Featured Property – 635 Regent Rd Versailles, KY 40383

May 26, 2011

By John Day

Here’s a new Featured Property, this time in Versailles, Kentucky! 635 Regent Rd is listed by Terri McGraw and Ben Brown who recently gave us some extra details about their newly listed home.

635 Regent Rd

What distinctive features set this home apart?

635 Regent Rd is a one and a half story, very open floor plan in Hunter’s Ridge subdivision and features a large first floor master bedroom. Home has a very generous amount of storage space and there is a bonus room above the garage that would make a wonderful game room or office.

What are the advantages of the location & neighborhood?

This Bluegrass home is located close to an elementary school, restaurants and shopping! The nearby grocery store is close enough to walk or bike it’s only ten minutes away from Blue Grass Airport for those who travel frequently. With it being so close to the Blue Grass Parkway and nearby Highway 60 (which runs in to Interstate 64) navigating Kentucky is a breeze! Lexington is also minutes away if needed.

Have there been any recent renovations or upgrades?

Updates galore! In August of ’06 the current home owners upgraded the doors and windows. The next year they installed a new roof and A/C unit. Then, just this past year they added a new hot water heater and insulated garage door featuring a brand new garage door opener.

635 Regent Rd

Does the community have any amenities we should know about?

There is a pond in the common area that is great for fishing or feeding the ducks. A wonderful place to relax.

Is there anything else you’d like to tell us about the home?

This combination of price and upgrades will be hard to find anywhere else. It’s a lovely home that is move-in ready!

If you would like to see 635 Regent Rd Versailles, KY 40383 or have any questions not answered here please contact Terri McGraw or Ben Brown at Milestone.

635 Regent Rd

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An Affair to Remember!

May 23, 2011

By Becky Locknane

The Fayette County Repair Affair took place May 12th and 13th. The Repair Affair is the largest of the annual projects done by the Realtor Community Housing Foundation of the Lexington Bluegrass Association of Realtors. The project is done in partnership with the Remodeler’s Council of the Homebuilder’s Association of Lexington.

RCHF Repair Affair 2011

The Repair Affair provide exterior home repairs for low-income elderly homeowners. Approximately 200 volunteers participate in repair affair and 15-20 houses are repaired during the project.

Milestone Realty Consultants and Walden Mortgage Group sponsored one of the homes to be repaired. The team captains were Todd Back of Milestone and Jeff Sharp of Walden Mortgage. They were great organizers and coordinators for the project. The main scope of this Lexington home was scraping, painting, yard work, window repair and cleaning debris.

It is great to know you are helping someone that would not be able to afford to hire someone to do the repairs. While most of the volunteers are not skilled laborers, the Remodeler’s Council assigns a skilled Remodeler to oversee and do the work that requires expertise. It is a great two days of working together as a team and getting to spend time with your fellow agents. There is a lot of laughter and fun times while giving back to the community.

Additional photos of Milestone’s site can be viewed on our Facebook page at RCHF Repair Affair 2011.

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Central Kentucky Market Statistics: The Recovery Part 13

May 18, 2011

By Mike Wheatley

Welcome to the May edition of the Recovery series, formally known as the Hangover. The Kentucky Bluegrass is growing at a record rate with the spring rains, and the real estate market for Central Kentucky houses continues to gain momentum as well. Our official monthly market report for April 2011 has been released by the Lexington Bluegrass Association of Realtors®, and here is my take on the numbers, what they mean, and where we are headed.

The three main categories I focus on are pending sales, total inventory numbers, and average sales price. Pending sales for the month of April came in at 664 representing a slight increase over February numbers and 4 consecutive months of increased pending sales! Pending sales numbers look horrible when compared to the same month last year, which was the deadline month for the Federal Tax Credit. The Tax Credit artificially inflated sales and sales prices. From this point forward, we will be looking at historical numbers not artificially influenced by the tax credits. Inventory numbers, while still very high, are up 4% from both the previous month and the same month last year. We still have an 11 month supply of homes which is about triple what we would like to see in a balanced market. Inventory levels will continue to rise throughout the year until around September, when they typically begin dropping off again. Average sales price for the month was down about 3% from March 2011 and April of last year. I don’t see the 2 to 3% bounce in average price as significant and in fact indicates we have reached a plateau of stability in our local market values. The ratio of final sales price vs. list price remained basically unchanged when compared to the previous month, and when compared to the same month last year.

