Downsizing Options: Condo Review – Smithfield Greene Condominiums Prospect KY

 

Smithfield Greene Condominiums

Location: This small patio home complex is located off Timber Ridge Drive in Prospect, Kentucky. Follow U.S. Route 42 northbound and make a left at the light for Timber Ridge Drive. Follow a short distance to the entrance on the right.

 

General Description: This upscale brick complex, which was built during the mid to late 2000’s, consists of twenty-nine, 1.5 or 2-story patio homes.  According to the master deed, the above grade square feet ranges from 3545 to 4089 square feet. These units have no basements, as all are on cement slabs. According to the Rules and Regulations, this is a pet friendly community, which allows common domestic dogs and cats, provided they are not kept for any commercial or breeding purposes. There are no specified limits on either the number of allowable pets or their weight. Said Rules and Regulations also allow units to be leased, provided the term of the lease is for no more than six months. Here’s a link to the Rules and Regulations and the specifics regarding pets (pg 1) and leases (pg 4). http://bit.ly/WGXnxZ

 

Common Area Features: None.

 

Patio Home Features: These upscale homes offer three bedrooms, 2.5 baths, 2-car attached garages and an open floor plan design. Their features include ten foot ceilings, spacious master bedroom suites, beautifully appointed kitchens with high end cabinets and appliances, gas fireplaces, crown moldings and a combination of hardwood flooring and higher end carpeting. These homes also offer Pella windows and doors. The vast majority of the master bedroom suites are located on the first floor, with the other two bedrooms and second full bath on the second floor. It appears that the laundries are located on the same floor as the master bedroom. Most, if not all, of the patios appear to be enclosed with brick walls and feature entrance gates. These homes appear to be well designed and constructed.

 

Neighborhood Characteristics: Very conveniently located, as there is a shopping center within walking distance that offers a Kroger, Starbucks, Walgreens, etc. Since a connection to I-265 is just 5 minutes away, two shopping malls are within a ten minute drive and downtown Louisville is about 15 minutes, depending on the time of day.

 

Recent Sales and Maintenance Fees: During 2012, two units were sold. The contract prices were $318,000 or $110/sf and $348,500 or $88/sf. Both had first floor master suites. During 2013, two units were sold for $300k ($117/sf) and $349k ($97/sf), respectively. During 2014, three units were sold for prices ranging from $415k ($129/sf) and $360k ($97/sf). During 2015, two homes were sold. One sold for $348k ($110/sf) and the other brought $318k or $88/sf.) Through the first 7 months of 2016, two units have been sold. The larger unit brought $420k ($114/sf) and the other sold for $316k or $113/sf.)

The maintenance fee is approximately $340 per month, which includes the standard condominium expenses of water, sewer, trash, snow plowing, landscaping and the master insurance on the buildings.

 

Management Company: This complex is managed by Mulloy properties, Inc. Here’s a link to their website and the master deed of Smithfield Greene Condominiums. http://bit.ly/SzIYbH

 

Suitability for Downsizers: Assuming you need the large amount of space offered by these units, this complex should be strongly considered by anyone seeking to downsize to an upscale patio home. It offers both convenience and safety. Here is a link to a prior post that discusses important issues that should be considered by anyone considering a condominium. It is based upon my 11+ years as a Realtor and my 16+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums.

 

 

A second view of Smithfield Greene.

%d bloggers like this: