Downsizing Options: Condo Review – The Ridge at Old Henry Louisville, KY

Location: This small patio home complex is located off Old Henry Road in eastern Jefferson County. Take I-265 to the Old Henry exit and travel east on Old Henry for about 1.25 miles, which involves going through one traffic light. At the stop sign turn right and the subdivision entrance is on your immediate right.

 

General Description: This upscale brick and stone complex, which was built during the 2001 – 2005 period, consists of 61 ranch style patio homes. According to the Master Deed and a review of all prior listings, each unit’s above ground square footage ranges from 1900 to 2500 sq ft. The original floor plans all included 2 or 3 bedrooms and 2 or more full baths. Every dwelling also has a full basement, some of which walk out to the rear deck/patio. This is a pet friendly community, which allows common household pets of up to forty pounds. However, they may not be kept for breeding or any commercial purpose. According to the association by-laws no unit may be leased for a term of more than six (6) months, unless with Board approval. For all leases allowed or approved, at least 3 business days prior to the commencement date of the lease of any unit, the owner(s) of such Unit shall notify the Board in writing of the execution of such lease. For more information on the association’s specific rules governing leases and a variety of other issues read the By-Laws. Here’s the link. http://bit.ly/12pEaaj

 

Common Area Features: None. This complex is too small to economically support a pool or clubhouse. However, the association owns a wooded area contiguous to the complex, which affords many residents a pastoral view. There is also a small creek on the property.

 

Patio Home Features:  These patio homes all have upscale features such as hardwood and ceramic flooring, granite counter tops, two story foyers, vaulted great rooms and master bedrooms, large eat-in kitchens with lots of cabinets, breakfast bars, crown moldings, and large wainscoted dining areas. The carpeted areas feature high end carpeting. The basements also offer nine foot ceilings. The great room fireplace is flanked by quality built-in bookshelves. The master baths are also quite upscale with double vanities, whirlpool tubs and separate showers. There are 2-car attached garages and rear patios and/or decks. The floor plans are all open, which allows an easy flow between living areas.

 

Neighborhood Characteristics: This is a suburban neighborhood that is not fully developed, with some open fields in the area. The surrounding subdivisions are largely all upscale and feature larger homes and privacy. Excellent shopping is 10 minutes away and two malls are a 15 minute drive. There is a fine private golf course just 5 minutes in an upscale community named Lake Forest.

 

Sales History & Maintenance Fees: During 2012, three units were sold for prices ranging from $325,000 to $535,000. One had 3 bedrooms, 2.0 baths and an unfinished basement and brought $325k or $137/sq ft. The two others had finished walkout basements. One had 3 bedrooms and two baths upstairs and a fourth bedroom and a third bath in the basement. It sold for $370k or $161/sf. The other had 2 bedrooms and 2 baths plus a third bedroom and full bath in the basement. It brought $535k or $229/sf. During 2013, one unit was sold. It had two bedrooms and two baths plus a third bedroom and a full bath in its walkout basement. It sold for $495k or $236/sf. During 2014, one two bedroom, 2 bath unit with a finished walkout basement sold for $430k or $225/sf. It had two additional “bedrooms” and a full bath in its basement. During 2015, four units were sold. One had 3 bedrooms and 2 baths with a fourth bedroom and third bath in its finished walkout basement. It sold for $513 or $207/sf. Another unit had 3 bedrooms and 2.0 baths and an unfinished standard basement. It sold for $345k or $151/sf. The third sold unit had 2 bedrooms and 2.0 baths and an unfinished walkout basement. It brought $379.5k or $177/sf. The fourth unit, which sold for $410k ($173/sf), had 2 bedrooms and 2 baths plus an additional bedroom and bath in its standard basement. Through the 26th day of August 2016, two 3 bedroom, 2 bath units with finished walkouts were sold for $502k ($194/sf) and $490k ($203/sf.) Each had a fourth bedroom and a third bath in their basements. A third unit, which sold for $342k ($139/sf), had an unfinished standard basement and two bedrooms and 2 baths.

The monthly maintenance fees run from approximately $325 to $415. These fees cover the standard condominium expenses of water, sewer, grounds maintenance, trash and the master insurance on the buildings.

 

Management Company: The management company is Mulloy Properties Inc. Here is a link to the Mulloy Properties Inc website and the Ridge at Old Henry’s Master Deed. http://bit.ly/ZPMpN6

 

Suitability for Downsizers: Given that this location is both relatively safe and convenient to the shopping along Shelbyville Road via I-265, The Ridge at Old Henry should be considered by anyone wanting a “smaller” home. Here’s a link to a prior post that discusses important issues that should be considered before making an offer on a condominium. It is based upon my 15+ years of experience as a Realtor and my 20+ years as an owner and occasional board member at Hurstbourne Ridge Condominiums.

 

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