Downsizing Options: Condo Review – Stonehenge Condominiums Louisville, KY

 

 

Small house on the Island of Malta

Stonehenge Condominiums: Located near Shelbyville Road off Stonehenge Ct, which is across from Bowling Blvd.

 

General Description: This complex was constructed in the early 1970s and consists of 178 units housed in about ten separate, brick buildings. The units are all ranch style dwellings with one, two or three bedrooms and one or two full baths. The units range in size from 730 to 1430 square feet. Each unit includes one reserved, uncovered parking space and single car ports are available for an additional cost of fifteen dollars a month. Car ports don’t automatically pass from the seller to the new owner. This is a pet friendly community that allows one pet weighing up to 15 pounds. This community is managed by Cornerstone Property Management 502.384.9012. Here’s a link to the Master Deed. https://rem.ax/2IAUgaL

Common Area Features: Stonehenge has an in ground pool and patio area. A large party room and a meeting room, with an adjacent lending library, are located in the basement of Building 4. There are three common laundry areas, which are located in the basements of buildings 4, 7 and 10.

Dwelling Interiors: The typical layout is a large living room that is open to a dining area. Some of the kitchens are large enough to accommodate a small table and others are galley style kitchens.

Neighborhood Characteristics: Contiguous to Stonehenge is the recently refurbished St Matthews Community Park, which offers wooded walking/jogging trails, basketball, tennis, picnic tables, and charcoal grills. The St Matthews Little League makes its home here. Very convenient to downtown Louisville (15 minutes). Interstate 264 is two minutes away, which connects to other expressways running in every direction. There are two malls, restaurants, and grocery shopping, just across the street. The shops include Trader Joe’s and Whole Foods. There is also an Urban Active Fitness facility, adjacent to Whole Foods.  Everything is truly within walking distance or a short bicycle ride.

Recent Sales & Maintenance Fees: During 2013, thirteen units were sold. Ten had 2-bedrooms and sold for prices ranging from $80,000 ($69/sq ft) to $92,000 ($79/sq ft). One 3 bedroom unit sold for $90,000 ($78/sf), while the other two sales were of 1 bedroom units, which brought $60,000 or $79/sq ft.

During 2014,  six 2-bedroom and five 1-bedroom units were sold.  The 2-bedrooms ranged from $71,000 ($58/sq ft) to $97,000 ($83/sq ft), while the 1-bedrooms brought from $60,000 ($78/sf) to $65,000 ($85/sf). One 1-bedroom was sold at auction and brought $56,100 or $75/sq ft.

During 2015, eighteen units were sold: one 1-bedroom, fifteen 2-bedrooms and two 3-bedroom units. The 1-bedroom sold for $71,350 or $96/sq ft. The 2-bedroom unit sales ranged from $77,900 ($67/sq ft) to $105,000 ($90/sq ft), while the 3-bedroom units brought $92,500 ($56/sq ft) and $105,000 ($74/sq ft.) None were distressed sales (i.e., short or foreclosure sales). During 2016, eighteen units were sold: five 1-bedroom and thirteen 2-bedroom units. The 1-bedroom units sold within a range of $65.4k ($86/sf) to $91.5k or $119/sf. The 2-bedroom units sold within a range of $72k ($97/sf) to $106.5K or $92/sf. The median selling price was $95,000. During 2017, nine units were sold: two 1-bedroom, six 2-bedroom and one 3-bedroom units. The 1-bedrooms sold for $75.8k ($101/sf) and $77.5k or $103/sf. The 2-bedroom units sold with a range of $98k ($84/sf) to $116k or $99/sf, while the 3-bedroom brouhjt $112.5k or $79/sf. Through April 8, 2018, four units have been sold: three 2-bedroom and one 3-bedrooms. The 3-bedroom sold for $107.9k or $76/sf, while the 2-bedrooms ranged from $100k ($86/sf) to $110k or $94/sf.

The 2018 monthly maintenance fees range from about $208 to $394. These fees are higher than you might expect, since your heat and air conditioning are included in the maintenance fee.

Management Company: Cornerstone Property Management LLC. Rentals are allowed subject to the Association’s restrictions. No FHA.  Visit http://www.stonehengecondoslouisville.com/

Suitability for Downsizers: This property could not be more conveniently located. If convenience is what you need, Stonehenge should be on your short list. Here is a link to a previous post that identifies the issues that should be considered before making 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.

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 John Drinkwater’s photostream.

 

Stonehenge: a typical view.

 

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