News outlets can continue to decry the housing market but Louisville isn’t behaving like other metro areas in many respects. Take, for instance, the upper echelon of properties in our city.
This piece by Alex Davis highlights the idea that many Realtors have known for some time. Namely, with the enormous size of the aging boomer population, there’s a great opportunity for developers with high-end condos and patio homes that require little to no work by the homeowner.
The growth of high-end condos has tripled the number of luxury homes in the metro area over the last six years. PVA records show there are now 506 homes in the county with an assessed value of least $1 million — more than double the 236 in 2004 and nearly triple the 170 in 2002.
I expect this trend to continue for a while longer as builders continue to sell their patio home/condo inventory at a faster clip than single-family homes.