Condo Review – Gardens of Eastern Parkway Louisville KY

 

Welcome to the Gardens of Eastern Parkway.

Location: This complex is on the northwest corner of the intersection of Eastern Parkway and Goss Ave/Poplar Level Road.

 

General Description: This brick and vinyl complex was built during the first half of the 1990’s, according to the Master Deed and PVA records. It is an unusual complex, as the styles of the buildings vary from brick ranch and 1.5 story units, with full basements and attached 2-car garages, to three story brick structures, which house smaller ranch style units. The units range in size from about 950 to 1800 square feet, excluding any basement space. As originally configured, the smallest units offer one or two bedrooms, while the larger ones feature 3 bedrooms and 2.5 baths. The larger ranch and 1.5 story units have private entrances, while the ranch style units in the multi-story buildings have a single secured entrance. There are numerous detached garages and car port structures, as well. According to the Master Deed, owners may have one common household pet, provided they are not kept, bred or maintained for any commercial purpose. Pet ownership is subject to the rules and regulations adopted by the board of directors, which presently does not include a weight limit. Owners may not lease their units.  NOTE: Many of the ground floor condominiums are located in the flood zone and require flood insurance, which is included in the monthly maintenance fee.

 

Management Company: This property is managed by Cornerstone Properties 502.384.9012. 

 

Common Area Features: This complex offers an in ground pool. There are also two ponds, which are located on the Eastern Parkway side of the complex (see photos below). The roofs and skylights were replaced in 2013.

 

Condo Features: The larger units have open floor plans with eat-in kitchens, dining areas, living rooms with fireplaces , walkout basements and first floor laundries. They also have balconies and patios. The smaller units feature living rooms, eat-in kitchens, laundry closets, dining areas, 2 bedrooms, 2 full baths and a balcony or patio.

 

Neighborhood Characteristics: Urban neighborhood. This development is very convenient to grocery shopping, as the complex is contiguous with Germantown Square, which features a Kroger. It is about 1.5 miles to the shops and restaurants along Bardstown Road and the same distance from the University of Louisville and Bellarmine University. Tyler Park is about 1 mile away. Downtown Louisville is a ten minute drive. While the homes along Eastern Parkway are quite large, most of the homes in this area are smaller. There are quite a few rental homes, given the proximity to the universities.

 

Sales History & Maintenance Fees: During 2012 one large unit and one smaller unit were sold. The larger ranch style unit sold for $250k or $150/sf. The main floor featured a master bedroom, 2 full baths, plus 2 additional bedrooms and a third full bath in its finished walkout basement. It also had an attached and a detached garage. The smaller unit brought $114k ($104/sf) and had 2 bedrooms, 2 baths and no covered parking. During 2013, a smaller ranch style unit with 2 bedrooms, 2 baths and a car port sold for $135k or $133/sf. During 2014, one smaller unit sold for $142k ($140/sf) and offered 2 bedrooms, 2 baths and 2 car ports. During 2015, two larger units were sold and both were in the flood zone. One brought $255k ($150/sf) and offered 3 bedrooms, 2 full baths and a 2-car attached garage plus 2 additional bedrooms and a third full bath in its walkout basement. The second unit sold for $237.5k ($156/sf) and had 2 bedrooms, 2 full baths and a single car garage, plus 2 additional bedrooms and a third full bath in its walkout basement. During the first eight months of 2016, two large and three smaller units were sold. The two larger units were both in the flood zone and sold for $237k ($146/sf) and $205k or $163/sf. The unit that sold for $237k had a 2-car attached garage, 3 bedrooms and 2 full baths on the main floor, plus a third full bath in its finished walkout basement. The other had a 1-car attached garage, 2 bedrooms, 2 full baths and a third bedroom and bath in its walkout basement. 

The monthly maintenance fees range from about $175 – $300. This fee covers the standard expenses associated with condo communities (i.e., building and grounds maintenance, water, sewer, master insurance on the buildings, trash collection, snow plowing, etc.).

 

Suitability for Downsizers: Due to its convenience to grocery and other shopping and to the universities, this complex should be considered by anyone wanting to move to a smaller home. Here is a link to a prior post that addresses the primary issues you should consider before making an offer on any condominium.

  

 

The 3-story buildings.

 

Ranch style larger units.

 

 

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