Downsizing Options: Condo Review – Harrods Creek Overlook Prospect KY

 

Welcome.

Location: This complex is located in Prospect, KY directly off of Highway 42. Travel northbound on I-71 to the intersection with I-265. Head west on I-265 to U.S. 42. Take a right on U.S. 42 and follow it about ¾ of a mile to the entrance on the right.

 

General Description: Based upon a visual inspection of this complex, it consists of four 3-story brick buildings. According to a review of the active and prior listings, each building has sprinklers and an elevator(s), which extends to the lower level garage. As originally configured, each unit has a ranch style design with 3 bedrooms and two and one-half baths. The living space ranges from approximately 2,700 to 3,100 sq ft. NOTE: Proceed with caution and be sure to review all publicly available documents, as this complex has had multiple owners and may represent some risk to any purchaser who doesn’t perform thorough due diligence. Here is a link to the property manager’s website and the association’s Master Deed. http://bit.ly/YLIdc0

 

Common Area Features: There is a pavilion and a dock on Harrods Creek. The complex includes about seven acres of conservation land with walking paths from the pavilion to the dock.

 

Condominium Unit Features: The units that have been finished and sold all offered high end features such as nine to eleven foot ceilings, CAT 5 wiring, open floor plans, double bay windows, granite counter tops, beautiful crown moldings, gas fireplaces and very large decks and/or patios. The master bedroom suites are very spacious and feature twin vanities, whirlpool tubs, separate showers, tile flooring and spacious walk-in closets. Many of the units have excellent views of the wooded acreage.

 

Neighborhood Characteristics: Safe and conveniently located, as there is a large shopping center within 5 minutes that offers a Kroger, Starbucks, Walgreens, etc. There are also a number of golf courses in the area. Since a connection to I-265 is just 5 minutes away, two shopping malls are within a ten minute drive and downtown Louisville is about 20 minutes, depending on the time of day.

 

Recent Sales & Maintenance Fees: During the past twelve months no units were sold. The last sale was in February 2010 and that contract price was $470,000 or $151.61 per square foot of living space. There are a number of units currently for sale at $369,900 with 2,720 square feet ($136.67/sf). The builder recently turned over the complex to the owners, who raised the monthly maintenance fee to $570.

 

Management Company: This complex is managed by Mulloy Properties, LLC. Mulloy Properties manages many condominium and other developments in Louisville and offers much experience. Here is a link to their website and the Harrods Creek Overlook Bylaws. http://bit.ly/14lrHm5

 

Suitability for Downsizers: Since this upscale complex is so conveniently located and features buildings with elevators, you should give this property some consideration. However, do your due diligence, given the changes in ownership that have occurred. Here is a link to a prior post that discusses the most important issues everyone should consider before entering into a contract on a condominium. It is based upon my 12 years of experience as a Realtor and my 16 years of experience as an owner and periodic board member at Hurstbourne Ridge Condominiums. While crime is not much of a problem, here is a map showing the criminal activity during the year ended March 4, 2013. http://bit.ly/YJThWE

One of the buildings.

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