Condo Review – Monticello Forest Louisville KY

 

Smaller home in Ballardsville, KY

Location: This condo development is located off Billtown Road in Jeffersontown. The complex has only one street, Monticello Forest Circle, which is approximately one mile south of where Ruckriegel Pkwy intersects Billtown Road.

 

General Description: According to the master deed, this small patio home development was built over an approximate nine year period beginning in 1998. The complex consists of 20 brick buildings housing 80 condominium units, ranging in size from 1220 to 2564 square feet. Eighteen of the twenty buildings are configured to include four condo units, while the other two buildings house two and six individual units. The floor plans vary from 2 bedroom ranch style units to 2, 3 or 4 bedroom 1.5 story homes. 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 do not set a maximum number of allowable pets, but does set a 40# weight limit for dogs. As with all condominiums, the pet may not be maintained for commercial purposes or for breeding. Each unit includes a 2-car attached garage. This complex is managed by Mulloy Properties, Inc. Here is a link to their website and Monticello Forest’s Master Deed. http://mulloyproperties.com/files/Master%20Deed.pdf

 Visit Mulloyproperties.com for all the Rules & Regs, etc. The association’s bylaws can be found here. http://bit.ly/THhSsG.

 

Common Area Features: None.

 

Condominium Home Features: These patio homes feature open floor plans with vaulted ceilings, gas fireplaces, large laundry rooms and great rooms that are open to the large dining areas. The spacious master bedroom suites feature large walk-in closets.

 

Neighborhood Characteristics: This complex is about 1 mile south of the shops and restaurants in Jeffersontown. In addition, within a two mile radius there are three large grocery stores (i.e., Kroger’s & Meijer), a few Wal-Marts and a wide variety of other shopping and entertainment venues. There is also a public golf course and park within a 5 minute drive. This neighborhood has some crime issues just south of the complex along Michael Edward Dr. 

 

Sales History & Monthly Fees: During 2012, one ranch style unit was sold for $145k ($102/sf) and one 1.5 story sold for $156k or $98/sf. Both had 2 bedrooms, while the ranch had 2.0 baths and the other 2.5 baths. During 2013, five ranch style and three 1.5 story homes were sold. The ranches all had 2 bedrooms and 2.0 baths, while the 1.5 stories had 4 bedrooms and 3.0 baths. The sold prices for the ranches ranged from $140k ($113/sf) to $155k ($125/sf,) while the cape cod style units brought from $174.5k ($74/sf) to $184k ($85/sf.) During 2014, three ranches and two 1.5 stories were sold. The ranches’ sold within a range of $147k ($119/sf) to $153k ($109/sf), while the cape cod styled units brought $183.5 ($79/sf) and $185.2 or $78/sf. During 2015,  five ranches and one 1.5 story were sold. The ranches ranged in price from $144.7k ($104/sf) to $154k ($110/sf) and each had 2.0 baths, excepting the one that bought $154k, which had 2.5 baths. The 1.5 story sold for $170k or $73/sf. It had 3 bedrooms and 3.0 baths. Through 8/22/2016, four ranch style units have been sold. Three of them had 2.0 baths and ranged in price from $141k ($104/sf) to $159k or $128/sf. The one with 2.5 baths sold for $153k or $96/sf.  

The condo maintenance fees are reasonable, since the complex has neither a clubhouse nor or pool or tennis court. My best estimate of the monthly fees for the ranch style units is from about $140 to $160, while the larger 1.5 story units are in the neighborhood of $250 to $280.  As of August 22, 2016, this complex was not FHA approved.

 

Suitability for Downsizers: This complex should be considered by anyone thinking of downsizing. My only reservation would be the quality of the area immediately south of the development. Here’s a link to a prior post that discusses issues needing consideration before an offer is made on a condominium. It is based upon my 16+ years of experience as a realtor and 20+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums.

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