Most of the trends I’m seeing indicate a “glass half full” outlook for our market. There is one cloud on the horizon that I’ve noticed in the past few months. As the number of bank owned sales and short sales continue to increase, they are forming a much broader base of comparable sales for our market. When I look at closed sales for the past 3 to 6 months in any particular neighborhood, it’s not uncommon in some areas to see these “distressed sales” comprising 50% of the data available. What does this mean? Appraisers use historical sold data to justify sales prices for lenders so if this trend continues, property values will be impacted at some point. This something I will be watching closely in the months to come.

The market in a nutshell: values are steady, supply is high, great homes priced right will sell quickly. If you bought a home during the peak of the market (2005-2006) and you have to sell now, it could be worth less than you paid.

Below is a summary of some of the key indicators for our local market:

Kentucky Market Statistics

As always, my goal is to provide accurate, timely information on our local market. Feel free to call or email with any questions or comments. Should you have friends or family in need of a real estate pro, please pass my name on to them.

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Featured Property – 753 Wyndham Hills Dr Lexington, KY 40514

May 17, 2011

By John Day

We’ve got a treat for your today! Mike Wheatley recently listed a gorgeous ranch on a basement in Willow Bend subdivision. He sat down and gave us some extra details about this Featured Property at 753 Wyndham Hills Dr in Lexington, Kentucky.

753 Wyndham Hills Dr

What distinctive features set this home apart?

The house has a large, open “feel” to it especially with vaulted ceilings and oak floors. Nice windows allow for light and the landscaping is lush and full around the exterior of the home and within the fenced in backyard in rear. The updated color scheme enhances warmth that the home exceeds.

Can you describe the architectural style of the home?

Traditional architecture with crown moldings throughout the entire first floor. Basement has a very large family room with many windows and doors plus a bedroom, office/exercise room and another room currently used as a fifth bedroom.

What are the advantages of the location & neighborhood?

The Reserve at Willow Bend is convenient to shopping and restaurants including a Kroger and Wal-Mart for all of your grocery needs. Fayette Mall, Lexington Green and Palomar offer a magnitude of shopping locations and there are multiple movie theaters within minutes. It’s also close enough to New Circle Rd and Man ‘O War Blvd allowing for ease when navigating around town.

Fast Tube by Casper

Have there been any recent renovations or upgrades?

Granite counter-tops have been added to kitchen and all three bathrooms. The dishwasher has been upgraded to High Efficiency and is whisper quiet. Updated lighting in the kitchen and a new backsplash in the kitchen to compliment the new granite counter tops (as of November 2010). There are also minor upgrades to the bathroom mirrors

Does the community of any amenities we should know about?

Membership is available to the Willow Oak Pool.

What amazing views will the new homeowner be able to enjoy?

Beautiful landscaping is seen through the front windows of this gorgeous Lexington home which features a nice grounds for relaxing on the deck and enjoying the pleasant yard-scape.

What makes the price of the home so great?

The amount of plentiful living space with the living room, dining room, two large family rooms, an oversized master bedroom, three bedrooms and bonus room are sure to compliment almost anyone’s lifestyle. The galley-style kitchen has a very generous amount of counter space perfect for preparing large meals for multiple people and is perfect for just day-to-day cooking needs.

Should you wish to set up a showing or have any additional questions about 753 Wyndham Hills Dr Lexington, KY 40514, please contact Mike Wheatley at Milestone Realty Consultants.

