Downsizing Options: Condo Review of Greenhurst Condominium Association Louisville, KY

 

Small house in Lisboa, Portugal

 Greenhurst Condominium Association: Located between Ridgehurst Place and the entrance to Mejiers off south Hurstbourne Parkway.

General Description: Built in 1994-1997. According to the Master Deed (http://bit.ly/2kgzy8Y), the complex consists of 39 separate, mostly brick buildings of four units each. Each unit in buildings #1 through #31 will be either a ranch style unit with 1250 sq ft or a 1.5 story dwelling with 1,777 sq ft. Buildings #32 through #39 have either 1,350 or 1,500 square feet. The larger units have 3 bedrooms and 2 baths, while the smaller ones have 2 bedrooms and 2 baths.  The majority of the units have 2-car attached garages, while the balance has attached 1-car garages. The pet policy shown in the Project Rules dated 4/10/2016 (http://bit.ly/2kheE9N) states an owner may have 1 dog weighing less than 25 pounds, a cat or caged birds, provided they are not kept or maintained for commercial or breeding purposes. On page 78 of the Master Deed, the rules regarding leasing are clearly defined (i.e., death, job relocation, and move to assisted living home). This complex is managed by Mulloy Properties. Their website shows all the Greenhurst condo association documents. Here’s a link. http://mulloyproperties.com/condo-management/community-file-downloads/  Not FHA approved, as of 2/2/2018. There may be a waiting list of persons interested in buying a unit here.

Condo Features: Most, if not all of the units, include gas fireplaces, vaulted ceilings and recessed lighting. Open floor plans predominate.

Common Area Features: The clubhouse offers a small kitchen, party room, a fitness center and library. There is also an in ground pool, a tennis court and a walking path around a pond. This is a very well kept community.

Neighborhood Features: Super convenient location. There are a wide assortment of grocery and other shopping all within a mile or so of the complex (e.g., Meijer, Kroger, Home Depot, Wal-Mart, etc.).

Recent Sales: During 2014, nine units were sold: two 2 bedrooms and seven 3 bedroom units.  The contract prices for the two bedroom units were $151,000 ($121/sf) to $153,000 ($122/sf). Two of the 3 bedroom units were ranches with 1500 sq ft. They both sold for $175k or $117/sf. The other five, 3-bedroom units had 1.5 stories and sold for prices ranging from $167k ($94/sf) to $175k or $98/sf. During 2015, two 3-bedroom, 1.5 story units were sold for $173k ($97/sf) and $179k or $101/sf. During 2016, one 2-bedroom ranch was sold for $165k or $132/sf. During 2017 no units were sold. Through June 28, 2018, one 2 bedroom, 2 bath unit was sold. It brought $169.9k or $136/sq ft.

2018 monthly maintenance fees range from $130 or $186 for the small and large units respectively.

Suitability for Downsizers: This condo complex should be considered by anyone thinking of downsizing,  due to its location and close proximity to a great variety of shops, restaurants, highways and other amenities. The neighborhood is also relatively safe. Here’s a link to a prior post that discusses issues needing consideration before an offer is made on a condominium. It is based upon my 17+ years of experience as a Realtor and 22+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums, which is next door to Greenhurst.

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 & Madalena Pestana

Typical structure in complex.

 

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