Downsizing Options: Condo Review – Woodmere Townhomes Louisville KY

 

Welcome to Woodmere Townhomes.

Location: This upscale townhome complex is located on Seminary Drive, which runs between US 42 and Highway 22. Take I-264 to the Brownsboro Road exit and turn right off the exit. Follow Brownsboro Road about 1 mile and turn right on Seminary Drive. The entrance will be on your right a short distance down the road. 

General Description: This brick townhome complex, which was built in the early 1990’s, consists of 23 upscale townhouse units. Based upon a review of all of the prior listings shown in the MLS, each unit’s above grade living space ranges from about 2000 to 3200 square feet and includes 3 or 4 bedrooms and at least 2.5 baths. In addition, every unit has a basement and a 1 or 2-car attached garage. Many of the units have two single car garages, as there are also groups of detached garages. According to the Woodmere By-Laws, owners may have no more than two pet cats or dogs. A dog may not weigh more than 50# and if there are two dogs their combined weight is also limited to 50#. Owners may lease their units, but the term must be for at least one year and a copy of the lease must be submitted to the Woodmere board prior to its commencement. The owner remains primarily responsible for all maintenance and repairs and for the tenant’s compliance with the association’s bylaws, rules & regulations, etc. Here’s a link to the By-Laws. http://bit.ly/2B7Pl1v. Here’s a link to the Master Deed. http://bit.ly/2ySraOQ. The Woodmere Association is managed by Cornerstone Property Management. 

Common Area Features: None, given the small size of this development. 

Condominium Unit Features: Each unit features an open floor plan design with a large eat-in kitchen, a dining area with a bay window and a great room with a vaulted ceiling, built-in bookshelves and a gas fireplace. Also found on the first floor are a half bath, den, which may have a second fireplace, a laundry room and a spacious master bedroom suite. The master bathroom features a whirlpool tub, dressing area, a large vanity with dual sinks, a walk-in closet and a separate shower. A spacious and private patio may be accessed from either the den or the master bedroom. Some of the unit owners have screened in a portion of their patio. Many of the rooms have crown moldings and the dining areas often feature wainscoting. The second floor has two or three bedrooms and one or two full baths. 

Neighborhood Characteristics: Very convenient location, as it is just a few minutes away from an excellent shopping area with a Kroger, restaurants and a variety of interesting shops. Paul’s Fruit Market is also just a 2-3 minute drive. As previously noted I-264 is just a mile away, so downtown Louisville and 4 shopping malls are all within a 15 minute drive. This entire area is populated with upscale single family home developments. 

Recent Sales & Maintenance Fees: During 2012, four units were sold for prices ranging from $300k($128/sf) to $325k or $133/sf. During 2013, one unit was sold with a partially finished basement. It sold for $310k or $110/sf. During 2014, one unit was sold for $326k or $135/sf. During 2015, two units were sold. One sold for $460k or $164/sf and the other brought $474k or $203/sf. During 2016, no units were sold, while in 2017 one unit sold for $390k or $170/sf. Through June 12, 2018, one 4-bedroom, 3.5 bath unit with a 2-car garage was sold for $400k or $138/sf. It had 1589 sq ft of finished space in its basement.

The monthly maintenance fees are in the neighborhood of $350 per month and cover the association’s water, sewer, building and grounds maintenance, trash collection, snow plowing, master insurance policy costs. 

Suitability for Downsizers: Woodmere is an excellent candidate for downsizers needing the space offered by these upscale townhomes. It is a very nice small, quality complex that’s super convenient to everything. Here is a link to a prior post that discusses important issues that should be considered before making an offer on any condominium. It is based upon my 16+ 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

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