Downsizing Options: Condo Review – Sycamore II Condominiums Louisville, KY

 

Small Home: Bocas del Toro, Panama

Sycamore II Condominiums: This complex is accessed from Timberwood Circle, which connects to South Hurstbourne Parkway. Timberwood circle is about 1/5 mile west of the I-64 and Hurstbourne Parkway intersection.

 

General Description: This complex was developed in the late 1970’s and consists of 74 units housed in approximately 14 separate, brick, stone and wood buildings. The units, excluding the basements are either ranch style or two story homes with two or three bedrooms and at least one and one-half baths. The units range in size from 1000 to 1400 square feet. Each unit includes two reserved, uncovered parking spaces. There are no garages, but some units come with a car port. Pets are allowed, but are subject to by law restrictions concerning breeding, leashes and cleaning up after your dog. Only those units that received “grandfather status” at the time leases were outlawed are allow to be leased. Although the Declaration of Covenants, Conditions and Restrictions states, “The owners of condominium units in Sycamore II Condominiums will benefit from and be served by the homeowners’ association known as Plainview Residents’ Association (“Association”), a Kentucky nonprofit corporation, and by the swim and tennis club known as The Plainview Club, Inc., a Kentucky nonprofit corporation,” the swim club is now an entirely separate membership and no special privileges accrue to Sycamore II owners. You don’t have to be a member to swim, as they offer day rates at $8.00 for adults (over 20) and $6.00 for those 3-20 years old. The tennis facility is open and free to anyone living in the City of Plainview, which includes Sycamore II owners. Here’s a link to the Rules and Regulations, AKA Project Rules. http://bit.ly/2EFPpm0

Common Area Features: None.

Condominium Unit Features: Each unit’s above ground layout consists of an eat-in kitchen, living room, dining area, two or three bedrooms and at least one and one-half bathrooms. The laundry is located in the basement. All of the units have fireplaces and patios.

Neighborhood Characteristics: Very convenient to a large variety of shops and restaurants on Hurstbourne Parkway. Two shopping malls and two expressways are only a five to ten minute drive. Downtown Louisville is within a 15 minute drive.

Recent Sales: During 2013 one unit was sold for $135,851 or $110/sq ft.  It had 2 bedrooms and 3 full baths, one of which was located in the finished basement. During 2014, four units were sold for prices ranging from $121k to $153.5k. The two ranch style homes each had 2 bedrooms and 3 full baths and sold for $137k ($139/sf) and $153.5k ($131/sf.). The two townhouses sold for $133k ($97/sf) and $121k ($97/sf.). During 2015, one ranch sold for $150k ($145/sf) and it had 3 bedrooms and 3 baths (1 bedroom & 1 bath in basement.) The 2 story town home brought $126k ($101/sf) and had 2 bedrooms and 1.5 baths. During 2016, two ranch style units were sold for $169k ($141/sf) and $155k ($149/sf) and four 2-stories brought between $120k ($97/sf) and $154.9k or 125/sf.  Both ranches had 2 bedrooms and 3 full baths, with one in the basement. The 2-stories had 2 bedrooms and 1.5 or 2.5 baths. The single short sale was excluded. During 2017, one ranch sold for $155k ($125/sf) and two 2-stories sold for $158.9k ($128/sf) and $159.5k or $128/sf. Through September 12, 2018, one ranch style unit with 2 bedrooms sold for $171.2k or $166/sq ft. (Seller concessions were $1,399.)  

The 2018 quarterly maintenance fees range from $328 – $416 and every unit is responsible for their own water/sewer usage. These fees include your cable TV, in addition to the standard expenses associated with condo communities (i.e., building and grounds maintenance, master insurance on the buildings, trash collection, snow plowing.) Sycamore II is FHA approved through 9/28/2019.

Management Company: Mulloy Properties. Here’s a link to their website and Sycamore II’s master deed. http://bit.ly/11svRtO

Suitability for Downsizers: This condo complex should be considered by anyone thinking of downsizing,  due to its great location and close proximity to a great variety of shops, restaurants, two shopping malls, highways and other amenities.  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 21+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums. The neighborhood is rather safe.

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 Lon & Queta’s Photostream

Typical building in complex.

 

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