Downsizing Options: Condo Review – Spring Arbor Garden Homes Louisville KY

Welcome to Spring Arbor

 

Location: This development is located off of Route 146 just northeast of I-265. After exiting from I-265, turn right on Station Spring Road, which is about 1/4 mile from the exit.

 

General Description: According to the Master Deed, this patio home complex, which was developed between 1997 and about 2005, consists of 16 brick buildings housing 64 individual ranch or 1.5 story units. Each unit has 2 or 3 bedrooms and a 2-car attached garage. A minority of the units have basements. The two bedroom units have two full baths, while the three bedroom units have three full baths. Also according to the master deed, the above grade living space ranges from 1406 to 2143 square feet. Spring Arbor is a pet friendly community that allows domestic dogs and cats to be kept as pets. No other species are permitted without the prior written approval of the Association’s Board of Directors. Owners must observe “leash laws” and all other animal control ordinances issued by the governing jurisdiction of which the Spring Arbor Community is a part. Also, dog owners must respect other residents by not allowing their pet to bark or whine excessively or otherwise create a nuisance. Failure to do so will result in the revocation of the right to maintain a pet. A unit is for occupancy only by its owner or immediate family and may not be rented or leased. Here is a link to the Spring Arbor Rules & Regulations. http://bit.ly/ZNVByC

 

Common Area Features: None. However, residents are able to join the Forest Springs Swim & Tennis Club, which is within walking distance.

 

Condominium Features: The design features an open floor plan design, with the great room and formal dining area open to one another. Some of the units also have a sun room/office, which is accessed from the great room through, in some instances, French doors. The great room offers a gas fireplace, 9 to 11 foot ceilings and beautiful moldings. The eat-in kitchens have plenty of cabinets and counter space, but are not open to the great room. Also on the first floor are the very spacious master bedroom suite and a second bedroom with a full bath. The master bedroom suite has a huge walk-in closet, double vanities and a large walk-in shower. If the unit has a third bedroom, it is located on the second floor along with the third full bath. The laundry closet is located directly off the kitchen. Every unit has an attached 2-car garage with additional storage above same.

 

Neighborhood Characteristics: Conveniently located, as a shopping complex with a Kroger is just down the street and I-265 is also nearby. Two large shopping malls (i.e., the Summit http://www.thesummitonline.com/louisville/  and Springhurst Towne Center) are also within a 10 minute drive. It is also just a 15 minute drive to the Persimmon Ridge golf course http://www.persimmonridge.com/ and there are other golf courses in the area. The drive to downtown Louisville is about 20 minutes. The amenities of E.P. “Tom” Sawyer Park are also within about a 10 minute drive. This park offers 3 lighted softball fields, an Olympic size pool, hiking trails, 14 soccer fields, BMX, pickelball, a large radio controlled airfield, badminton, archery, nature trails, etc. Here’s the link. http://1.usa.gov/Yu0Xla.

 

Management Company: This complex is managed by Mulloy Properties LLC. They are a very experienced manager and offer a website with a link to all the Spring Arbor condo documents. Here’s a link the master deed. http://bit.ly/WGnZDM

 

Recent Sales & Maintenance Fees: During the 12 month period ended Dec 31, 2013, five patio homes were sold and none had basements. The two ranch style units sold for $175k ($124/sf) and $216k or $119/sf., while the three 1.5 story units brought $229k ($115/sf), $199k ($89/sf) and $227k or $100/sf. There were no sales in 2014, per the MLS. During 2015, six units were sold and none had basements. The two ranch style units sold for $205k ($122/sf) and $200k or $127/sf. The four 1.5 story units sold for $235k ($133/sf), $250k ($115/sf), $248k ($102/sf) and $195k or $112/sq ft. During the period from Jan 1, 2016 to Dec. 5, 2016, there were no sales.

The 2016 monthly maintenance fees range from $211 to $321 and include water, sewer, grounds maintenance, master insurance on the buildings, trash collection, and snow plowing. etc.

 

Suitability for Downsizers: Due to its convenience to everything and relative safety of the immediate area, it should be on your list. Here is a link to a prior post that discusses issues that should be considered before making an offer on a condominium. It is based upon my 15+ years of experience as a Realtor and 20+ years as an owner and occasional board member at Hurstbourne Ridge Condominiums.

 

 

 

A typical unit.

 

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