PVA data shows Ashland neighborhood on the rise

Ashland neighborhood is a notable for being home of the Henry Clay Ashland Estate located in Lexington. The estate is a factor in the importance and success for the neighborhood. And this can be contributed to the financial growth in the historic district.

According to the Lexington Homes Real Estate website, Ashland community is the 10th most expensive neighborhood in Lexington. And there are nine listings currently for sale in the area, ranging from $1.4 million to $122,900 (for an apartment in Hanover Towers).

One factor that influences the price tag of a property in the Ashland community is how the community was designed. According to the LexHomes website, “Ashland Park is a 600-acre neighborhood designed in the early 1900s by the Olmstead Brothers, who also designed famous parks and roadways.”

While the community is considered to thrive from old money, the neighborhood was designed with landscaping, curving roads and shade trees in mind.

According to the Fayette County Property Valuation Administrator, a house on Woodspoint Rd. was recently, in January of this year, sold for $737,500. This house on 236 Woodspoint, was sold for $360,000 in 2012, more than doubling in price in four years.

The Woodspoint listing was built in 1930 (has a Masonry Fireplace, detached garage) and in 2015 was assessed for $465,000.

Ashland is just south of downtown Lexington, and “the entire neighborhood which includes apartments, condos, as well as fines homes, is listed in the National Registrar of Historic Places,” according to LexHomes.

Ashland Park is titled as a Historic District, and according to the Lexington Division of Historic Preservation the neighborhood of Ashland Park is protected.

“The median value of a home in the PVA Neighborhood called ‘Ashland Park’ is $375,000,” said Carolyn Logan, Chief Deputy of Fayette County PVA. “The median sale price of residential property in Fayette County in 2015 was $165,000, as published in our 2015 Annual Report.”

One property recently sold in Ashland, that breaks the average Lexington home being $101 per square foot, is 423 Holiday rd. The home was sold for $270,500 in January of this year with 1,440 square feet (making the house $187.84 per square foot).

The PVA office determines property values each year by analyzing comparable sales. So the values in Ashland Park are determined by the values of the homes that have sold.  Details of comparable sales as well as individual property values are available on the PVA public website


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