The Greater Louisville Association of Realtors reported 14,097 residential sales this year down 2.2 percent from 2006. That's a wider gap than the 0.8 percent decline the group reported through October.
Prices, however, continue to hold up. The median price was $139,900 at the end of last month, up about 1 percent from 2006 but less than the 1.45 percent gain reported in October.
The holiday season is typically one of the slowest times of the year for real estate.
Summary of Kentucky Condo Act
Benefits of the Kentucky Condo Act
Condominiums, patio homes and lofts are a quickly growing housing start.
The proposed Kentucky Condo Act helps all consumers with:
• Full Financial Disclosure
• Consumer Protection
• Property Value Protection
• Gaining Peace of Mind
Current condo problems can cause a decline in property values
Many owners and potential buyers do not know the FULL EXTENT of potential looming
financial shortfalls at condominium associations. Some problems include:
• Lack of strong paid management
• Lack of a dedicated, excellent volunteer board of directors
• Monthly fees that may be too low to sustain the property
The result can be a decline in property values, and sometimes a steep decline as the
property ages.
A sensible first step, for a Kentucky solution
The Uniform Condominium Act has existed in most "urbanized" state for 20+ years.
The act requires all associations to:
• Keep up-to-date, standard financial records such as
o An annual operating budget and balance sheet
o Statement of insurance
• Disclose needed capital repairs
• Disclose the amount of money held in reserve
• Finances would be uniform at all associations in the state
• Helps lenders and buyers know what they are getting into
For more information:
Please see our website at www.KentuckyCondoLaw.org
• See the full 80-page proposed Kentucky Condo Act
• See the 70-slide PowerPoint explaining features and benefits of the Kentucky
Condo Act
For more information, contact John@KentuckyCondoLaw.org
www.KentuckyCondoLaw.org
Rev 11-24-07
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