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Leigh

Are you ready for it?

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Hi everyone! I am new to this forum and am interested in the new urban living in Lexington. In your opinion, do you think everyone in town is ready for loft/downtown living? Lexington is not a very big city, so I am wondering with all of these new developments going up, exactly what will be the future occupancy rate? I used to live in Lexington a year ago and I when I left, the University Lofts were under construction. I thought lofts would be a great idea, but I've always liked them :) On the hand, what will make residents buy a loft instead of a home with land and a yard? Will the Lexington loft market ever reach luxury status with marble floors and all glass exteriors? Tell me what you all think!

-Leigh

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Well I know of a number of market studies that was done prior to and after 9-11 happened. They were very positive and that is reflected in the recent developments in downtown Lexington. It is just a matter of time before they start to go higher there. It has GOT to happen at some point.

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I think Lexington is ready for loft type developments. They better be or some developers will be losing a lot of money. If what they say is true, there must be interest because people have reserved the spaces and put down deposits etc. In addition, Lexington already has these types of developments. The building on Esplanade that houses Natasha's cafe has lofts on top that are occupied as does the building that houses Portofino. In addition, Park Plaza has loft type living.

I believe the current developments are not really geared at the same people who would buy a home in the suburbs. I think the current developments are trying to attract the type of people who normally leave Lexington because it doesn't offer this type of living. I think the problem now is figuring out how to keep these people here after they graduate or finish a residency etc. We need more of the jobs that will keep these people here. I think some effort has been made to attract companies like Belcan, but we have a long way to go.

I don't think the people who buy in the suburbs are going to want loft type living at this point. Perhaps if loft living becomes more affordable than a house in the suburbs or public transportation impoves or downtown amenities like grocery stores increase, then some may be drawn away from the suburbs. However, I am of the belief that these are two different types of people that will remain so, unless gas goes to 8.00 a gallon.

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