It’s been a long hot summer in Kentucky and finally the World Equestrian Games will start this Saturday! Kentucky is all abuzz with international visitors.  And the market is poised to greet them with many horse farms and prize homes for sale including the home once owned by Secretariat’s owner Penny Chenery.  Yes, if it’s a blue ribbon property you are looking for, they are on the market and ready to picked up at astonishing bargains and historically low interest rates.  Just call US or your favorite area REALTOR and you will be off to races on owning your very own Kentucky Home!

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The market continues to deflate in Central Kentucky.  Price reductions lead the field along with new listings.  I am sure the fall auction block will be full of unsold properties.  If you do find yourself at an auction I would advise you do your homework well before you bid.  Auction properties are as is, where is.  However, a prospective buyer can conduct a confidential termite inspection prior to the sale at their own expense with the owner’s permission.  Then go and bid with confidence, or not.  It’s $75 – $100 inspection that could save you thousands in structural repairs.  I’ve seen many people frustrated that their “great deal” came with great problems that were unknown to the auctioneer.  Like bank sales this is big boy territory.  You buy the property as is, where is, and then you own it with all it’s problems.  I like to think of it as “old school” buying with all the risk straight up.  There have been lots of safeguards added to protect buyers and sellers in conducting a safe well documented property transfer in a regular transaction.  We throw all that out when we go to “fire” sale and buyers once again should beware.

Central Kentucky Real Estate Market is definitely historically down on pending sales versus last year. My stats are showing 40% down from last year.  We were hoping that we missed the worst of the market downturn that was so publicized in the media last year.  I guess it should be no surprise since I’ve always relished the fact that it takes awhile for things to catch on here. We definitely get a heads up on any wave or trend heading our way and sometimes we don’t have to experience the short term trends because they fade before they even arrive.   We like to think we have been spared the worst of the “bubble” that happened in Florida, Nevada and California.  My theory is we are facing the after affect of the “tax breaks” like everyone else in the country.  The bright spots are the investors and brave buyers snapping up the foreclosures.   This week brought a new low price on a rural three bedroom home that brought $20,000, and an urban neighborhood home that brought $30,000. Yes, they need work, but still the new landlord is going to more than cash flow when the rent starts coming in on these homes.

With the World Equestrian Games arriving this fall the farm owners are putting their finery on the market in hopes to attract the most fit buyers to take over their legacy farms, and give them quiet retirement from raising their pampered horses.  Don’t be discouraged by the big price tags!  The competition to sell is as stiff as in any real estate arena these days.  This week the big reduction was $600K to bring a $2.2 million asking price down to $1.6 million.  That took balls to make the offer that low, but it definitely paid off!  The farms are lining up like maids in a beauty contest.  Wonder who the winners will be?  Check out some of my contestants at http://www.affinityky.com

Hello!  Where you live is important, and your choice to make.  So I want to give you fresh perspective on living in Kentucky from a native’s point of view.  I am a Real Estate Agent and a graduate of Finance, so my first thoughts tend to go to the business side of things.  Yes, I can help you find a place to live in Kentucky!  Just ask me and I’ll be there to help you.

Then there is the quirky side of me that loves food, travel, animals, kids, and a good photo or video shot.   I love my life and the people here.  I think Kentucky is the best place to live! It’s affordable, it’s beautiful, and it’s in between everywhere else you would want to go.

Short Version:  My grassroots version of what’s really going on in the Central Kentucky Market area.