Score
0Nicholasville, KY
3555 Keene Rd
11.5M
4 beds
4 baths
4,300 sqft
4 bd • 4 ba • 4,300 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$11,495,000
Price/Sq.Ft
$2,673
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
Cave Spring Farm is an exceptional 744-acre property with unparalleled size and potential in the current market. Its considerable road frontage along Keene & Clear Creek Roads enhances accessibility and potential for future development. The farm's prime location near newly developed neighborhoods and amenities significantly boosts its value and versatility.
The property offers diverse income potential, currently utilized for horses, cropland, and cattle. The equestrian facilities are extensive, including 18 paddocks with plank fencing and automatic waterers, five converted tobacco barns providing 61 stalls, an equisizer, outdoor arena, and round pen. These features position the property well for continued or expanded equestrian operations.
The historic main residence, with its original stone portion dating from the 1790s, adds significant character and historical value. An additional employee home increases the property's functionality and rental potential. The property's flood risk score of 1/10 is exceptionally low, reducing insurance costs and future climate-related risks.
At $15,450 per acre ($11,495,000 / 744 acres), the price is competitive for large-scale farm properties in the region, especially considering the extensive improvements and prime location. The property has shown resilience in value, with only a modest 11.2% price reduction since its initial listing in April 2023, indicating strong market positioning.
The Bad
The property's high price point of $11,495,000 limits the pool of potential buyers, which may contribute to its extended time on the market (277 days). The price per square foot of $2,673.26 for the main residence is significantly above average for the area, though this metric is less relevant for a property of this nature.
The lack of detailed information about the condition and specific features of the residences and outbuildings may create uncertainty for potential buyers. The age of the historic home, while adding charm, could potentially require significant maintenance or renovation costs.
The property's size and diverse uses may require specialized management and operational knowledge, which could deter some buyers. The transition from its current use (horses, cropland, cattle) to other potential uses might require significant investment and planning.
The Ugly
The most significant concern is the high annual insurance cost, estimated at $41,382. This substantial expense could impact the property's overall financial viability for potential buyers.
The property's size and diverse operations may lead to complex and costly maintenance requirements. The extensive equestrian facilities, while valuable, could become a financial burden if not fully utilized or if the local equestrian market declines.
The moderate fire risk (3/10) and wind risk (3/10) could lead to higher insurance premiums and potential damage costs in the future. The moderate heat risk (4/10) with 7 hot days per year could affect crop yields and livestock management, potentially impacting the farm's productivity.
The property's large size and current use may face challenges with changing agricultural policies, environmental regulations, or shifts in local zoning laws. Any future development plans would likely require extensive permitting and potential rezoning, which could be time-consuming and costly.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for:
1. High-net-worth individuals or families seeking a legacy estate with significant acreage and historical value.
2. Experienced farm operators or equestrian enthusiasts with the financial capacity to manage a large-scale, diverse agricultural operation.
3. Investors or developers with long-term vision for potential subdivision or mixed-use development, given the property's location near growing neighborhoods.
4. Conservation-minded buyers interested in preserving large tracts of Kentucky farmland.
5. Equestrian business operators looking to establish or expand a significant horse breeding or training facility.
6. Agricultural corporations seeking to diversify their land holdings with a property that offers multiple use potentials (crops, livestock, equestrian).
Ideal buyers should have a household income well over $1,000,000 annually to comfortably manage the purchase price and ongoing operational costs.
Not For
This property is not suitable for:
1. First-time homebuyers or those with limited financial resources, given the high purchase price and ongoing maintenance costs.
2. Investors seeking quick returns or flip opportunities, as the property's value lies in its long-term potential and current operational use.
3. Buyers without experience in farm or large estate management, as the property requires specialized knowledge and significant time investment.
4. Those seeking a typical residential property with modern amenities and low maintenance requirements.
5. Buyers uncomfortable with the responsibilities of owning and preserving a historic structure.
6. Individuals or families looking for a property primarily for personal residential use without interest in agricultural or equestrian operations.
7. Investors not prepared for the potential complexities of future development in a rapidly growing area.
Demographics
Area Median Income
$64,799
Property History
Price History
Ownership Timeline
$0Cash Purchase
Dec 30, 2022Carl R Condon, Kristin L CondonCondon Farm Investments Llc
Special Warranty Deed
Non-Arm's Length Transactions
Property Taxes
$10,664
2020 Tax Assessment
18.6%from previous year
Assessed Value$4,775,000
Tax Rate0.22%
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
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Schools
Nearby school quality by education level
Middle
6.0/10
GoodHigh
5.0/10
AverageFinancials
Monthly Costs
Market Rent (4 bed)
Get a detailed estimate on Zillow$706
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$11,495,000
Price/sqft
$2,673
Layout
4 bd•4 ba
Days on market
277 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$167,367
6768.1%
Your price is 6768.1% above average
Median Price
$159,900
7088.9%
Based on 6 recent sales
Price per Sq.Ft
$118
2165.5%
Your price is 2165.5% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 550 Cave Springs Drive, Nicholasville, KY 40356 | $440,000 | 3,722 | 4 | 4 | $11895.6% | 8/24/2024 |
| 578 Chandamere Way, Nicholasville, KY 40356 | $159,900 | N/A | N/A | N/A | N/A | 11/16/2024 |
| 601 Chandamere Way, Nicholasville, KY 40356 | $159,900 | N/A | N/A | N/A | N/A | 11/16/2024 |
| 521 Cave Spring Drive, Nicholasville, KY 40356 | $99,900 | N/A | N/A | N/A | N/A | 11/16/2024 |
| 0 Keene-troy Parkway, Nicholasville, KY | $24,500 | N/A | N/A | N/A | N/A | 11/13/2024 |
| 688 Chandamere, Nicholasville, KY 40356 | $120,000 | N/A | N/A | N/A | N/A | 11/11/2024 |
550 Cave Springs Drive, Nicholasville, KY 40356
Price: $440,000
Sq.Ft: 3,722
Beds/Baths: 4/4
$/Sq.Ft:
$11895.6%
Sale Date: 8/24/2024
578 Chandamere Way, Nicholasville, KY 40356
Price: $159,900
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 11/16/2024
601 Chandamere Way, Nicholasville, KY 40356
Price: $159,900
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 11/16/2024
521 Cave Spring Drive, Nicholasville, KY 40356
Price: $99,900
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 11/16/2024
0 Keene-troy Parkway, Nicholasville, KY
Price: $24,500
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 11/13/2024
688 Chandamere, Nicholasville, KY 40356
Price: $120,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 11/11/2024
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