Condo Review – Crescent Spring Condominiums Louisville, KY

 

Small Home in Louisville, KY

Location: Crescent Spring Condominiums are located off the western end of Frankfort Avenue. Specifically, take Frankfort Ave to South Ewing Ave to Bickel Road, which ends at the entrance to Crescent Spring.

 

General Description: This development, which was built in the first half of the 1980’s, consists of 97 units houses in 16 separate wooden buildings. There are no basements, as the structures are built on concrete slab foundations. According to the Master Deed the units range in size from 513 to 1322 square feet. There are approximately 20 one bedroom and 77 two bedroom units. All of the one bedroom and some of the two bedroom units are configured as single floor homes, while the largest units have a second floor. Each unit has its own private entrance. The condo documents grant owners the right to lease their units, provided certain stipulations are met prior to the commencement of the lease. This is, in some ways, a pet friendly community, provided the pet does not become a nuisance, as defined in the condominium documents. The existing rules limit the number of pets to either a single dog weighing under 30 pounds, 2 cats or a caged bird(s). As with all condominiums, the pet may not be maintained for commercial purposes or for breeding. The condo documents also identify four designated dog walking areas. (These rules are enforced and were just amended in Jan 2016.) There are no garages or car ports and no assigned parking spaces. One unusual amendment to the master deed, dated March 5, 2007, requires all new owners to pay at closing an amount equal to two months of maintenance fees. These payments are used to fund the association’s working capital fund. This complex is managed by Mulloy Properties, Inc. Here is a link to their website and Crescent Spring’s Master Deed.

http://mulloyproperties.com/files/CSMaster%20Deed.pdf.

Visit www.MulloyProperties.com to see all the condominium documents. 

Common Area Features: This community offers a swimming pool, tennis court and a sand pit volley ball area. The community is situated in a wooded area, which results in appealing views from many of the units’ balconies and decks. These trees also help to muffle much of the noise from the nearby interstate (I-64).

 

Condominium Home Features: The one bedroom units have 1 or 1.5 bathrooms and some offer eat-in kitchens and/or breakfast bars. The one bedroom units on the second floor feature a loft area that is accessed by a ladder. The 2 bedroom units come in a variety of configurations, which include 1, 1.5 or 2 bathrooms. All the units have a laundry area and a balcony and/or deck. Some are ranch style units and others have a second floor master bedroom suite. The second floor units have vaulted ceilings and skylights. Some of the units also feature fireplaces. As of August 23, 2016, this complex was FHA approved.

 

Neighborhood Characteristics: This complex is within walking distance of a wide variety of shops and restaurants along Frankfort Avenue, which is a very popular with all Louisville residents. The restaurants vary in price range and cuisine. See this link. http://www.frankfortave.com/. This complex is also about 10 minutes to downtown Louisville and the U of L medical and dental schools. The close proximity to I-64 and I-71 allows you to be anywhere in the east end of Louisville within 15 minutes.

 

Historical Sales & Monthly Fees: During 2012, three units were been sold. Two were townhouses with one having 2 bedrooms and 1.5 baths, while the other had only 1 bedroom and 1.5 baths. They sold for $113.5k ($124/sf) and $113k ($108/sf).  The third sale was a ranch with 2 bedrooms and 2.0 baths, which sold for $85k or $99/sf. During 2013, four townhouse units were sold, excluding two distressed sales. The sale prices ranged from $109.5k ($106/sf) to $120.8k or $98/sf.) The one that sold for $109.5k had only a single bedroom, while the other three had 2 bedrooms and 1.5 baths. During 2014, five ranch style units were sold. One had a single bedroom and bath and sold for $95k or $127/sf. The other four had 2 bedrooms and 2 baths and sold within a range of $98k ($115/sf) to $125k or $111/sf. Four townhouse units with 2 bedrooms and 1.5 baths were also sold, with sale prices ranging from $99k ($109/sf) to $120.5k or $91/sf. During 2015, thirteen units were sold: eight ranches and five townhouse units. The ranches consisted of a 1 bedroom and 1 bath at $69.8k ($128/sf), two, 1 bedrooms with 1.5 baths ($82.6k or 116/sf and $93.5k or 129/sf), and five others with 2 bedrooms/2baths, which ranged from $104k ($118/sf) to $135k or $113/sf. One of the five townhouses had one bedroom/1.5 baths and sold for $116k ($113/sf), while the other four had 2bedrooms/1.5 baths and sold with a range of $116k ($127/sf) to $144.750k or $111/sf. During the first 7.5 months of 2016, four units have been sold. The two ranches sold for $99.5k (1BR & 1.0BA, $133/sf) and $122k (2BR & 2.0BA, $143/sf), while the two townhouses, each with 2BR and 1.5 baths, brought $123k ($119/sf) and $116k or $113/sf.

The maintenance fees range from about $140 to $260/month. These fees cover the typical items such as water, sewer, grounds maintenance, exterior maintenance, trash pickup, snow plowing, and the master insurance policy on the buildings. Note: At one time some of these buildings were in the flood plain; however, my research has revealed they are no longer classified as such.

 

Suitability for Downsizers: This condo complex is suitable for persons in the process of downsizing, due to its very convenient location. However, the popularity of Frankfort Ave has its drawbacks, as on occasion the street can become rowdy with revelers. Here’s a link to a prior post that discusses issues needing consideration before an offer is made on a condominium. It is based upon my 16+ years of experience as a realtor and 20+ years as an owner and periodic  board member at Hurstbourne Ridge Condominiums.

Swimming pool & volleyball venues

 

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