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The Business of My Business

By Sherry Spanyer

I had the opportunity to travel to Washington, D.C. and attend the National Women’s Council of Realtors® Midyear Meeting. I am always thrilled to be in the presence of such strong business women and learn from some of the best in my field. I attended an all day class on Level 5 Leadership Skills and learned to improve upon my strengths and acknowledge my weaknesses. We had great fun and I appreciate my fellow agents for their humor and honesty.

Louisville houses

Thanks to Coach Jackie the class It’s A Price War to the Door was both fun and innovative. I learned new strategies to better position my listings in order to be more competitive in the market. I am working on repositioning my Louisville houses and getting them to SOLD. It’s A Price War to the Door was exciting, fast paced and lined with humor. I will certainly look for more classes in the future with Coach Jackie!

As Vice President of Membership I was proud to be one of the representatives from Louisville to attend the banquet and bring home an award for Gold Status. In only three years, our local WCR chapter doubled in membership and offers quality programs for it’s members. I am looking forward to our next meeting in Anaheim!

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Simplify Your Life with Texting…Your Clients Will Love It!

May 13, 2011

By Judy Craft

Have you ever put off a phone call because you didn’t have time to have a conversation or go through the pleasantries? Are there times you simply need to convey a quick message to someone with information only? Most of our clients work at a job outside their home and don’t have the ability to engage in a phone conversation during work hours – how do we communicate with them effectively without inconveniencing them? Most importantly, how do we communicate with our clients in a quick, easy and professional manner that provides outstanding service in a timely manner to help “de-stress” their home buying or selling process?

Bluegrass homes

TEXT! We used to think of texting as something the teenagers did with clever abbreviations. Although it was true, we now realize that many “non-teenagers” have not only discovered the ease of texting, but have embraced the technology as a way to simplify their overwhelming life. According to CTIA (International Association for the Wireless Telecommunications Industry) in the 12 months ending June 2010, more than 1.8 billion text messages were sent and received (or 4.9 billion per day).

As real estate practitioners, it is vital that we stay in touch with the new consumer and utilize the tools that work best for their lifestyle. This disallows the excuse that you are “too old” or “too set in your ways” to text. If you’re not texting, you’re not as serious as you should be about your career in real estate!! Let’s talk about some of the barriers to text messaging.

Outdated Cell Phone – If you have to punch the number buttons on your phone a few times to access each letter then your phone is too outdated for our business! All carriers have cell phones with keypads for ease of texting. You should invest in a smartphone if you don’t have one as it is vital to your productivity.
Unsure of Lingo – Don’t worry about the lingo. Some may roll their eyes when they receive a text from me because I spell everything out but that is okay. Many cell phones actually pre-fill a word if it makes sense in your conversation which can make it very easy for you. Besides, unless you are a teenager, we don’t know what you are saying anyway if you use the lingo…lol!!
Additional Cost – Most cell phone plans are unlimited as far as phone calls and texting are concerned. Our cell phone is our lifeline in real estate as we sell Bluegrass homes so make sure you have everything you need. It typically is very affordable. If not, then you should shop around for a good plan.

At Milestone we are constantly working towards improving our service and skills to best assist our customers and clients. Don’t let one of the best technologies around pass you by!!

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Featured Property – 4616 Fox Chase Dr Shepherdsville, KY 40165

May 12, 2011

By John Day

Today’s Featured Property is a must see! Dennis and Louise Miller of The Miller Team have listed a gorgeous Ranch home at 4616 Fox Chase Dr in Sheperdsville. We asked them to give us some extra insight about this home that you won’t find anywhere else.

4616 Fox Chase Dr

What distinctive features set this home apart?

The home sits on a two plus acre, heavily wooded lot with a creek to the rear. Traditional ranch but the inside stands out with a very open floor plan and spacious lower level with a large wet bar.

What are the advantages of the location & neighborhood?

Secluded enough area yet close to just about anything you need. This Shepherdsville, Kentucky house is just minutes from a Kroger and Wal-Mart for all of your shopping needs. It’s also located in between nearby Preston Highway and John Harper Highway exits of I-65 providing easy access to navigating around town and a plethora of restaurants nearby.

4616 Fox Chase Dr

Have there been any recent renovations or upgrades?

