Downsizing Options: Condo Review – 1400 Willow Louisville, KY

 

1400 Willow

Directions: I-64 to the Grinstead Ave exit. Follow Grinstead Ave across Lexington Road. Travel about 1/5 mile and make a left at the light onto Cherokee Pkwy. At the first stop sign turn left on Willow Avenue and look to your right for 1400 Willow, which is the tallest building in the area. It’s on the corner of Willow Ave and Cherokee Road.

 

General Description: This luxury complex consists of a single, 20 story brick building with 116 individual units. There is an enclosed underground garage with elevator access to every floor. There is also an impressive lobby and a 24 hour manned security kiosk just outside the stately front entrance. This building is very conveniently located to downtown Louisville and the shops and restaurants along both Bardstown Road and Frankfort Avenue. Two shopping malls are within a 15 minute drive, as the Grinstead entrance to I-64 is only 2-3 minutes away. The building is just across the street from Willow Park, which offers wonderful concerts in the summer and is the location for the very popular Cherokee Triangle Art Fair held every April. http://bit.ly/112uwuU  In addition, 1400 Willow overlooks the expansive Cherokee-Seneca Park system which offers two public golf courses and much more. http://bit.ly/16VzvlE Both parks were originally designed by Frederick Law Olmstead, who also designed Manhattan’s Central Park and Prospect Park in Brooklyn, New York, among many others.  

The vast majority of the condos have a ranch style design with one, two or three bedrooms and 2 or 3 full baths. There appear to be three 2-story penthouse units on the twentieth floor with fabulous views of the park. Based upon a review of the MLS historical record, the single bedroom units range in size from about 1250 to 2000 square feet, while the two bedroom units have approximately 1250 to 2700 square feet. The three bedroom units range in size from about 2250 to 3280 square feet. According to the Association’s Rules & Regulations, pets are allowed and owners may lease their units, subject to the Association’s master deed, bylaws and rules & regulations. Pets must use the service elevator and be on a leash at all times. Owners are expected to take their pets off the property for exercise and any other function. Owners are also expected to adhere to the City of Louisville ordinance regarding the disposal of pet feces. Owners must maintain comprehensive general liability insurance of at least one million dollars. Annually, each unit owner must provide a Certificate of Insurance to the 1400 Willow Board of Directors showing that this insurance requirement has been met. Here is a link to the 1400 Willow website.  http://1400willow.net/

 

Common Area Features: Besides the enclosed underground garage, there is an outdoor heated swimming pool and terrace, four overnight guest suites, a full service health club with a wet sauna and meeting and party rooms. Full valet, bookkeeping and housekeeping services are also available. These services and amenities are clearly superior to any other condominium development in Louisville.

 

Condominium Home Features: As might be expected, these condos are all well designed and feature extensive crown moldings, fireplaces, high end appliances, nine foot ceilings, etc.

 

Neighborhood Characteristics: Exceptionally convenient to downtown Louisville, restaurants, shops, coffee houses, shopping malls, golf courses, etc.  http://bit.ly/1bmdHMr

 

Recent Sales & Maintenance Fees: During the calendar year of 2014, six 2-bedroom, one 4-bedroom and one 1-bedroom units were sold. The contract prices of the 2-bedroom units ranged from $320,000 ($255/sq ft) to $570,000 ($255/sq ft.), while the 4-bedroom unit sold for $555,000 ($248/sq ft) and the 1-bedroom brought $345,000 ($206/sq ft.) The cost per square foot ranged from $206 to $255. Please keep in mind that the contract price will depend upon the condition of the unit as well as its location (i.e., floor level and view.) During 2015 three 2-bedroom, one 4-bedroom and one 1-bedroom units were sold. The contract prices of the 2-bedroom units ranged from $295,000 ($235/sq ft) to $619,000 ($277/sq ft), while the 4-bedroom sold for $850,000 ($255/sq ft) and the 1-bedroom brought $355,000 ($283/sq ft.). The cost per square foot ranged from $235 to $303. 

The maintenance fees, which range from approximately $660 to $1900 per month, include security, cable TV, internet, grounds keeping, heat, air conditioning, sewer, water, trash pickup, snow removal, window cleaning, DSL and the master insurance policy on the building.

 

Suitability for Downsizers: This property would be an excellent choice for anyone looking for convenience, and the many features and services offered by this luxury building. Steps are not in play, given the elevator access to all floors. Here’s a link to a prior post, which discusses some important issues that should be considered by anyone considering a condominium. It is based upon my 11+ years of experience as a Realtor and my 16+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums. There is some crime in that neighborhood and here is a link to the criminal activity that has occurred during the 12 month period ended June 10, 2013.

http://bit.ly/1904o5H

 

 

Entrance

 

Cherokee Golf Course

Willow Park

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