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Kentucky REALTOR® News

Amazon plans $1.494B investment to create hub at CVG; could lead to more than 2,700 jobs
February 1, 2017

The Kentucky Economic Development Finance Authority has given preliminary approval to Amazon to invest $1.494 billion in a centralized hub at the Cincinnati/Northern Kentucky International Airport that could eventually create more than 2,700 jobs.

The $1.494 billion investment is believed to be the largest project in state history.

The hub, which would be located in a new facility, would serve Amazon’s growing fleet of Prime Air cargo planes.

Amazon, which would invest $1,032,400,000 on equipment and $461,600,000 on building and improvements, would initially hire 100, with a goal of adding an additional 100 jobs per year, to 600 jobs within six years, at an average salary of $26.50, including employee benefits.

Amazon has been approved for $40 million in tax incentives over 10 years.

Overall, more than 10,000 full-time employees already work at 11 sites in Kentucky. Read More

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Kentucky's unemployment rate remains at 4.8% in December
January 19, 2017

Kentucky’s seasonally adjusted preliminary unemployment rate was unchanged from November 2016 to December 2016 at 4.8 percent, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.

The preliminary December 2016 jobless rate was 0.9 percentage points lower than the 5.7 percent rate recorded for the state in December 2015.

The U.S. seasonally adjusted jobless rate for December 2016 was 4.7 percent, according to the U.S. Department of Labor. Read More

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Kentucky's unemployment rate at 4.8% in November
December 16, 2016

Kentucky’s seasonally adjusted preliminary unemployment rate for November 2016 was 4.8 percent from a revised 5.1 percent in October 2016, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.

The preliminary November 2016 jobless rate was 0.8 percentage points lower than the 5.6 percent rate recorded for the state in November 2015.

The U.S. seasonally adjusted jobless rate for November 2016 was 4.6 percent, according to the U.S. Department of Labor.

Labor force statistics, including the unemployment rate, are based on estimates from the Current Population Survey of households. It is designed to measure trends rather than to count the actual number of people working. It includes jobs in agriculture and those classified as self-employed.

In November 2016, Kentucky’s civilian labor force was 2,004,568, an increase of 7,365 individuals compared to the previous month. Employment was up by 12,437, and the number of unemployed decreased by 5,072.

“In November, our labor force increased by .4 percent,” said Kentucky Labor Market Information Director Kate Shirley Akers, Ph.D. “Over the last year, Kentucky has seen growth in both the labor force and the number of employed, with the labor force growing by 2.8 percent and employment increasing by 3.7 percent.” Read More

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KY Realtor Ken Warden appointed first director of Real Estate Authority
December 14, 2016

Kenneth W. Warden, of Fort Thomas, has been appointed Executive Director of the newly created Kentucky Real Estate Authority. The appointment was announced by the Secretary of the Public Protection Cabinet, David Dickerson, and will be effective immediately.

Warden brings over 40 years of real estate experience to the position, most recently as the owner of Warden & Associates in Northern Kentucky where he also worked as a broker. Prior to founding his own firm, Warden oversaw the Campbell County operations of West Shell, Inc. and served the company as a vice-president and partner.

“Ken Warden is an accomplished professional with decades of experience in all sectors of the real estate industry. His qualifications and knowledge make him a perfect fit for this new role,” said Secretary Dickerson.

As a member of several state professional real estate organizations, Warden has overseen high priority initiatives for the industry. He is a former president of the Kentucky Association of Realtors and was named the group’s 2015 Distinguished Service Award winner for his outstanding contributions to real estate. Warden also served as a president, director and member of the Northern Kentucky Association of Realtors and a regional vice-president and director of the National Association of Realtors. He holds state licenses in Kentucky and Ohio as a real estate broker and is a Kentucky state certified residential appraiser.

“I am honored to receive this appointment,” said Warden. “The Kentucky Real Estate Authority was created to be a point of collaboration and innovation for the industry. I look forward to working with board members to impact positive change for the statewide real estate sector.”

A graduate of Northern Kentucky University, Warden is an Army Veteran and received an Army Commendation Medal for Meritorious Service in Vietnam.

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KAR members asked to participate in entrepreneurial climate survey for Kentucky
December 12, 2016

KAR and other business and trade associations across Kentucky are participating in the Entrepreneurial Climate Study, which is being conducted by the Kentucky Entrepreneur Network (KEN). This statewide online survey of entrepreneurs and small business owners with fewer than 100 employees has been scientifically designed to gauge the entrepreneurial environment in Kentucky as viewed by active entrepreneurs.

As a small business in Kentucky, you know the important role small businesses play in Kentucky’s economic climate. Growing a strong entrepreneurial environment in Kentucky helps all of our citizens through job creation and economic improvement. The goal of the study is to determine the awareness and perceived effectiveness of programs in Kentucky that are designed to help the entrepreneur, examine the resources available, and define what changes are needed to provide better assistance to the entrepreneur.

KEN is asking that you take just a few minutes to participate and provide your valuable feedback. The data collected will be used to improve the entrepreneurial climate in Kentucky, and your individual responses will not be shared with anyone.

BONUS: Those completing the survey before December 31, 2016, will be entered into a drawing to win a Microsoft Surface Pro 4 and other services!

TAKE THE SURVEY

Read more about the survey and study here.