Three years ago the current home owners installed a new geo-thermal heating system. And, the remainder of the10 year warranty will pass along to the new home owner.

What amazing views will the new homeowner be able to enjoy?

They can either look out from our spacious 600 plus square foot deck or get a little closer on the lower level patio that includes a fish pond.

What makes the price of this home so great?

With over 3800 square feet and 2+ acres, we feel that a price of less than $90 per square foot is more than competitive in today’s market. Great for entertainment with the finished lower level that walks out to the patio, wet bar and large deck if desired. You won’t find many homes with this combination of a wonderful home and lovely yard, especially in this neighborhood!

If you have any questions about 4616 Fox Chase Dr Shepherdsville, KY 40165 or if you’d like to schedule a showing please contact The Miller Team at Milestone Realty.

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Walden Mortgage Weekly Newsletter: The Housing Market Update

May 11, 2011

By Walden Mortgage Group

Nonfarm Payroll Surge

Kentucky Mortgage Information

Nonfarm payrolls surged in April as firms added 244,000 new jobs during the month. The consensus expected payrolls to increase by only 200,000 jobs.

On top of the April gains, payrolls in February and March were revised up from 194,000 and 216,000, respectively, to 235,000 and 221,000. This marks the seventh straight monthly increase in Nonfarm payrolls. Most view this report as much more valuable than the Unemployment Rate.

It is no coincidence that we have seen some stronger than expected monthly gains in Existing Home Sales because demand for housing is, of course, directly tied to jobs.

What Happened to Rates Last Week

Kentucky Mortgage Information

Mortgage backed securities (MBS) gained +275 basis points last week which helped to push 30 year fixed rates to close at their lowest levels since November 2010. Why the big decrease in mortgage rates? Well, its another Greek tragedy. Greece is part of the P.I.I.G.S (Portugal, Ireland, Italy, Greece and Spain). The P.I.I.G.S are viewed by all the rating agencies as having a higher potential to default on their debt compared to the rest of the European Union (EU). In fact, Greece has already had one major bailout from the IMF and the EU. U.S. Treasuries and Mortgage Backed Securities had huge gains last week due to wide speculation that Greece would need another bailout and there were even reports that they threatened to leave the EU.

What to Watch Out For This Week

The following are the major economic reports that will hit the market this week. They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages. We will be watching these reports closely for you and let you know if there are any big surprises:

Date	ET	Release	For
10-May	8:30	Export Prices ex-ag.	Apr
10-May	8:30	Import Prices ex-oil	Apr
10-May	10:00	Wholesale Inventories	Mar
11-May	7:00	MBA Mortgage Index	6-May
11-May	8:30	Trade Balance	Mar
11-May	10:30	Crude Inventories	7-May
11-May	14:00	Treasury Budget	Apr
12-May	8:30	Initial Claims	7-May
12-May	8:30	Continuing Claims	30-Apr
12-May	8:30	PPI	Apr
12-May	8:30	Core PPI	Apr
12-May	8:30	Retail Sales	Apr
12-May	8:30	Retail Sales ex-auto	Apr
12-May	10:00	Business Inventories	Mar
13-May	8:30	CPI	Apr
13-May	8:30	Core CPI	Apr
13-May	9:55	Mich Sentiment	May

It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the Kentucky mortgage and housing markets. Just leave it to us, we monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon.

Mike Dunn, Holleigh Sharp & Jeff Sharp

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Featured Property – 2328 Mulundy Way Lexington, KY 40511

May 10, 2011

By John Day

We’ve got another wonderful Lexington home as a Featured Property today! This gem is listed by Erin Lewis and Dale Ferguson in the Glens At Greendale Village. They recently gave us some exclusive details in to this three bedroom, two bath Ranch.

2328 Mulundy Way

What distinctive features set this home apart?

This property is located on a corner lot and has a white vinyl fence and low maintenance landscaping.. The kitchen has stainless steel appliances and along with the living area has crown molding. All rooms are painted with neutral colors and there is a new wood outbuilding providing additional storage.

