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. Pursuant to an amendment to the by laws in May 2014, owners may have no more than 2 dogs each weighing 30# or less or one dog weighing no more than 60#. Tenants are prohibited from owning a dog. 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 leases (pg 4).

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.) During 2016, three units were sold. The two larger units brought $420k ($114/sf) and $385k ($109/sf), while the other sold for $316.5k or $113/sf. During 2017, one large unit was sold for $385k or $109/sf. During 2018, no units were sold. Through March 3, 2019, no units have been sold. One unit is pending, however.

The maintenance fee is approximately $350 per month, which includes the standard condominium expenses of water, sewer, trash, snow plowing, landscaping and the master insurance on the buildings. The precise fee is unknown, but the property under contract shows it to be $350/mo.

Management Company: This complex is managed by Cornerstone Property Management. Here’s a link to their website and the By Laws of Smithfield Greene Condominiums.

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 17+ years 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!

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


A second view of Smithfield Greene.

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