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Governor Bevin integrates KREC and other real estate boards into Real Estate Authority
December 7, 2016

Governor Bevin recently issued Executive Order 2016-859 to reorganize the Office of Occupations and Professions, the Real Estate Commission, the Real Estate Appraisers Board, the Board of Auctioneers and the Kentucky Board of Home Inspectors and created the Kentucky Real Estate Authority.

Read the Executive Order
Read the press release

 

 

KAR’s mission is to support and enhance the ability of local associations of REALTORS and REALTOR members to succeed in their businesses in an ethical and competent manner and, through a united voice, preserve real property rights. KAR has a responsibility to its members and consumers to ensure that such actions will continue to promote this mission.

In order to do this, KAR is looking for your feedback. Please read the executive order, consider the changes and contact us by December 12th with any questions or concerns. You can send us an email at kar@kar.com.

Soon after, KAR leaders will analyze this feedback and share the information with the Governor’s office. We look forward to working with the administration on this action and other issues important to the real estate industry.

Thanks for all you do to help make our industry the best it can be.

Lamont Breland, KAR President

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Department of Revenue sets 2017-2018 homestead exemption
December 2, 2016

The maximum homestead exemption on real estate owned by qualified persons has been set at $37,600 for the 2017 and 2018 tax periods. The 2017-2018 exemption reflects a $700 increase over the 2015 – 2016 exemption of $36,900.

The amount of the homestead exemption is adjusted every two years in accordance with KRS 132.810 to compensate for changes in the purchasing power of the dollar. The exemption provided state and local property tax savings of approximately $209 million for more than 440,000 elderly or disabled Kentuckians during the 2016 tax year.

To qualify for the homestead exemption, a person must be at least 65 years old during the tax period or have been classified as totally disabled by any public or private retirement system. The property must also be owned, occupied and maintained by the taxpayer as a personal residence on the Jan. 1 assessment date.

Applications for the homestead exemption should be filed in the local Property Valuation Administrator’s office.

Tags: KAR News
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Unemployment rates down in 82 Kentucky counties in October
November 29, 2016

Unemployment rates fell in 82 Kentucky counties between October 2015 and October 2016, rose in 33 and stayed the same in five counties (Breckinridge, Knott, Laurel, McLean and Powell), according to the Kentucky Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.

Woodford County recorded the lowest jobless rate in the Commonwealth at 3 percent. It was followed by Oldham and Shelby counties, 3.1 percent each; Fayette and Spencer counties, 3.3 percent each; Warren County, 3.4 percent; and Anderson, Boone, Campbell and Scott counties, 3.5 percent each.

Magoffin County recorded the state’s highest unemployment rate at 14.1 percent. It was followed by Leslie County, 11.6 percent; Harlan County, 10.5 percent; Letcher County, 10.3 percent; Elliott County, 10.1 percent; Floyd County, 9.9 percent; Pike County, 9.6 percent; Knott County, 9.5 percent; and Clay and Perry counties, 9.3 percent each.

In contrast to the monthly national and state data, unemployment statistics for counties are not seasonally adjusted. The comparable, unadjusted unemployment rate for the state was 4.6 percent for October 2016, and 4.7 percent for the nation.

To view a set of maps detailing these monthly numbers, click here. For PDF charts of the data, click here.

To access Local Area Unemployment Statistics (LAUS) data click here.

Learn more about the Office of Employment and Training at www.workforce.ky.gov.

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7 things you should never do online
November 18, 2016

As real estate agents, you spend (or probably should spend) a lot of time online collecting leads, generating referrals, researching properties, etc. Most of that time may be spent on social media. Are you using that time wisely and appropriately? Here are seven tips on ways to quit bad behavior and make better choices on what you do online. Stop doing these things:

  1. Be gullible to posts and videos It doesn’t take much effort to create a convincing hoax. With the right phrasing and a dab of digital wizardry, you can convince millions of people that Brad Pitt committed suicide, or drilling a hole in your iPhone 7 will reveal a hidden headphone jack. (It won’t by the way, but here’s the video that has over 15 million views and fooled some into destroying an iPhone.) A recent hoax alleges that Facebook's privacy policy has changed and all your pictures, posts, and messages will now become public. People are upset and posting false status updates that they do not give Facebook permission to share their private content. This particular post, like many others, cites a news source along with mumbo jumbo legal statutes. True, it’s hard to tell a hoax is a hoax, but if you hear something shocking, run a quick internet search before you believe it. You may save yourself a lot of embarrassment, and you’ll leave the pranksters less reason to fool people. Read More

 

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Kentucky's unemployment rate at 5.1% in October
November 18, 2016

Kentucky’s seasonally adjusted preliminary unemployment rate for October 2016 was 5.1 percent from a revised 5 percent in September 2016, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.

The preliminary October 2016 jobless rate was 0.4 percentage points lower than the 5.5 percent rate recorded for the state in October 2015. The U.S. seasonally adjusted jobless rate for October 2016 was 4.9 percent, according to the U.S. Department of Labor.

Labor force statistics, including the unemployment rate, are based on estimates from the Current Population Survey of households. It is designed to measure trends rather than to count the actual number of people working. It includes jobs in agriculture and those classified as self-employed.

In October 2016, Kentucky’s civilian labor force was 1,996,795, an increase of 14,997 individuals compared to the previous month. Employment was up by 12,931, and the number of unemployed increased by 2,066. Read More

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