Downsizing Options: Condo Review – Sanctuary Condominiums Louisville KY

 

Welcome to Sanctuary Condominiums.

Location: This condominium complex is located off Watterson Trail between I-64 and Shelbyville Road. Take the Blankenbaker exit off I-64 and head north towards Shelbyville Road. Turn left on Watterson Trail and the entrance to the complex is about ½ mile down the road on the right. (It’s behind Southeast Christian Church.)

 

General Description: According to the Master Deed, this small patio home complex, which was constructed between 2001 and 2006, consists of 61 individual units housed in 31 brick buildings. Each building includes two units, excepting building 31. This patio home development is somewhat unusual, as it offers ranch style, 1.5 story and 2-story homes, with above ground living space ranging from approximately 1800 to 3100 square feet. Some of the units offer basements and some of those basements walkout to the rear patio. The smaller units feature two bedrooms and two baths, while the larger units have four bedrooms and three baths, exclusive of any finished space in the basement. According to the association’s rules and regulations, no animals of any kind may be raised, bred or kept in any unit or on the common elements; however, one dog, cat or caged bird may be kept in a unit, subject to compliance with the bylaws and rules. Exceptions may be granted by the association’s board of directors. No pet weight limit was found in the association’s documents. Here’s the link to the Rules & Regulations. http://bit.ly/2cgBiJo Owners may not lease their units, except in certain circumstances, which are explained in Master Deed Amendment #21. Here’s the link. http://bit.ly/2c1hr0c.

Here’s a link to the Sanctuary Master Deed. http://bit.ly/VDAKvj

 

Common Area Features: None.

 

Patio Home Features: These patio homes all feature open floor plans, with vaulted and nine foot ceilings, great rooms with gas fireplaces, master bedroom suites with whirlpool tubs, palladium windows, large eat-in kitchens, sun rooms and formal dining areas. Every unit also has an attached 2-car garage. These homes are very well designed and constructed.

 

Neighborhood Characteristics:  Extremely convenient location that is near shopping, restaurants and expressways heading in all directions. Downtown Louisville is a 15 minute drive and multiple shopping malls are within 10 -15 minutes. A Sam’s Club is a 3-5 minute drive.

 

Sales History & Maintenance Fees: During 2011, two units were sold. The larger unit was a 1.5 story home with 3 bedrooms, 3 baths, but no basement. It had 3,078 square feet and sold for $245,000. The smaller unit was a ranch with 2 bedrooms, 2 baths and no basement. It offered 2,458 square feet and sold for $247,350. During 2012, one 1.5 story with 3 bedrooms, 3 baths and no basement sold for $245k ($80/sf). A second unit was sold that was a 2 bedroom, 2 bath ranch with no basement. It sold for $247k or $101/sf. During 2013, no units were sold. During 2014, three ranch style units, with 2 bedrooms and two baths, were sold. The one without a basement brought $270k ($128/sf), while the two with walkout basements sold for $317k ($157/sf) and $345k or $149/sf. The one that sold for $345k had a third bedroom and bathroom in its basement. During 2015, one ranch style unit with 2 bedrooms, 2 baths and a standard basement sold for $335k or $156/sf. This unit had a third bedroom and full bath in its non-walkout basement. Through the first 8 months of 2016, no units were listed or sold.

As of 9/8/2016, the maintenance fees, which vary with the size of the unit, range from about $212-$248 per month. The maintenance fees cover the standard expenses of water, sewer, grounds maintenance, trash collection, snow plowing and the master insurance on the buildings.

 

Management Company: This complex is managed by Mulloy Properties, Inc. Here is a link to their website and the Sanctuary Rules and Regulations. http://bit.ly/TOAzhm

 

Suitability for Downsizers: Due to its super convenient location, this complex should be on everyone’s list of condos/patio homes to consider. Here’s 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 15+ years as a Realtor and my 20+ years as an owner and past board member at Hurstbourne Ridge Condominiums.

Although crime is not an issue in this immediate area.

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