When I mention luxury homes in Louisville, Kentucky, I'm talking about single family homes of all kinds of styles, sizes, ages and locations within Jefferson County that have sold for at least $1,000,000. I'm not talking about condos or town homes or raw acreage, but the best of Louisville's housing stock. When looking at this segment of the Louisville housing market, it's important to understand that there are lots of Louisville homes listed for $1,000,000 or more each year, but only the most outstanding properties actually sell for $1,000,000 or more annually. For instance, currently in Louisville, Kentucky (Jefferson County), there are 59 homes listed for sale for $1,000,000 or more and 2 home under contract with asking prices of at least $1,000,000, and as of the date of this post, only 14 homes have closed since January 1, 2012 for a final sale price of at least $1,000,000, so the competition is fierce and the number of pretenders, massive, in Louisville's Luxury Home Market.
Interestingly, some areas seem to be chock full of Million Dollar Homes. There are newer Luxury Home developments comprised mainly of this price level of home, there are Luxury homes in the country on a bit of acreage that have more of an estate feel, and there are traditional, more established neighborhoods that have their share of Luxury Homes.
What follows is a snapshot of homes selling for at least $1,000,000 in the Louisville Luxury Homes market by zip code in Jefferson County, Kentucky in 2012:
40202 (Central Business District/Downtown Louisville): 1 Listing > $1,000,000 - 0 Sales > $1,000,000 YTD 2012
It's not controversial to say that location is the main key to real estate value. It's one of the only features that can't be changed, however, when a neighborhood is transformed from blight to trendy, it's as if this all-important feature can be affected. That's what's happening in Downtown Louisville. Old buildings are being renewed and refurbished, creating charmingly modernized interesting spaces. So while, the single listing that loosely qualifies for our look at Million Dollar Homes is more of a "live/work" luxury town home than a single family home, I'm including it. The 3 Bedroom, 2.5 bath renovated brick 2-story luxury town home with first floor retail space boasts approximately 5,900 square feet, an enclosed garden, additional offices, a commercial grade kitchen, and an oversized garage. Located on Louisville's new favorite thoroughfare, East Market Street in the NuLu District, the uniquely appointed home is listed for $1.1 Million. It's listed by Sotheby's. View East Market Street Luxury Home in Downtown Louisville
40204 (Highlands): 1 Listing > $1,000,000 - 0 sales > $1,000,000 YTD in 2012
The 40204 zip code is comprised of the Original Highlands, and includes segments of Cherokee Road and Cherokee Parkway that have views of Cherokee Park which, as you might imagine, drives up the price of the real estate. Currently, there is one listing with an asking price of at least $1,000,000. It's located on Cherokee Road overlooking Cherokee Park and is impressive from the street. The luxury home features 5 Bedrooms, 5.5 Baths, and over 8,000 square feet of total living area (about 5,300 above grade + 2,700 finished in the basement). The lot is approximately 1/3 of an acre, which is sizeable given the location. The 88 year old home is listed by Kentucky Select Properties.
40205 - Highlands: 4 Listings > $1,000,000 - Low List: $1,150,000 - High List: $3,950,000 - 0 sales > $1,000,000 YTD 2012
The 40205 zip includes the Highlands and Douglass Loop areas, and of course, the main attraction is the proximity to Cherokee and Seneca Parks. There are four listings currently in the zip that are listed for sale for at least $1,000,000. The interesting thing about the listings is that two of them are on the same street, have excellent access to the park system, and both have at least 3 acres, an incredible rarity for the neighborhood.
40206 - Crescent Hill / Cherokee Gardens / Reidlonn: 1 Listing > $1,000,000 - 1 Sale > $1,000,000 YTD 2012
The 40206 zip is a smaller zip code located between downtown Louisville and St Matthews. Broadly known as Crescent Hill, the main Luxury Home neighborhood in the zip is Cherokee Gardens. In 2012, there's been one sale of a home in the 40206 zip that has sold for more than $1,000,000, and it closed at $1,050,000, and it was located in Cherokee Gardens.
