Downsizing Options: Condo Review – Harrods Landing Condominium Association, Prospect, KY

 

Small House in Vano, Sweden.

Harrods Landing Condo Association: This complex is located off Route 42 and is about 1/2 mile north of the intersection with the Gene Snyder Expressway. Harrods Landing is located in the City of Prospect, Kentucky, which is within Oldham County.

General Description: This complex was developed in the late 1980’s and consists of 46 units housed in 9 separate, wood frame buildings. Seven of the nine buildings are in the 100 year floodplain, but your monthly maintenance fee of $325 includes flood insurance. The units are all townhouse style dwellings with two or three bedrooms and two and one-half baths. According to the master deed, the above grade square footage ranges from about 1800 to 2500. Some of the units have walkout basements and others have no basement. This is a pet friendly community that allows household pets, including dogs up to 100 pounds. There’s no limit on the number of pets, but obviously no breeding for commercial purposes is allowed.Leases are also allowed. Harrods Landing is situated on a tributary of the Ohio River. There is a marina extremely close by. The boat slips are part of a separate condominium association that is completely separate from Harrods Landing Condo Association. 

Common Area Features: The association features an in ground pool. There is no clubhouse. The grounds are very well maintained.

Condominium Unit Features: Each unit consists of a kitchen, living room, dining area, two bedrooms, a laundry room and two and one-half bathrooms. There is a balcony adjacent to the master bedroom and a deck or patio on the rear of the home that is accessed from the living room. Each unit also has a gas fireplace and an attached 1-car garage. Some units also have car ports.

Neighborhood Characteristics: Very convenient to a huge variety of shops and restaurants on Route 42. Downtown Louisville is about a 25-30 minute drive. Prospect, Kentucky is an upscale community east of Louisville. Oldham County is well known for its excellent public school system and its numerous golf courses.

Recent Sales & Maintenance Fee: During 2014, two 2-bedrooms units sold for $200k ($114/sf) and $183k or $87/sf/.  Each had 3.5 baths, walkout basements and were in the flood zone. During 2015, three units were sold: two 2-bedroom and one 3-bedroom units. The 2-bedroom units sold for $186.5k ($89/sf) and $183k or $92/sf. Both had 2.5 baths and no basement. The 3-bedroom sold for $215k or $75/sf and it had a finished walkout basement. All were in the flood zone, excepting the 2-bedroom that sold for $186.5k. During 2016, eight units were sold: six 2-bedroom and two 3-bedroom units. The two bedroom units sold within a range from $188k ($94/sf) and $205k or $98/sf, while the 3-bedroom units ranged from $173k ($94/sf; no bsmt.) to $225k (had a walkout bsmt.) or $140/sf. During 2017, three 2-bedroom units sold with a range from $189k ($80/sf) to $195k or $82/sf. Both of these had finished walkout basements and were in the flood zone. Through April 1, 2018, one 2-bedroom unit with a finished walkout basement was sold for $207k. The monthly maintenance fee remains at $325 and includes flood insurance.

This complex is FHA approved through 12/13/2018.

Management Company: Mulloy Properties, Inc. Visit their website to review the Harrods landing Master Deed, Bylaws, Rules & Regulations, etc. Here’s the link. Just scroll down to Harrods Landing Condominiums. http://www.mulloyproperties.com/condo-management/community-file-downloads/

Suitability for Downsizers: Given its close proximity to the shops, restaurants and other destinations along US 42, this complex should be considered for anyone thinking of downsizing. It also is in a relatively safe area. Here is a link to a prior post that discusses some issues you should consider before writing an offer on any condo or patio home. It is based upon my 17+ years of experience as a Realtor and 21+ years as a homeowner and periodic board member at Hurstbourne Ridge Condominiums. 

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 flickr.com & Jani Halinen

 

%d bloggers like this: