Signs that the real estate apocalypse has finally passed.
Kentucky Select Properties just reported the sale of a $3.05 million house on tony Avish Lane, the ritzy Harrods Creek enclave off River Road.
How important is this sale to all of Louisville (even to those of us not buying, or selling, seven-figure houses at the moment)?
Let’s count the ways:
● It was on the market for just 18 days.
● It sold for nearly 20 percent more than its original asking price. (The buyer also bought additional acreage.)
● It was the fourth house sale of more than $3 million this year for Kentucky Select. The company also closed on 20 other transactions of more than $1 million this year. That’s 24, with more than a month to go. (The next-highest brokerage total for 2013 is 12.)
There have been only 10 other residential property sales in Louisville of $3 million or more since the Louisville Multiple Listing Service began tracking sales data in 1997.
(By the way, the other $3 million-plus homes sold by Kentucky Select were on Sulgrave Road just off Cherokee Park, River Hill Road in Indian Hills, and Glenview Avenue in the posh Glenview enclave off River Road.)
While most of us don’t go running to the window, shouting and tossing confetti because a couple of parties closed on a $3 million house, that does seem to be a fairly reliable trailing indicator of a rebounding economy. And that should make us all go to the window, though probably more with prayers than with confetti.
“This most recent closing marks a historic day for Kentucky Select Properties and the Louisville residential real estate market, which continues to show strength in the high-end segment of properties over $1 million dollars,” said managing broker Jay Gulick.
“To close four deals of $3 million or more in a single year is an incredible accomplishment for the three Kentucky Select agents who were involved in these transactions.”
It has never been done before in a single year by one company. (Though we may hear from Realtors out there who beg to differ ….)
The 5,934-square-foot house sits on 10 acres. (That was the listed acreage. Kentucky Select would not release the amount of additional acreage acquired.) It has five bedrooms, six baths and is nearly 90 years old.
That was the good news!
However, Kentucky Select Property’s Big Kahuna remains unsold after a year on the market. It’s also on Avish Lane, had formerly been the residence of Owsley Brown Frazier and is currently selling for $5.25 million. (It opened a year ago at $5.9 million.)
It’s more than 100 years old, has 17,695 square feet of living space on 24 acres, with six bedrooms, seven and a half baths, all kinds of river views, indoor pool and solarium, barn, garden house and greenhouses.
This property is on the National Register of Historic Places.
That would be France, not Kentucky.