Condo Review – Coppershire Condominium Homes Louisville, KY

 

Small colorful home in Iceland

Coppershire is located on Lake Avenue, which intersects Mellwood Ave about ½ mile west of where Mellwood connects with Zorn Avenue. The simplest directions are to take the Zorn Avenue exit from I-71 and head south to the first possible right, which is Mellwood Avenue.

 

General Description: This development, which was originally an apartment complex, was legally converted to condominiums and remodeled in 1999. There are 66 units in six wooden, three story buildings. The exterior of the buildings, which were painted and re-stained a few years ago as part of a major face-lift,  are clad in what appears to be very appealing, durable, cedar shakes, which give it a feel of Cape Cod or New England. There are no basements, as the structures are built on concrete slab foundations. According to the Master Deed the units range in size from 635 to 1230 square feet. There are approximately 19 one bedroom and 47 two bedroom units. All of the one bedroom and many of the two bedroom units are configured as single floor homes, while a few of the largest units have a second floor. Each unit has its own entrance and there are a limited number of car ports available to lease on a monthly or annual basis. The current fee is twenty dollars per month. Owners may lease their units provided certain stipulations are met prior to the commencement of the lease. This is a pet friendly community, provided the pet does not become a nuisance, which is clearly defined in the Association’s Rules & Regulations. Currently, there is neither a weight limit nor a maximum allowable number of pets.

 

Common Area Features: The complex has a small in ground pool and a small pool house. This complex is quiet and somewhat secluded, as it is located at the end of a road about ¾ of a mile long that provides access to only an upscale apartment complex and it. Coppershire is very well landscaped and is situated within a wooded area, which results in scenic views from the decks of many units.

 

Condominium Home Features: The smaller units have one bedroom and bath, while the larger units have two bedrooms and two full baths. The other rooms include a galley kitchen, a living room, a dining area and a small laundry area suitable for a stacked unit. The living room features a fireplace. Every unit has a covered balcony/deck or a patio. Since this development was formerly an apartment complex, check to see if the soundproofing is adequate for your needs. Coppershire was designed by the same architectural firm that designed Stonecrest Condominiums on Zorn Avenue.

 

Neighborhood Characteristics: This complex is extremely popular with medical and dental students, as it is 10 minutes from downtown Louisville and the University of Louisville medical and dental schools. Some owners lease their units to these students. The shopping malls are only a 15 minute drive and the restaurants and shops on Frankfort Avenue are also nearby. There are walking and cycling trails nearby and numerous soccer fields as well.

 

Sales & Current Monthly Fees: During  calendar year 2013, three one bedroom and four two bedroom units were sold. The single bedroom units sold for $59k ($76/sf), $75k ($117/sf) and $89k ($128/sf) and none were foreclosures. The 2 bedroom units’ contract prices ranged from $121k ($99/sf) to $128k ($111/sf). During the 2014 calendar year, 1 one bedroom and 4 two bedroom units were sold. The 1-bedroom brought $79k ($102/sf), while the 2-bedrooms ranged in price from $106k ($90/sf) to $125k ($111/sf). During 2015, 1 one bedroom and 4 two bedroom units were sold. The 1-bedroom brought $85k ($113/sf), while the 2-bedrooms ranged in price from $115k ($101/sf) to $120k ($119/sf). The current monthly maintenance fees range from about $170 to $270. These fees cover your exterior grounds maintenance, water, sewer, the master insurance policy on the buildings and any snow plowing. 

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 immediate neighborhood. Here is a link to a prior post which discusses important issues to be considered before making an offer on a condominium. It is based upon my 11+ years of experience as a Realtor and my 16+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums.

Here’s a link to the criminal activity that occurred in that general area between 10/1/2011 and 11/8/2012. (Note that western Brownsboro Road has some issues, while the immediate area around Coppershire is fine.) http://bit.ly/UbJeaX.    Call me for an updated link. 502.807.4999

Photo courtesy of Flickr.com and Stuckincustoms’ photo stream.

 

Welcome to Coppershire

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