Downsizing Options: Condo Review – Gardens of Eastern Parkway Louisville, KY


Welcome to the Gardens of Eastern Parkway.

Location: This complex is on the northwest corner of the intersection of Eastern Parkway and Goss Ave/Poplar Level Road.

General Description: This brick and vinyl complex was built during the first half of the 1990’s, according to the Master Deed and PVA records. It is an unusual complex, as the styles of the buildings vary from brick ranch and 1.5 story units, with full basements and attached 2-car garages, to three story brick structures, which house smaller ranch style units. The units range in size from about 950 to 1800 square feet, excluding any basement space. As originally configured, the smallest units offer one or two bedrooms, while the larger ones feature 3 bedrooms and 2.5 baths. The larger ranch and 1.5 story units have private entrances, while the ranch style units in the multi-story buildings have a single secured entrance. There are numerous detached garages and car port structures, as well. According to the Master Deed, owners may have one common household pet, provided they are not kept, bred or maintained for any commercial purpose. Pet ownership is subject to the rules and regulations adopted by the board of directors, which presently does not include a weight limit. Owners may not lease their units.  NOTE: Many of the ground floor condominiums, among others, are located in the flood zone and require flood insurance, which is included in the monthly maintenance fee. NOTE: The larger units are located within “Parkway Gardens.

Management Company: This property is managed by Cornerstone Properties 502.384.9012. All of the Gardens of Eastern Parkway documents (e.g., Rules & Regs., By-laws, etc.) can be found at this link.

Common Area Features: This complex offers an in ground pool. There are also two ponds, which are located on the Eastern Parkway side of the complex (see photos below). The roofs and skylights were replaced in 2013.

 Condo Features: The larger units have open floor plans with eat-in kitchens, dining areas, living rooms with fireplaces , walkout basements and first floor laundries. They also have balconies and patios. The smaller units feature living rooms, eat-in kitchens, laundry closets, dining areas, 2 bedrooms, 2 full baths and a balcony or patio.

Neighborhood Characteristics: Urban neighborhood. This development is very convenient to grocery shopping, as the complex is contiguous with Germantown Square, which features a Kroger. It is about 1.5 miles to the shops and restaurants along Bardstown Road and the same distance from the University of Louisville and Bellarmine University. Tyler Park is about 1 mile away. Downtown Louisville is a ten minute drive. While the homes along Eastern Parkway are quite large, most of the homes in this area are smaller. There are quite a few rental homes, given the proximity to the universities.

Sales History & Maintenance Fees: During 2012 one large unit and one smaller unit were sold. The larger ranch style unit sold for $250k or $150/sf. The main floor featured a master bedroom, 2 full baths, plus 2 additional bedrooms and a third full bath in its finished walkout basement. It also had an attached and a detached garage. The smaller unit brought $114k ($104/sf) and had 2 bedrooms, 2 baths and no covered parking. During 2013, a smaller ranch style unit with 2 bedrooms, 2 baths and a car port sold for $135k or $133/sf. During 2014, one smaller unit sold for $142k ($140/sf) and offered 2 bedrooms, 2 baths and 2 car ports. During 2015, two larger units were sold and both were in the flood zone. One brought $255k ($150/sf) and offered 3 bedrooms, 2 full baths and a 2-car attached garage plus 2 additional bedrooms and a third full bath in its walkout basement. The second unit sold for $237.5k ($156/sf) and had 2 bedrooms, 2 full baths and a single car garage, plus 2 additional bedrooms and a third full bath in its walkout basement. During 2016, two of the larger units and three smaller units were sold. The two larger units were both in the flood zone and sold for $237k ($146/sf) and $205k or $163/sf. The unit that sold for $237k had a 2-car attached garage, 3 bedrooms and 2 full baths on the main floor, plus a third full bath in its finished walkout basement. The other had a 1-car attached garage, 2 bedrooms, 2 full baths and a third bedroom and bath in its walkout basement. The three smaller units brought $179.9k ($122/sf), $168k ($133/sf) and $140k or $138/sf. During 2017, three of the smaller units were sold within a range of $147.5k ($147/sf) to $155k ($152/sf.) No larger units were sold. During 2018 no units were sold. Two units are listed, but not sold, as of 1/29/2019.

The 2019 monthly maintenance fees range from approximately $185 – $330. This fee covers the standard expenses associated with condo communities (i.e., building and grounds maintenance, water, sewer, master insurance on the buildings, trash collection, snow plowing, etc.) In 2019, a thirteenth monthly fee will be collected to boost the complex’s reserves. Not FHA approved.

Suitability for Downsizers: Due to its convenience to grocery and other shopping and to the universities, this complex should be considered by anyone wanting to move to a smaller home. Here is a link to a prior post that addresses the primary issues you should consider before making an offer on any condominium. It’s based upon my 17+years as a Realtor and 22+ years as a condo 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  


The 3-story buildings.


Ranch style larger units.



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