Late last week, the Louisville residential real estate market witnessed its second multi-million dollar closed sale of 2013. That's right, it was Louisville's second residential real estate transaction to close this year for at least $2,000,000. To say that these multi-million dollar home sales in Louisville are rare is akin to saying Teddy Bridgewater is a serviceable quarterback. Multi-million dollar home sales in the Louisville area are supremely infrequent.
With a list price of $3,800,000, 4008 Glenview Avenue closed last week for $3,510,000. The quintessential Glenview Estate known as "Robinswood" is on the National Register of Historic Places as well as being part of "The Country Estates of River Road Historic District" according the Greater Louisville Association of Realtors Multiple Listings Service and the listing brokerage, Kentucky Select Properties. This particular property, which sold for $4,400,000 in 2010, has been the subject of controversy for over two years. The estate home was built in 1912 and features over 13,000 square feet of total living area, about 5.6 acres of lush grounds, a pool, a guest cottage, third floor temperature controlled wine cellar, and 10 bathrooms.
Its main attraction is it is unique. In real estate, uniqueness can make or break value. Many homes are unique for all of the wrong reasons, and therefore, they suffer when they go to market. The Louisville homes, however, that are unique for the right reasons such as architectural significance, supreme location with acreage, or some combination of both tend to sell for the most money. So the most expenseive residential homes in Louisville are uniquely expensive.
According to the Greater Louisville Association of Realtors MLS, there have been only 29 occurrences of closed residential home sales of at least $2 Million Dollars in the Louisville area, which for this blog, includes Jefferson, Oldham, Shelby, Bullitt, and Spencer Counties. These sales do not include vacant land for potential development or large farms which would boost the number higher.
Currently, there are 18 residential home listings listed for at least $2,000,000, and there are 3 multi-million dollar homes under contract, which, assuming all 3 close for at least $2,000,000, would push the total number of multi-million dollar home sales in the Louisville area to a staggering 5 year to date in 2013.
What makes makes the most expensive homes in Louisville worthy of their high price tags?
A look at the most expensive home sales in the Louisville area reveals a variety of possibilities ranging from the absurd to the elegant and amazing. For the most part, these homes take time to sell since there simply isn't a plethora of people willing or capable of spending that kind of money in Louisville, Kentucky. The average multi-million dollar home currently listed for sale in the Louisville area has about 7,600 square feet of above grade living space, 5 Bedrooms, 5 Full Baths, 2 Half Baths, and 4 acres (3 of the 18 listings are condominiums).
Sixteen of the 18 active listings are located within Jefferson County, and 2 are located in Oldham County. The neighborhoods represented are as follows: Mockingbird Valley (2 homes listed for at least $2 Million), Mockingbird Gardens (1), Beckley Crossing Estates (1), Hurstbourne (1), Harrods Glen (1), Glenview (2), Springhill Garden (1), Regency Tower (3), River Glades (1), Rivercrest (1), and four of these listings are not in a neighborhood/subdivision.
Three PENDING sales should close in the coming months...
One of those is 5 River Hill Road in Louisville's prestigious Indian Hills neighborhood. This exquisite property is comprised of a custom-built 16 year old Stucco with marble accents, trim, and columns 2-story boasting nearly 11,000 square feet above grade plus another 3,200 square feet of finished space in its walkout lower level, nearly five acres of impressively landscaped grounds with gorgeous mature trees and spectacular views, a four car attached garage as well as a five car detached garage, and custom interior details too numerous to mention. Add to all this the property's proximity to St Matthews shopping & dining, River Road, and Downtown Louisville, and there you have it. It has an asking price of $3,999,000.
The second pending sale is located on the edge of Cherokee Park at 1801 Sulgrave Road. A rarity of epic proportions, this Italian Villa's architectural significance is surpassed only by its nearly 7 acre lot complete with incredible formal gardens and views of the Olmstead-designed Cherokee & Seneca Parks. Amazingly, this estate home is a bit dated in its decor, but not even that could keep it from going under contract with a robust asking price of $3,950,000. It also doesn't hurt to be situated within an easy drive or strenuous walk to The Highlands.
Rounding out the three pending sales is not surprisingly an estate home east of Downtown Louisville out River Road and near Glenview. As we'll see when examining the most expensive closed home sales in Louisville, Glenview and its immediate surrounding area is fertile territory for homes worth at least $2 Million. The Tudor Revival Style Country Estate located at 5001 Avish Lane in Harrods Creek achieved an almost unheard of acceptable offer after only 18 days on market. As with all Pending Sales, whether in the $200,000 price range or upwards of $2,000,000, no sale is final until closing day when the buyers and sellers sign the final documents. This home on Avish Lane features 10 + acres of spectacular landscape, and the 5 Bedroom, 6 Bath, 5,500 + sqaure foot main dwelling boasts rich woodwork and charming architectural details from 1927 and its architect Frederic Morgan. The list price is $2,600,000.
It's one thing to ask at least $2,000,000 for a residential home in Louisville, Kentucky, it's another thing to procure an offer of at least $2,000,000, but the pinnacle is to actually close for at least $2,000,000. There just aren't that many homes that can command and realize such a price. The prospect of at least five of them closing in 2013 is sure to be one of the best years ever in the Louisville area for these special properties.
Pictured above is Rostrevor Mansion. In 2006, Rostrevor listed for an astounding $7.5 Million. The Italian Renaissance style grand dwelling's limestone constuction renders it nearly impossible to replicate. Featuring 23 rooms spread across over 16,000 square feet, 8 Bedrooms, 10 Baths, gorgeous hip tile roof, a 3 car garage, numerous formal gardens, and nearly 3 gated acres inside of Rostrevor Circle off of one of Louisville's most affluent drives, Alta Vista Road, Rostrevor Mansion eventually sold in what appears to be a private sale for an impressive $4.75 Million.
The following neighborhoods feature closed sales of multi-million dollar homes in the Louisville Area: Mockingbird Valley (5), Indian Hills (1), Mockingbird Gardens (2), Anchorage (3), Glenview (12), Harrods Glen (1), Nitta Yuma (1), River Glen (1), Reserve on Rose Island (1).
See something of interest? Contact The Thomas Group of Keller Williams Realty Louisville East for a confidential consultation whether you are selling a special Louisville property or are in the market to acquire one.