Downsizing Options: Condo Review – Highland Village, Louisville KY

 

Welcome to Highland Village Condominiums

Location: This small condo development is located in the Highlands section of Louisville. It’s located at the corner of East Breckinridge Street and Rubel Avenue. Travel north on Baxter Avenue and turn left on Breckinridge Street.

 

General Description: According to the Master Deed and a visual inspection, this complex, which was built in about 1992, consists of 24 units within seven separate 2-story, vinyl buildings. Each unit is a ranch style home located on either the first or second floor. The size of these condos range from 745 to 1000 square feet, with the larger units offering 3 bedrooms and the others 2 bedrooms. As per the association’s by-laws, pets are not allowed. Based upon an amendment to the association’s by-laws, owners may lease their units only under certain circumstances. Here’s a link to the by-laws. The amendment dealing with leasing is found on the last 2 pages. The pet policy is on page 6 of the by-laws. http://bit.ly/116kIS8

 

Common Area Features: None.

 

Condominium Unit Features: Each unit includes a kitchen, dining area, living room, a laundry closet off the kitchen, a single bathroom and either 2 or 3 bedrooms. The second floor units have small wooden balconies, while the ground floor homes have front porches and patios. There are no garages or car ports, but everyone has an assigned off-street parking space.

 

Neighborhood Characteristics: The neighborhood offers a variety of restaurants, coffee houses, night spots and an eclectic assortment of shops along Bardstown Road. Here’s a link to my post on The Highlands neighborhood.

 

Management Company: The management company is now the Lally Property Group LLC. (Sean Lally; http://www.lallypropertymanagement.com) Here is a link to their Master Deed. http://bit.ly/116kIS8

 

Recent Sales & Maintenance Fees: During 2012, no units were sold. During 2013, one ground floor, 3-bedroom unit was sold for $85k or $85/sq. ft. During 2014, one 2-bedroom, second floor unit sold for $92.5k or $124/sq. ft.  During 2015 and 2016, no units were sold. During 2017, five units were sold: two 3-bedroom and three 2-bedroom units. The two bedroom units sold with a range of $60k ($80/sf) to $115k or $154/sf. (This unit was remodeled and had granite counter tops, etc.) The two 3-bedrooms sold for $103.5k ($103/sf) and $70.2k ($75/sf). (This unit was sold under a bankruptcy.) Through September 12, 2018, two units have been sold: one 2-bedroom ranch and a 3-bedroom two story. The ranch brought $121k ($162/sf.,) while the 2-story sold for $114k or $114/sq ft. (The ranch involved no seller concessions, while the sale of the 2-story included concessions of $3,150.)

The 2018 monthly maintenance fees, as of April 30, 2018, range from $142 to $191 and cover the standard condo expenses such as water, sewer, trash, landscaping and the master insurance policy on the buildings.

 

Suitability for Downsizers: This complex is near many shops and venues favored by the under 30 crowd. Consequently, you will need to visit the area yourself to decide if it meets your needs. There is a Kroger grocery about 2 miles south of the complex on Bardstown Road. Downtown Louisville is only a 5-10 minute drive. Here’s a link to a prior post, which discusses some important issues that should be considered by anyone considering a condominium. It is based upon my 17+ years of experience as a Realtor and my 22+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums.

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

Rear view of 2 buildings

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