Downsizing Options: Condo Review – Madison Park Condominiums, Crestwood, KY


Smaller house west of Torsby, Norway

Location: This complex is in Crestwood off of I-71 exit #14. From exit #14 head east towards Crestwood on Route 329 and make your second possible left turn, which will be Madison Park Place.  The entrance to the subdivision will be on your left.

General Description: This complex was developed and built by Hills Homes of America, Inc. Construction occurred in the mid 2000’s. There are eight, three story, brick and vinyl buildings and 180 individual ranch style condominiums. The condominiums have two or three bedrooms, two full baths and range in size from 1070 to 1795 square feet. The typical floor plan features two bedrooms and a study, which is accessed through double French doors, but it has no closet. Some owners have converted the study into a bedroom, by adding a closet. The bedrooms are separated by the living room and the second bedroom has easy access to the hall bathroom. The largest units have bonus rooms above the attached garages located at the ends of the buildings. One building has four units per floor, while the others have eight units per floor. The buildings are built on concrete slab foundations. The condo documents grant owners the right to lease their units, provided certain stipulations are met prior to the commencement of the lease. This is a pet friendly community for dogs, cats and caged birds, provided the pet does not become a nuisance, as defined in the condominium documents. The existing rules establish a limit of 2 dogs or 2 cats or one of each. There is no weight limit. As with all condominiums, the pet may not be maintained for commercial purposes or for breeding. The Master Deed is very specific about the remedies available to the Council of Co-Owners, regarding any violation of the Rules & Regulations, Bylaws and or Master Deed by an owner or lessee. Specifically, fines up to $1,500 may be imposed, provided certain notifications/procedures are followed. Please understand that whether these powers are strictly enforced is another issue. Each owner is assigned 1 designated parking space in front of the building. Here’s a link to the Regime Rules & Regulations Some of the units also have either an attached or detached one car garage. There are no elevators in any of the buildings. This complex is managed by Mulloy Properties, Inc. Here is a link to their website and Madison Park’s Master Deed.

 Common Area Features: Madison Park features a clubhouse with a fitness room and an in ground pool. There are well maintained lawns between the buildings. The complex is bordered by woods on two sides.

Condominium Unit Features: Each unit has an open floor plan with a large kitchen, an adjacent dining area, a living room, two bedrooms, a study and a laundry room. Every unit has either a covered balcony or patio. The master bedroom suite features a walk-in closet. The kitchen offers breakfast bar and a pantry. There are vaulted ceilings in the master bedroom, living room and kitchen.

Neighborhood Characteristics: One major benefit of this complex is that it’s located in a semi-rural area, although you are just minutes from the shops in Crestwood. The Oldham County elementary, middle and high schools are also just down the street. You are also just far enough from the expressway to not be bothered with the rumble of passing cars and trucks. However that expressway is the quickest route to downtown Louisville and the shopping malls off of I-265. The final benefit is the award winning Oldham County school system, which is decidedly superior to the Jefferson County schools.

Recent Sales & Monthly Fees: During 2014, fifteen units were sold: ten 2-bedroom units and five with 3-bedrooms. The contract prices for the 3-bedroom units ranged from $129k ($72/sf)  to $148k ($82/sf), while the two bedroom units brought between $110k ($103/sf) and $132k ($102/sf.) During 2015, fourteen units were sold. The eight 3-bedroom units sold within a range of $121k ($80/sf) to $148k or $82/sf. The 2-bedroom units had contract prices ranging from $103.5k ($96/sf) to $137.9k or $106/sf. During 2016, twenty-two units were sold: six 3-bedroom units and sixteen 2-bedroom properties. The 3-bedroom units brought between $137k($91/sf) and $148k or $80/sf, while the 2-bedroom units ranged from $115k ($107/sf) to $150k or $108/sf. During 2017, ten units have been sold. The three 3-bedroom units brought between $139k ($103/sf) and $154k or $86/sf. The contract prices on the seven 2-bedroom units ranged from $135k ($126/sf) to $153k or $102/sf. During 2018, ten 2-bedroom units were sold with prices ranging from $137k ($128/sf) to $152k or $101/sf. Also, one 3-bedroom was sold for $151k or $100/ sq ft.

The 2019 monthly condo fees range from $177 to $311, depending upon the precise size of the unit and whether it includes a garage. These fees cover the grounds maintenance, master insurance on the buildings, sewer, water, common area electricity, clubhouse and pool maintenance, trash collection and any snow plowing. FHA approved through 8/2/2019.

Suitability for Downsizers: This complex may not be the best choice for those wishing to downsize their home, as there are steps to navigate, unless you purchase a first floor unit. Although there are shops and restaurants nearby, it’s at least 20 minutes to the nearest shopping mall and downtown Louisville is about 25 -30 minutes. Here’s a link to a previous post that addresses issues that need to be considered, when thinking about downsizing to a condominium. It’s based upon my 17+ years as a Realtor and 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!

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

Photo courtesy of & Miradortigre’s photostream.

Please feel free to share your knowledge about Madison Park.


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