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 ( 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.

 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

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!

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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