Downsizing Options: Condo Review – Colonial Woods Louisville, KY

 

Former Pioneer’s Home in Sonoran Desert, AZ

Location: Colonial Woods is located off Dorsey Lane approximately halfway between Shelbyville Road and Ward Ave. The entrance to the subdivision is about ½ mile from where Shelbyville Road intersects Dorsey Lane. The entry road to the subdivision is named Colonial Woods Way.

General Description: A review of the condominium documents reveals that this condo development was built during the first half of the 1980’s and consists of 12 vinyl-clad buildings housing 67 townhouses ranging in size from 1077 to 1560 square feet. The vast majority of these condominiums have between 1225 and 1295 square feet. Every unit has a separate entrance. The number of townhouse units within a building varies from 4 to 8 units. Also, some were built on slab foundations, while others offer walkout basements. There are no garages or car ports and every owner is assigned two parking spaces. This is a pet friendly community. Based upon a review of the condo documents, there is no apparent limit on the number of pets nor is there a weight limit. Dogs, cats and other household pets may be kept in units subject to rules and regulations adopted by the board of directors, provided they are not kept, bred or maintained for any commercial purpose. Per FHA guidelines, a percentage of owners may lease their units, at any one time. This complex allows no more than 14 of its 67 units to be rentals at any one time. This complex is managed by KY Realty Corporation. Here is a link to the Colonial Woods Condos website, which includes the condo documents.  www.colonialwoods.net/hoa-documents

Common Area Features: None. There is no pool, clubhouse or any similar facility. However, there are some very nice green spaces.

Townhouse Features: The majority of the townhouses are 2 bedroom, 2 bath units spread over two floors. The very largest units, however, have 3 bedrooms, 2.5 baths and 2 1/2 floors of living space. In studying the MLS data, these larger units have a partial second floor that holds the kitchen and dining area, while the first floor consists of the living room and a half bath. The 3 bedrooms and two full baths are on the top floor. All of the units offer wood burning fireplaces, along with a deck. The units with walkout basements also offer a patio.

Neighborhood Characteristics: This development is very convenient to a wide variety of restaurants, shops, and other needed services. Two shopping malls are just a 5 minute drive and downtown Louisville is 15-20 minutes. The housing within ½ mile of Colonial Woods is in general much more upscale. This overall area is considered to be a very safe part of Louisville.

Recent Sales and Maintenance Fees: During 2013, there was two foreclosure sales of $69,900 ($57/sf) and $82,500 ($67/sf) and three normal sales. The normal sales ranged from $84,000 ($69/sf) to $95,000 or $74/sq ft. During 2014, four units were sold that ranged in price from $87,000 ($71/sf) to $112,000 or $87/sq ft. During 2015, nine units were sold. One was a foreclosure which brought $76,300 or $62/sq ft.  One was a 3 bedroom unit that brought $135,000 ($87/sq ft), while the remaining seven sales were of 2-bedroom units that ranged in price from $91,500 ($75/sf) to $112,900 ($92/sf). During 2016, six units were sold: one 3-bedroom and five 2-bedroom units. The 3-bedroom sold for $137k or $88/sf, while the 2-bedroom units had selling prices that ranged from $105.5k ($86/sf) to $126k or $98/sf. During 2017, eight units were sold: one 3-bedroom and seven 2-bedroom units. The 3-bedroom sold for $160k or $103/sf. The 2-bedroom units, excluding one estate sale that sold for $117k, sold within a range from $122.1k ($99/sf) to $152k or $118/sf. Through April 9, 2018, three 2-bedroom units were sold. They ranged in price from $129.9k ($121/sf) to $140k or $114/sf. 

The 2018 monthly maintenance fees range from approximately $133 to $193. These fees cover your exterior grounds maintenance, water, sewer, the master insurance policy on the buildings and any snow plowing. This complex is FHA approved through April 2, 2020.

Suitability for Downsizers: This condo complex is suitable for persons in the process of downsizing, due to its very convenient location and the general safety of the neighborhood. Here is a link to a prior post that discusses important issues that should be considered before making an offer on a condominium. It is based upon my 16+ years as a Realtor and my 21+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums.

Call, text or email me with any questions, or if you need a Realtor to sell your home and/or find your next one! 502.807.4999

Photo courtesy of Flickr.com and Gem66’s photo stream.       

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