Condo Review- Graymoor Place Patio Homes Louisville, KY

 

Small house in Athens,Georgia

Graymoor Place Patio Homes: This complex is located off of Westport Road and is about ½ mile east of the new Watterson Expressway Westport Rd exit. It is nearly at the corner of the intersection of Westport Road and Herr Lane.

 

General Description: This patio home complex, which was constructed in the early 2000’s, consists of six brick buildings with four, 1.5 story units per building for a total of 24 units. There are no basements, as the buildings are built on slabs. A review of the Master Deed and all associated amendments reveals the square footage of each unit ranges from 2355 to 2537 square feet. Each unit has a private entrance and a 2-car attached garage. The units are attached at both the garage and the along the rear. A wooden partition separates the small patios of the front and rear units.  Owners may lease their units, but any lease must be in writing and must be expressly made subject to The Master Deed, The Bylaws, The Articles and the Rules & Regulations, as may be amended from time to time. A copy of the lease must be delivered to the Board. Here’s a link to the Rules & Regulations. http://assets.site-static.com/userFiles/166/file/Graymoor_Rules_and_Regs.pdf This is a pet friendly community. Based upon a review of the condo documents, there is no apparent limit on the number of pets nor is there a weight limit. Dogs, cats and other household pets may be kept in units subject to rules and regulations adopted by the board of directors, provided they are not kept, bred or maintained for any commercial purpose. This complex is managed by Mulloy Properties, Inc. Here’s a link to their website and the Master Deed for Graymoor Place. http://client.sierrainteractivedev.com/UserFiles/166/file/Graymoor_Master_Deed.pdf.

 

Common Area Features: None. There is no pool, clubhouse or any similar facility. This is a very small development and all the short streets end in cul-de-sacs, which allows you to safely walk or ride your bike around the community.

 

Patio Home Features: Each unit was originally configured to have three bedrooms, three full baths and an attached 2-car garage. The first floor includes a master bedroom, master bath, a second bedroom, an eat-in kitchen, a great room with a gas fireplace, a dining area, a second full bath and a laundry room. The second floor features a third bedroom, a bathroom and a sitting room. The dining area is open to the great room and both share a vaulted ceiling.

 

Neighborhood Characteristics: Graymoor Estates is very conveniently located, as it is within walking distance of Westport Village, which opened in 2008. Westport Village offers 11 eateries, ranging from BoomBozz Pizzeria & Taphouse, to upscale dining at Napa River Grill, and about 35 interesting boutiques, salons, jewelers, etc. Since a major interstate is less than a mile away, two shopping malls and a variety of other shops are just a 10 minute drive. The commute to downtown Louisville is about a 15-20 minute drive.

 

Recent Sales and Monthly Fees: During 2013, two units were sold for $230k ($98/sf) and $235k or $101/sf. During 2014, two units were sold for $236k ($95/sf) and $240k or $96/sf. During 2015 one unit was sold for $240k or $96/sf. There were no sales, per the MLS, in 2016 and none though Nov 22, 2017.

 As of November 2017, the monthly maintenance charge is $230. These fees cover your exterior grounds maintenance, water, sewer, the master insurance policy on the buildings and any snow plowing.

 

Suitability for Downsizers: This condo complex is suitable for persons in the process of downsizing, due to its very convenient location and the general safety of the neighborhood.  Here is a link to a prior post that discusses some issues that should be considered before making an offer on a condominium/patio home. 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,

Photo courtesy of Flickr.com and Steveartist’s photostream

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