, he will look for fill dirt to level the site and plant grass.
Also, Webb said he remains optimistic that funding from his unnamed, deceased, financial backer will still come through. He said assets of the international investor's estate are being held in numbered Swiss bank accounts.
Conversations with the man's family indicate they are aware of his commitment of $250 million to finance Webb's luxury hotel and condominium project on West Main Street in downtown Lexington, Webb said.
if(miyahoo.ads[mi_live_or_preview].dart.enabled){ // 'live' or 'preview' is set during page build
_krdDartInc++;
document.write('');
}
Their concern is, on the advice of their attorney, that the funds are there, Webb said.
Recently, Webb and the family reached a compromise that Webb will not look to them to finance CentrePointe if the money isn't the estate.
Webb was notified in late September of the death of the major investor in this project, Webb said. The investor had signed an agreement to provide the funding for the project in June 2008.
Webb and his nephew Woodford Webb are developers for the proposed project. A major portion of the land is owned by businessman Joe Rosenberg and his family.
Webb said he had evidence one year ago that the investor had earmarked $550 million for three projects in the United States, one of which was CentrePointe.
When Webb revealed in April that the investor had died without a will, concern was raised about whether the building would be built. Lexington Vice Mayor Jim Gray said the community had been hoodwinked.
"Believe me, neither the Rosenberg family or we would have gone in and torn down buildings if we didn't think the funding was there for building this project," he said Thursday morning.
Webb also revealed that an original partner in the CentrePointe, John Anderson, backed out of the project a year ago. Anderson had lined up financing with a bank in Atlanta, Webb said. Anderson has developed other project including Marriott hotels, Webb said.
Webb's Plan B includes another unnamed investor, he said. Plan C, he said, involves an unnamed bank "in the states that is interested in getting involved in helping us do this deal."
Earlier in the week, Webb said he had an offer of 20,000 cubic yards of fill dirt that could be used to level the site. If The Webb Companies could get the dirt for free, it would spread it and plant grass, he said. But he said, he "would hate to spend $200,000 to $300,000" to fill the building site hole when in 90 days, construction might begin.
However, he's tempted to take that step, "to shut these people up," he said, referring to the critics of the site.
Tuesday, June 02, 2009
Subscribe to:
Posts (Atom)