Downsizing Options: Condo Review – Spindlewick Condominiums Louisville KY

 

One of the buildings.

Location: This complex is located on Washburn Avenue, which connects to both Westport Road and New La Grange Road.

 

General Description: According to the master deed, this small condominium complex consists of five, 2-story, wooden buildings, each of which contain eight individual units. This development was constructed during the last half of the 1980’s. As originally configured, each unit is a single story home with 2-3 bedrooms and 2 full baths. As shown in the master deed, these first or second floor condos range in size from 1,130 to 1,391 square feet. None of the units have basements, as each building is on a concrete slab foundation. There are no elevators, as well. Each unit offers a covered patio or balcony, some of which may be screened or enclosed. This is a pet friendly community, which allows 1 pet of less than 20 pounds. as well as cats and other common household pets, provided they are not kept, bred or maintained for any commercial purpose. Also according to the master deed, owners may lease their units, subject to any association rules and regulations, which may limit the leasing option. Here’s a link to the Master Deed. http://bit.ly/2bZZS2K

Here is a link to the Spindlewick Rules & Regulations, which were last updated in 2006. http://bit.ly/2cfCKJA

 

Common Area Features: This complex offers a small in ground pool, but no clubhouse or other amenity.

 

Condominium Unit Features: These ranch style homes offer an open floor plan where the eat-in kitchen is open to the formal dining room. The family room offers a wood burning fireplace, a built-in bookcase and sliding glass doors leading to the patio or covered balcony. The master bedroom suite has one or two walk-in closets, and a separate dressing area. The second floor units have vaulted ceilings and skylights. Every unit has a laundry closet. There is an outside storage closet off the balcony or patio. Some of the units have attached or detached single car garages.

 

Neighborhood Characteristics: This development is very conveniently located, as it’s only 5 minutes to the interstate and the same distance to two shopping malls (Oxmoor & St Matthews Malls) and the shops and restaurants along Shelbyville Road. There is also a smaller shopping area that was just remodeled called Westport Village. The drive time to downtown Louisville is about 10 minutes. The St Matthews Community Center Park is also just a 5 minute drive. There are apartment complexes on either side of Spindlewick. Here’s a link to a post on the community of St.  Matthews.

 

Sales History & Maintenance Fees: During the twelve month period ended 1-17-13, three units have been sold. They all had single car garages and ranged in size from 1174 to 1383 square feet. The contract prices ranged from $123,500 to $124,000. During 2013, four units were sold and each had a 1-car garage. Three had 2 bedrooms and 2 baths and one had 3 bedrooms and 2 baths. The 2 bedroom units ranged in price from $118k ($98/sf) to $128k or $104/sf. The 3 bedroom unit brought $142k or $102/sf. During 2014, nine units were sold, with seven having 2 bedrooms and single car garages, one having 2 bedrooms and no garage and one having 3 bedrooms and a garage. The 2 bedroom units with garages ranged in price from $112k ($93/sf) to $143.5k ($130/sf,) while the 2 bedroom with no garage brought $104.9k ($92/sf.) The 3 bedroom unit sold for $126k or $104/sf. During 2015, five 2-bedroom, 2 bath units with 1-car garages were sold. They ranged in price from $120k ($87/sf) to $131.5k or $107/sf. A sixth 2BR, 2BA unit with no garage sold for $120k or $99/sf. Through the first eight months of 2016, one 2 bedroom, 2 bath unit with a garage sold for $130k or $94/sf.

As of September 1, 2016, the maintenance fees range from $220 to $250 per month.  These fees cover the typical condo expenses of exterior maintenance, sewer, water, grounds keeping, trash, snow plowing and the master insurance on the buildings.

 

Management Company: The management company is Mulloy Properties, LLC.

 

Suitability for Downsizers: From the standpoint of convenience, this complex should be a must see for anyone wanting a smaller condominium with 2 bedrooms and 2 baths. 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 15+ years of experience as a Realtor and my 20+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums. This is an area that is generally considered to be safe.