- by Julie Tam, FOX 41 News
Residential developers say now is the time to buy, if you're thinking about moving downtown, because housing prices will go up as the arena gets closer to completion.
The downtown arena is about 372 days from opening. And people are looking to move to the heart of the city. "It's an exciting place. There's a lot of growth," Paul Sizemore, who is looking to rent, said.
Developers and realtors say all that excitement and the surrounding development will make living downtown more expensive. "So I think what people will find is if they don't get out and look now, the selection is not going to be as good this time next year. And if they want to wait three years for new product, it's going to be a lot more expensive," Phil Scherer, Louisville Downtown Management District board member and real estate developer, said.
More than 100 units are still available for sale downtown, and Saturday people looking to buy or rent took the Downtown Living Tour. "There are a lot of folks that would like to live in the downtown but don't want to buy. Or maybe buying is a little too expensive," Scherer said.
"I'm getting ready to start a job downtown and I just love downtown. I want to be downtown," Sizemore said.
The higher demand for renting versus buying is why Ice House Lofts will be developed into apartments. And one developer is getting ready to build more affordable condos and townhomes with garages. "Some of the units in the Liberty Green area, they'll range from $105,000 up into the low $400s," Bill Weyland, City Properties Group developer, said.
Still, pricier condos abound, like Fleur de Lis and coming soon, the 8th and 9th floor of ZirMed Tower across from Glassworks. "We're massing up some other projects though that I hope we can move forward on sometime next year. I think, as the economy changes, those become more and more feasible," Weyland said.
Downtown rental units are more than 90 percent occupied. Developers are hoping the expansion of Creation Gardens, to include a new grocery store in the East Market area, will attract even more residents.
