Via Forbes.com: For many Americans, the city of Louisville is synonymous with three things: bourbon, Hot Browns (a local dish of thick toast topped with turkey, bacon, and Mornay sauce), and the Kentucky Derby. While all of these things still deserve our attention, there’s another good reason to visit this vibrant Southern city: outstanding restaurants and bars. Read more.
The year 2017 in Louisville residential real estate was marked by an acute shortage of houses priced under $200,000, historically high average selling prices (ending the year at approximately $208,000 vs. $175,000 in the last boom year of 2007, and up from $197,000 in 2016), and a historically short amount of time the average home stayed on the market for sale (just 44 days compared to 77 in 2007, and down from 51 days in 2016).
The high-end market in 2017 also showed impressive year-over-year gains. 682 properties sold for $500,000 - $999,999 vs. 581 in 2016 – a 17% increase. There was a 68% increase of properties that sold for $1 million or more in 2017 with 74 vs. 44 million dollar plus sales in 2016.
Here at Kentucky Select Properties we enjoyed our best year ever with $309 million in total sales volume, an increase of $37 million or 13.7% over 2016 (which had previously been the best year in company history).
4 Items of Note Regarding Residential Real Estate and the new Federal Tax Law
Capital Gain Exclusion - One of the most important provisions of the new tax law for many homeowners was not a change but a vote for the status quo with regards to the exclusion of capital gains on the sale of a principal residence. As long as you have lived in your principal residence for 2 of the 5 years immediately preceding the sale you remain exempt from paying tax on up to $250,000 of gain as a single filer and up to $500,000 when married filing jointly.
Mortgage Interest Deduction – The new law reduces the limit on deductible mortgage debt to $750,000 for new loans taken out after 12/14/17. Current loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap. Under the new law you will no longer be able to deduct the interest on home equity loans (unless the proceeds are used to substantially...
Every homeowner, landlord or property management company knows how significant it is to have gutters and downspouts defending their properties from water damage. Without them, rainwater can collect on the roof of the building or pool around the foundation of the building. Eventually, creating the possibility of severe damage to concrete, drywall and roofing materials. Considering that water damage can cost property managers and owners thousands of dollars, having the right gutters and downspouts on a property is more than a good investment — it’s just good sense.
Yet with so many materials and styles available for gutters and downspouts, property managers and owners might be left wondering what’s best for their properties. Although the differences might appear to be simply cosmetic, choosing materials for gutters and downspouts can make a significant difference in terms of the work they require for maintenance, how much it costs to install them, and how much it will cost to maintain them over the life of the property.
For example, vinyl gutters may be the most inexpensive option, but they come with some disadvantages that should make property managers think twice about installing them. Their affordability might make them seem attractive originally, but their weaker construction means they won’t stand up to heftier loads. They also tend to become brittle after extended exposure to heat and cold. Meaning, property managers may need to replace them more regularly than other types of gutters.
On the opposite end of the price spectrum, property managers may be attracted to copper gutters because of their rust-free construction, their attractive look and their strength. However, they require professional installation in order to weld the joints together — making them even more expensive than the cost of materials.
Choosing the correct...