Updated: Monday, August 27th 2018, 5:40 pm EDT
LOUISVILLE, Ky. (WDRB) — A colorful billboard hangs above 30th and Market Streets in the Russell neighborhood, telling of Heritage West, $30 million indoor and outdoor track facility that will soon occupy the vacant lot.
And there’s another colorful sign posted in the grass underneath the billboard. It reads “I buy houses.”
Gwen Jerald, who lives across the street from the site, said he’s often approached by solicitors looking to buy the house he lives in.
“I see people all the time riding around,” Jerald said.
Property records show his house is assessed at $17,240. Local real estate experts predicted that value to increase with construction of nearby developments, including Heritage West, Passport Health and the new family YMCA.
“With all that is happening in west Louisville right now, it’s been an inundation of people soliciting, knocking on doors and asking people to please sell their homes,” said Kevin Dunlap, executive director of the Louisville Urban League’s Rebound Inc.
Dunlap said west Louisville homeowners shouldn’t be tempted by easy cash. The organization started a campaign called “Stop! Don’t sell, yet.”
“We don’t want people to get taken advantage of,” Dunlap said.
Dunlap and the Urban League will host a meeting at 5:30 p.m. Tuesday for homeowners in west Louisville.
“I think you’ll probably see an average of a 3 to 5 percent increase,” Dunlap said.
Dunlap said even a vacant property that might have cost $8,000 less than 10 years ago might go for as much as $30,000 to $40,000 today, depending on the location. He added that if homeowners start to feel the pressure, consider all the options before cashing in your chips.
“We’re letting people know there are resources in the community that you don’t necessarily have to sell your home just because you need a new roof and you can’t afford it,” he said.
Dunlap said there are resources for homes pending foreclosure or if owners are behind on their mortgage, taxes or are in other debt. There are also resources for homes that need repairs.
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