Condo Review – Baxter Loop Condominiums Louisville KY

 

Welcome to the Baxter Loop Condominiums.

Location: Heading north on Bardstown Road, turn left on Ellwood Avenue, which runs into Baxter Avenue. This complex is just south of Grinstead Drive.

 

General Description: According to the master deed, this complex consists of three 2-story, brick buildings and 28 individual ranch style units. It was initially and apartment complex, which was converted to condominiums in 2006. Each unit was subsequently gutted and remodeled. Each unit offers 2 bedrooms and one bath. There are no private entrances, as there are 4 or more units per building. They range in size from about 680 to 780 square feet. The PVA suggests the building were initially built in the first half of the twentieth century. Each building has a basement, which houses a laundry area with washer/dryer hookups for each unit. There are also lockable storage bins that measure approximately 6’ x 7’ x 6’ tall. There are no garages or car ports nor does the building have an elevator. Per the master deed, no more than 1 household pet may be kept, provided (a) such pet is not kept for breeding or commercial purposes, and (b) the pet does not weigh more than 25 pounds, or if more than one pet, their aggregate weight does not exceed 25 pounds. Owners may lease their units, subject to the rules stipulated in the master deed and other condominium documents (e.g., leases must be in writing, tenant agrees to be bound by the condominium documents, etc.) The master deed also stipulates that no more than four people can reside in any one unit and no more than 3 may be adults.

 

Condo Management: This complex is managed by Mulloy Properties, Inc. Here is a link to their website and the Baxter Loop Condominiums’ Master Deed. http://bit.ly/SC6RwP

 

Common Area Features: None, although the grounds are well kept, which includes a pretty courtyard, many tall shade trees and park benches (see photos below).

 

Condo Features: Each condo is a ranch style unit on either the first or second floor. The condos all have two bedrooms, a kitchen, a living room and a dining area. Some owners have enclosed the dining area to make it more of a dining room. There are no garages or car ports, but a few of the units have an assigned, off street parking space in the alley.

 

Neighborhood Characteristics: This complex is located in the heart of the area of Louisville known as the Highlands. Here’s a link to a prior post on the Highlands. This area is very convenient to a plethora of shops, restaurants, coffee shops, etc and is very popular with people of all ages. Downtown Louisville is a 5 minute drive or a 15 minute bus ride.

 

Recent Sales & Maintenance Fees: During 2013, 5 units were sold and all but one had off street parking. Those four units sold within a range of $92k ($135/sf) to $99.5k ($137/sf). The single unit that only offered street parking sold for $97k or $132/sf. During 2014, one unit was sold and it brought $95k or $140/sf. During 2015, one unit was sold for $103.5k or $151/sq ft. During 2016 – through December 7 –  four units were sold and all but one had off street parking. The three units with off street parking sold within a range of $$112k ($160/sf) tp $107.9k or $159/sq ft. The fourth unit sold for $114k or $157/sf. The 2016 monthly maintenance fee is about $210 and includes the usual items such as water, sewer, grounds keeping, trash & snow removal, master insurance on the buildings. FHA approved at this time.

 

Suitability for Downsizers: Given that this location is so convenient, Baxter Loop should be considered by anyone wanting a smaller home. Here is a link to a prior post that discusses the issues that should be considered before an offer is made on a condominium. It is based upon my 16+ years of experience as a Realtor and as a 20+ year owner and periodic board member at Hurstbourne Ridge Condominiums.

The cluster of incidents north of the complex along Bardstown Road is due to the large number of bars in that area. Please feel free to add your comments about this complex.

 

The courtyard.