40207 - St Matthews / Indian Hills / Mockingbird Valley / Mockingbird Gardens: 11 Listings > $1,000,000 - Low List: $1,175,000 - High List: $4,349,000 - 2 Sales > $1,000,000 YTD 2012 - 1 Pending Sale > $1,000,000
The 40207 zip is an active market for Louisville luxury homes listed for at least $1,000,000. This zip claims two of the 14 luxury home sales this year, and has another one under contract as of today. So while that is a good percentage of the total Million Dollar sales activity, it still shows how competitive a market segment this is.
Both of the closed sales that have occurred this year featured luxury homes located in Mockingbird Valley, which is a lush area between River Road and Brownsboro Road featuring large trees, hills, larger lots, & grand old homes. It's a unique location in Louisville for its privacy and proximity to Downtown Louisville, St Matthews, & the Ohio River.
The Pending luxury home sale is located in Indian Hills and its asking price is $1,790,000. A Pending sale means that there is an executed contract on a property subject to various conditions prior to closing.
40222 - Hurstbourne / Glenview: 7 Listings > $1,000,000 - Low List: $1,175,000 - High List: $3,950,000 - 2 Sales > $1,000,000 YTD 2012
The 40222 zip is home to two main luxury home neighborhoods: Hurstbourne and Glenview. These two neighborhoods are quite different from one another. Hurstbourne is located in a large residential subdivision near I-64 & Hurstbourne Parkway. Glenview is outlined by River Road, Lime Kiln Lane, and U.S. 42.
Hurstbourne boasts three of the current million dollar listings. Hurstbourne has an estates section that houses larger luxury homes on more spacious lots. Hurstbourne Estates has had one million dollar listing sell in 2012.
Glenview is group of estate homes located near the Ohio River. The neighborhood is rustic and unique for its hills and mature trees and wooded areas. Most properties have at least an acre and are privately situated.
40223 - Anchorage: 8 Listings > $1,000,000 - Low List: $1,050,000 - High List: $2,677,500 - 3 Sales > $1,000,000 YTD 2012
Further East near Middletown, KY, you will encounter an enclave of older luxury homes & acreage that comprise the charming town of Anchorage. It's known for its quaint downtown area, post office, & train station in addition to its real estate & independent school system.
There are a number of Million Dollar homes in Anchorage, and currently there are eight luxury homes with at least that price tag available. Three homes have sold in 2012 for at least a million dollars.
40245 - Lake Forest / Locust Creek: 7 Listings > $1,000,000 - Low List: $1,075,000 - High List: $1,625,000 - 1 Pending Sale - 4 Sales > $1,000,000 YTD 2012
The king of Million Dollar luxury home sales in Louisville, KY so far in 2012 is the 40245 zip which has a number of affluent neighborhoods. The two with the most million dollar home sales traditionally have been Lake Forest & Locust Creek.
40059 - Prospect / Norton Commons / Spring Farm: 13 Listings > $1,000,000 - Low List: $1,200,000 - High List: $4,595,000 - 1 Sale > $1,000,000 YTD 2012
Traditionally the top zip code in Jefferson County for Million Dollar luxury home activity, the 40059 zip is not for lack of inventory currently, however, it's produced only one luxury home sale Year to date. Prospect, KY is known for expensive real estate, and the nearly $5 Million price tag on its top listing is impressive. Additionally, the zip code currently features 5 active listings with price tags of at least $2,000,000.
So what's the average Million Dollar Luxury Home in Louisville, Kentucky look like in terms of attributes in 2012? Information below based on closed sales of single family residences in Louisville, KY (Jefferson County) over $1,000,000 since January 1, 2012. All sales data compiled from the Greater Louisville Association of Realtors MLS:
Average Above Grade Square Footage: 5,793 square feet
Average Below Grade Finished Square Footage: 1,650 square feet
Average # of Bedrooms: 5
Average # of Full Baths: 5
Average # of Half Baths: 1
Average Garage Size: 3 Cars
Average Lot Size: 1.9 acres
Average Days on Market: 123
Average Age: 32 years
Additionally, five of the fourteen homes that have sold for at least a Million Dollars in 2012 have an inground pool.
This has been a Million Dollar Luxury Home Market update. In early 2013, I will gather the Million Dollar Luxury Homes Sales Data from Louisville, Kentucky/Jefferson County, and provide the numbers for all of 2012. Until then, I hope you've enjoyed this snapshot of the Luxury Home Market in Louisville, Kentucky.
Do you want instant market data for your neighborhood? Visit Louisville Market Insider.