Can you describe the architectural style of the home?

The front of 2328 Mulundy Way is a gray stone with white vinyl. It has an open floor plan in side which is great for relaxing or entertaining should you desire.

What are the advantages of the location and neighborhood?

The house is close to I-75 as well as New Circle Rd making getting around or out of Lexington very accessible. Minutes away from the Leestown Rd exit of New Circle Rd offers many different options for dining and shopping. A few minutes further in bound and you’re welcomed by the exciting shops, restaurants, bars and entertainment of Downtown Lexington.

2328 Mulundy Way

Have there been any recent renovations or upgrades?

The crown molding was installed in the living area and kitchen in 2010. White headboard was installed in the hall bathroom in 2010. The outbuilding was constructed in late 2009 while the stainless steel appliances were purchased in the winter of 2008.

Does the community have any amenities we should know about?

A very welcoming neighborhood with a Home Owner’s Association that typically has two or three parties per year for the residents.

What makes the price of this home so great?

This house is great because it is a corner lot and you can also enjoy the court next to it. The low maintenance fence and landscaping are a great combination all year round and everything is freshly painted and clean. There is a nice wooden play set on the side yard as well as a small deck ideal for sunning or entertainment should you desire. All of the carpets have been cleaned and the lawn is currently being professionally treated. In addition to the outbuilding, there is also attic access in the bedroom for additional storage.

If you want to set up a showing or had any questions about 2328 Mulundy Way Lexington, KY 40511 not answered here, please contact Erin Lewis or Dale Ferguson at Milestone.

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When Good Just Won’t Do – Mike Wheatley

May 6, 2011

By Judy Craft

We have all found ourselves in situations where we panic or don’t know what to do, such as a natural disaster, health emergency or, in our business, a transaction gone badly. When this happens, we all look for that person with a clear head and keen sense of focus to lead us out of danger. A little dramatic, yes, but a good description of our featured agent, Mike Wheatley. Mike is an unusual blend of accountant, counselor, tour guide, and leader, all peppered with a great sense of humor. Those characteristics make Mike a top producer not only within Milestone but also across our region selling Bluegrass homes. In 2009 Mike was the top Individual Agent for all Central Kentucky – an amazing feat, especially in a bad economy. That doesn’t surprise me however, as Mike is not only a great agent but also a team player and a delight to be around. Even if you didn’t need to buy or sell a home, you would want to “hang out” with Mike!! Mike recently agreed to be interviewed for this blog series on what makes a good Realtor® a great Realtor®.

Kentucky Realtor® Mike Wheatley

Licensed since 1993, Mike has his Sales Associate license as well as his Broker’s license. He studied Nutrition in College and worked in the field for a number of years. When asked about his sales background he brought up his paper route when he was 15! The food industry is grueling, so Mike was no stranger to working long hours, 7 days a week. This translated well into his real estate career as the top professionals also work erratic and long hours, especially throughout the Spring Market. Hard work doesn’t scare Mike; in fact, he seems to thrive on it. It doesn’t hurt that his wife, Diane, is very supportive and a constant source of encouragement.

A disciplined person, Mike places great value on Continuing Education and strives to improve his skills whenever possible. His daily disciplines include running and prayer – both vital to his overall health and well-being. He feels his life is more balanced now than it has been in the past but definitely believes there is room for improvement. Along with his sales activities, Mike is also a prolific writer and is in the midst of a series of articles entitled The Recovery which has been featured on our blog and has been quoted by many in our industry. If you have a chance to read Mike’s work you will find it well written and very informative. This is one of the many services Mike provides to his customers and clients on a regular basis providing them with timely and interesting market information.

If faced with starting over again Mike says he “Would have started in real estate even earlier, and not have been afraid to take that plunge into a commission sales lifestyle.” What would he tell an agent starting out in today’s environment? “Work hard, answer your phone messages and email messages promptly, find balance in your life. People succeed in even the worst of markets…there are always business opportunities available.” Great advice, Mike – thanks!!

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