Downsizing Options: Condo Review – Troon at Landis Lakes Louisville KY

 

Welcome to Troon!

Location: This upscale patio home development is located off of South English Station Road, just east of the Snyder Expressway. Take I-64 eastbound to the Snyder Expressway heading north. Take the first exit, which is Shelbyville Road, and head east to the second traffic light and turn right on South English Station Road. The stylish Troon entrance is on your right, just down the street.

 

General Description:  As written in the Master Deed, this patio home development, which was built between 2002 and 2008, consists of 118 individual units. The exteriors are constructed of either brick or stucco and stone. All of the units have ranch style designs with above ground living space ranging from 1350 to about 2200 square feet. There are no 1.5 story units, which differs from what’s written in the master deed. A very small number of the units have walkout basements. A few units have basements with nonconforming square footage and access via outside entry doors. According to the Troon Community Handbook, there is a limit of two small pets or one medium to large size domestic pet. No domestic pets may be kept or maintained for commercial purposes or for breeding. The Handbook also notes the following: “Only one unit may be owned by one person or organization for the purposes of rental and no rental agreement shall be for a term of less than one year, except upon review and approval of the lease by the THOA board.” Here is a link to the Mulloy Properties website. Scroll down to Troon and choose the Handbook option. http://mulloyproperties.com/condo-management/community-file-downl

 

Common Area Features: This complex is very well maintained and offers an outdoor heated pool, a clubhouse with a party room, kitchen, fitness room and a library. The grounds are very well maintained.

 

Condo Unit Features: Each unit has either two or three bedrooms, two or three baths and an attached 2-car garage. The floor plan design is largely open, to maximize the flow between the great room, dining area and eat-in kitchen.  The great room features a vaulted ceiling and a gas fireplace. The dining area is quite spacious, as is the kitchen, which features an abundance of cabinets and a vaulted ceiling. The laundry room is off the kitchen along with a pantry and the hallway to the garage. There is also a sunroom, which may be both heated and cooled. The units offer a split bedroom floor plan. The master bedroom suite is very upscale.

 

Neighborhood Characteristics: Very convenient to the expressways (5 minutes), shopping, restaurants, golf, and just about anything else you might need. The Landis Lakes Towne Center shopping complex is just a short walk down the street. The wonderful Park Lands of Floyds Fork (http://bit.ly/2ittsOB) is a 5 minute drive. The Blackacre State Nature Conservancy (http://bit.ly/2nyQARj) is a 10-15 minute drive. Downtown Louisville is about a twenty minute drive. Four shopping malls are all within a 15 minute drive. In addition, there are many upscale single family home developments in this part of Jefferson County.

 

Management Company: The management company is Mulloy Properties, LLC. They are an experienced property management company with responsibility for many developments in the greater Louisville area.

 

Recent Sales & Maintenance Fees: During the period from 5-20-13 to 12/31/13, six units were sold for prices ranging from $195,000 ($144/sq ft) to $310,000 ($163/sq ft). Two had finished basements. These sold for $295k and $310k. During 2014, five units were sold for prices ranging from $212,000 ($131/sq ft.) to $295,000 ($140/sq ft.) During 2015, seven units were sold for prices ranging from $210,000 ($155/sq ft) to $316,000 ($144/sq ft.)  One of them had a finished basement and it sold for $315k ($177/sq ft.) During 2016, two units were sold for $228k ($152/sf) and $223k or $152/sf. Neither property had a basement. During the first 11 months of 2017, eleven units were sold. Excluding one unit with 1500 sq ft that was offered in as-is condition and sold for $215k ($143/sf), the properties sold within a range of $227k ($157/sf) to $310k or $141/sf. The unit that sold for $310k had a basement with nonconforming space and outside entrance. A second such unit sold for $307.9k or $147/sf.

The 2017 monthly maintenance fees range from about $221 to $379. There are NO planned increases for 2018.  This complex is not currently FHA approved.

 

Suitability for Downsizers: This complex should be on anyone’s list, due to its convenient and safe location.  Here is a link to a prior post that discusses important issues that should be considered before making an offer on any condominium. It is 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. 

One of their brick units.

The Clubhouse.

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