Downsizing Options: Condo Review – Savannah Springs Condos Louisville KY

 

Typical patio home.

Location: This complex is located near the Gene Snyder Expressway off of Shepherdsville Road. Take I-265 to the Preston Highway exit and head north. Travel about ½ mile and make a right on E Manslick Rd and then another ½ mile to a left on Shepherdsville Road. The entrance to Savannah Springs is a bit more than ½ mile down Shepherdsville Road on the left.

 

General Description: According to the master deed, this condo community, which was built in the last half of the 2000’s, consists of 18 brick and vinyl one, two or three story buildings and 100 individual units. The units are either ranches or 1.5 story homes. Some of the units have either detached or attached single or 2-car garages. Based upon a review of the MLS records, these units range in size from 1200 to 1900 square feet and offer 2 or 4 bedrooms and two full baths. (NOTE: The PVA square footage numbers may include the attached garage space.) According to the association’s rules & regulations, owners may lease their units, provided they are for a term of at least six months and are expressly made subject to the Master Deed, Bylaws, the Articles and the Rules & Regulations, as amended. According to the association’s rules and regulations, no animals of any kind may be raised, bred or kept in any unit or on the common elements; however, dogs, cats or other household pets may be kept in a unit, subject to compliance with the bylaws and rules. No pet weight or quantity limit was found in the association’s documents. Here is a link to the association’s Rules & Regulations. http://bit.ly/V59KEn

 

Common Area Features: This development offers a clubhouse with a meeting room, kitchen and a fitness room. There is also a playground and a ½ mile walking trail.

 

Condominium Unit Features: Each unit features an open floor plan design where the kitchen is open to both the dining area and living room. The master bedroom suite offers a walk-in closet, trey ceiling and a large bathroom with a double sink vanity and a walk-in shower. All 2nd and third floor units have screened balconies, while all first floor units have either covered or screened patios. Some of the units have nine foot ceilings. There are no fireplaces. This development is unusual, since it includes a variety of condo styles: ranch and 1.5 story condos that are attached to one another at the garages, in addition to smaller units in larger multi-story structures, with optional detached garages.

 

Neighborhood Characteristics: This neighborhood offers good access to the interstate; however, shopping and restaurants are not super convenient. The Jefferson Mall, however, is about a ten minute drive.

 

Management Company: The property manager is Mulloy Properties, LLC. Here is a link to their website and the Savannah Springs Master Deed. http://bit.ly/141Nty4    The balance sheet as of 10/31/2016 showed assets of $262k.

 

Recent Sales & Maintenance Fees: During 2013, four 2-bedroom ranch style units and one 4-bedroom unit were sold. The four, 2 bedroom, 2 bath units sold within a range of $129k ($96/sf) to $131k or $105/sf and three had 1-car garages, while the fourth had a 2-car. The 4 bedroom unit, which had a 1-car garage, sold for $142.9k or $74/sq ft. During 2014, four 2-bedroom ranch style and two 4-bedroom 1.5 story units were sold. Three of the four ranches had 2-car garages and they sold within a range of $130k ($78/sf) to $150k ($91/sf). The unit with the 1-car garage brought $138.5k or $89/sf. The two 4-bedroom units, which had 1-car garages, sold for $147k ($77/sf) and $149.9k ($78/sf.). During 2015, eight units were sold which ranged in price from $97k to $142k. Three of these were ranches with about 1500 sq ft and 1-car attached garages, while a fourth had a 2-car attached garage. These four units had sale prices ranging from $136.5k ($89/sf) to $142k or $90/sq ft. The four other sold units, with about 1200 sq ft, were located in the buildings with ground floor and second floor units. These units sold within a range of $97k ($81/sf) to $103.5k or 87/sf. The one that sold for $97k had no garage, while the others had 1-car detached garages. During 2016, 7 of the smaller units (about 1200 sf) and 12 of the larger stand alone ranches were sold. Six of the smaller units, located in the three story buildings, sold within a very tight range of $103.5k ($83/sf) to $105.9k ($88/sf.) The seventh unit brought $92k or $77/sf. The twelve larger, stand alone units consisted of five 4-bedroom, 2 bath units and seven ranch style units. The 4-bedroom units sold within a range of $138.5k ($73/sf) to $154k ($93/sf.), while the ranch style units brought between $135k ($88/sf) to $156k ($95/sf.)

The 2016 maintenance fees for the larger stand alone units range from about $195 to $240 per month, while the smaller units have fees of about $170 to $180 per month. The maintenance fees cover all of the standard condo costs (e.g., water, sewer, landscaping, master insurance on buildings, etc.)

FHA approved through May 2017.

Suitability for Downsizers: This complex appears to be well maintained and is centrally located, with some shopping nearby.  Recent sales show a very reasonable cost per square foot. Here’s a link to a prior post, which discusses the important issues that should be considered by anyone considering a condominium. It’s based upon my 16+ years of experience as a Realtor and my 21+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums.

 

Clubhouse

A larger building with smaller condos.