Downsizing Options: Condo Review – Swan Pointe Condominiums Louisville, KY

 

Small home in North Carolina, USA

Swan Pointe: This condominium complex is located off Ellingsworth Lane in Louisville. From downtown Louisville, take I64 east to the northbound Blankenbaker Road exit. At the first light turn right on Ellingsworth Lane. Follow about ½ mile to the subdivision entrance on the right.

General Description: This complex was built around 2000 and consists of 104 patio homes housed in 26 four-plex structures and 216 smaller condominiums located on either the first or second floors of 12 separate buildings. (There are 27 eight-plexes each with their own entrance, which are attached to other identical structures in groups of one, two or three.) The buildings are constructed of brick and vinyl. The buildings and grounds are very well cared for and I’ve never seen the grounds in a condition other than spotless. The units are all ranch style dwellings and were originally configured with two bedrooms and two full baths. However, the two largest patio home floor plans included a den, which may have been converted to a third bedroom by some owners. The patio homes range in size from 1453 to 1843 sq ft, based upon a review of the builder’s (Hills Communities) original sales literature. The condominiums range in size from 1083 to about 1520 square feet. Each of the two-story buildings is accessed via shared, common entrances and has only stairways to the second floor. Each patio home has its own separate entrance. While each patio home has an attached two car garage, the other condominiums may or may not have either an attached or detached single car garage. Everyone has one reserved, uncovered parking space.  Pursuant to the Rules & Regulations dated Nov. 1 2004, owners are allowed to keep one dog or one cat or one other common household pet in their unit. There is no weight limit for dogs. Owners may NOT lease their units. New rentals were eliminated on May 30, 2003. 

Common Area Features: Swan Pointe offers a pool, tennis court and a clubhouse. The fully appointed clubhouse features an entertainment area with a fireplace, a full kitchen and an exercise room. The clubhouse is very well furnished and may be rented by unit owners for a modest fee.  The grounds are very well maintained.

Condominium/Patio Home Unit Features: Each condominium unit consists of a kitchen with a breakfast bar, living room, dining area, two bedrooms, a laundry room and two full bathrooms. There is a patio or deck accessed from the living room. The second floor units have vaulted ceilings. The kitchens have a galley style design and are open to the living room and dining area. Some of the units have gas fireplaces, which was an option offered by the builder. The patio homes have larger kitchens, separate dens and covered patios. The ceiling heights are nine feet with a ten foot tray ceiling in the master bedroom. Gas fireplaces were a builder’s option.

Neighborhood Characteristics: Very convenient to I-65 and a variety of shops and restaurants on Shelbyville Road. Two shopping malls are only a ten to fifteen minute drive, while downtown Louisville is about twenty minutes. This is a safe neighborhood and a good choice for “downsizers.”

Recent Sales & Monthly Fees: During 2014, four patio homes and eight condominiums were sold. The condominium contract prices ranged from $107,000 ($70/sq ft) to $139,900 ($89/sq ft). Three of the eight condos had no garage and they ranged from $107,000 ($80/sf) to $120,000 ($111/sq ft). The remaining five had contract prices from $112,000 ($103/sq ft) to $139,900 ($89/sf.) The contract prices on the four patio homes ranged from $164,000 ($117/sq ft) to $215,000 ($105/sq ft). During 2015, three patio homes and twenty-two condos were sold. The three patio homes ranged in price from $180,000 ($117/sq ft) to $209,000 ($116/sq ft). Of the twenty-two condominium sales, three had no garage and brought from $113,000 ($104/sq ft) to $131,000 ($93/sq ft).  The remaining 22 had single car garages and they sold for between $117,500 ($108/sq ft) and $139,000 ($100/sq ft). There was one condo foreclosure with a single car garage, which brought $101,000 or $96/sq ft. During 2016, thirty-two units were sold: 14 patio homes and 18 condo units. The patio homes sold within a range of $189.8k ($108/sf) to $227k or $123/sf. The selling prices of the smaller condo units sold within a range of $117k ($108/sf) to $145k ($104/sf.) Three units brought $145k. During 2017, seventeen units were sold: 6 patio homes and 11 condominiums. The contract prices on the patio homes ranged from $202.5k ($132/sf) to $239k or $134/sf. The smaller condos sold for between $119k ($110/sf) to $150k or $99/sf. Two units sold at $150k. As of April 5, 2018, no units have been sold.

This complex is managed by KY Realty Corporation. www.KYrealty.net.

The 2018 monthly maintenance fees for the condos range from approximately $220 to $280. The current patio home maintenance fees range from about $300 to $350 These fees cover the standard expenses associated with condo/patio home communities (i.e., Building & grounds maintenance, water, sewer, master insurance on the buildings, trash collection, snow plowing, maintenance of the pool, tennis court and clubhouse. As of April 5, 2018, this complex was not FHA approved.

Testimonial: A former client and owner of one of the condominium units offered the following comments. “Yes we loved everything about Swan Pointe. It was very well kept and the residents were very friendly and quiet. My most favorite thing about Swan Pointe was the location. As someone who works downtown, but still loves living in the east end, it just didn’t get any better. Being so close to an expressway was wonderful. But yet the road noise was next to none. Great place!”

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 important issues that should be considered before making an offer on any condominium. It is based upon my 17+ years of experience as a Realtor and my 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! http://bit.ly/2J1fKC5

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 and Vanessa Marie Hernandez’s photostream.

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