Downsizing Options: Condo Review – Diplomat Arms Condominiums Louisville KY

 

Entrance to Diplomat Arms Condominiums

Location: This complex is located on Thierman Lane, which intersects with Shelbyville Road. Thierman Lane is between North Hubbards and Chenoweth Lanes or about 1.5 miles west of I-264.

 General Description: According to the Master Deed, this complex was built in the early 1980’s and consists of a single, 3-story brick building with 46 individual units. Each unit has a ranch style design with either 1 or 2 bedrooms and a single bath. The units range in size from 722 to 853 square feet. The building has a basement with a laundry room with 4 coin operated washers and dryers. There are no garages or car ports nor does the building have an elevator. This development does not allow pets. By Laws link (http://bit.ly/2A3ERzG). Owners may lease their units. This complex is managed by Mulloy Properties, Inc. Here is a link to their website and the Diplomat Arms’ Master Deed. http://bit.ly/X0jgOn

 Common Area Features: None other than the laundry room. There are some storage closets in the basement, which are available for a small fee.

 Condominium Features: Each unit’s floor plan consists of a dining area that is open to the living room, in addition to one or two bedrooms and a bathroom. Every second and third floor unit has a small balcony. The first floor units are partly below grade and have only windows.

 Neighborhood Characteristics: This complex is located in a super convenient location that is surrounded by a wide variety of shops and restaurants. There is a Kroger within ½ mile and a Wal-Mart Neighborhood mart just down the street. Two shopping malls are within a 10 minute drive, while downtown Louisville is just a 15 minute drive.

 Recent Sales & Maintenance Fees: During 2014, no units were sold. During 2015, three 1-bedroom units were sold within a price range of $45,600 ($61/sf) to $48,000 or $62/sf. During 2016, a single 1-bedroom unit was sold for $45,000 or $62/sf. During 2017, one 1-bedroom unit was sold for $55,000 or $76/sf. Through October 29, 2018, two 1-bedroom units have been sold for $48k ($66/sf) and $50k or $69/sq ft.

The 2018 monthly maintenance fee ranges from $215 to $254, which includes heat, air conditioning, water, sewer, security, building and grounds maintenance and the master insurance policy on the building. Please note that the cost of heat and a/c is not commonly part of a condominium’s monthly maintenance fee. As of 6/4/2018, this development is not FHA approved. The April 30, 2018 balance sheet shows a reserve balance of about $36,750. 

Suitability for Downsizers: Given that this location is so convenient, Diplomat Arms should be considered by anyone wanting a smaller home. 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 as an owner (21+ years) and periodic board member at Hurstbourne Ridge Condominiums. Here’s crime map link  http://www.louisvilleky.gov/MetroPolice/CrimeMaps/#.U8_LC3wmQpY.link

Unsure about the type of smaller home to buy? Here’s a link to an article that discusses the pros and cons of condos, patio homes and single family homes. Food for thought! http://bit.ly/2J1fKC5

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

 

Side view of Diplomat Arms Condominiums

 

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