Downsizing Options: Condo Review – Savannah Springs Condos Louisville KY

 

Typical patio home.

Location: This complex is located near the Gene Snyder Expressway off of Shepherdsville Road. Take I-265 to the Preston Highway exit and head north. Travel about ½ mile and make a right on E Manslick Rd and then another ½ mile to a left on Shepherdsville Road. The entrance to Savannah Springs is a bit more than ½ mile down Shepherdsville Road on the left.

 

General Description: According to the master deed, this condo community, which was built in the last half of the 2000’s, consists of 18 brick and vinyl one, two or three story buildings and 100 individual units. The units are either ranches or 1.5 story homes. Some of the units have either detached or attached single or 2-car garages. Based upon a review of the MLS records, these units range in size from 1200 to 1900 square feet and offer 2 or 4 bedrooms and two full baths. (NOTE: The PVA square footage numbers may include the attached garage space.) According to the association’s rules & regulations, owners may lease their units, provided they are for a term of at least six months and are expressly made subject to the Master Deed, Bylaws, the Articles and the Rules & Regulations, as amended. According to the association’s rules and regulations, no animals of any kind may be raised, bred or kept in any unit or on the common elements; however, dogs, cats or other household pets may be kept in a unit, subject to compliance with the bylaws and rules. No pet weight or quantity limit was found in the association’s documents. Here is a link to the association’s Rules & Regulations. http://bit.ly/V59KEn

 

Common Area Features: This development offers a clubhouse with a meeting room, kitchen and a fitness room. There is also a playground and a ½ mile walking trail.

 

Condominium Unit Features: Each unit features an open floor plan design where the kitchen is open to both the dining area and living room. The master bedroom suite offers a walk-in closet, trey ceiling and a large bathroom with a double sink vanity and a walk-in shower. All 2nd and third floor units have screened balconies, while all first floor units have either covered or screened patios. Some of the units have nine foot ceilings. There are no fireplaces. This development is unusual, since it includes a variety of condo styles: ranch and 1.5 story condos that are attached to one another at the garages, in addition to smaller units in larger multi-story structures, with optional detached garages.

 

Neighborhood Characteristics: This neighborhood offers good access to the interstate; however, shopping and restaurants are not super convenient. The Jefferson Mall, however, is about a ten minute drive.

 

Management Company: The property manager is Mulloy Properties, LLC. Here is a link to their website and the Savannah Springs Master Deed. http://bit.ly/141Nty4    Here’s a link to the Rules & Regulations that became effective in June 2017. http://bit.ly/2HrFcg6

 

Recent Sales & Maintenance Fees: During 2013, four 2-bedroom ranch style units and one 4-bedroom unit were sold. The four, 2 bedroom, 2 bath units sold within a range of $129k ($96/sf) to $131k or $105/sf and three had 1-car garages, while the fourth had a 2-car. The 4 bedroom unit, which had a 1-car garage, sold for $142.9k or $74/sq ft. During 2014, four 2-bedroom ranch style and two 4-bedroom 1.5 story units were sold. Three of the four ranches had 2-car garages and they sold within a range of $130k ($78/sf) to $150k ($91/sf). The unit with the 1-car garage brought $138.5k or $89/sf. The two 4-bedroom units, which had 1-car garages, sold for $147k ($77/sf) and $149.9k ($78/sf.). During 2015, eight units were sold which ranged in price from $97k to $142k. Three of these were ranches with about 1500 sq ft and 1-car attached garages, while a fourth had a 2-car attached garage. These four units had sale prices ranging from $136.5k ($89/sf) to $142k or $90/sq ft. The four other sold units, with about 1200 sq ft, were located in the buildings with ground floor and second floor units. These units sold within a range of $97k ($81/sf) to $103.5k or 87/sf. The one that sold for $97k had no garage, while the others had 1-car detached garages. During 2016, 7 of the smaller units (about 1200 sf) and 12 of the larger stand alone ranches were sold. Six of the smaller units, located in the three story buildings, sold within a very tight range of $103.5k ($83/sf) to $105.9k ($88/sf.) The seventh unit brought $92k or $77/sf. The twelve larger, stand alone units consisted of five 4-bedroom, 2 bath units and seven ranch style units. The 4-bedroom units sold within a range of $138.5k ($73/sf) to $154k ($93/sf.), while the ranch style units brought between $135k ($88/sf) to $156k ($95/sf.) During 2017, twelve 2-bedroom units were sold: 4 patio homes with 1350 to 1540 sq ft, and 8 smaller ranch style units. The patio homes sold for prices that ranged from $145.9k ($109/sf) to $150k or $95/sf. The smaller ranches sold within a range of $103k ($88/sf) to $119.9k or $100/sf. Through April 10, 2018, two units were sold for $120k ($102/sf) and $154k or $100/sf.

The 2018 maintenance fees range from $148 to $244 per month. The size of the unit determines the amount of the monthly fee. (The calculation involves adding up all of the association’s budgeted expenses and dividing the total costs by the total square footage of all the units. That calculation results in a cost per square foot, which is then multiplied by each unit’s square footage.) The maintenance fees cover all of the standard condo costs (e.g., water, sewer, landscaping, master insurance on buildings, etc.) FHA approved through July 2019.

Suitability for Downsizers: This complex appears to be well maintained and is centrally located, with some shopping nearby.  Recent sales show a very reasonable cost per square foot. Here’s a link to a prior post, which discusses the important issues that should be considered by anyone considering a condominium. It’s based upon my 17+ years of experience as a Realtor and my 21+ 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

 

Clubhouse

A larger building with smaller condos.

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