Downsizing Options: Condo Review – Village I Condominium, Louisville, KY


One building at Village I

Location: This small development is located in Jeffersontown, KY. Take Hurstbourne Parkway to Stony Brook Drive to Gutenburg and then make a right on Loch Lea Lane. Follow Loch Lea to just before it intersects with Villa Fair Rd.


General Description: According to the Master Deed this small complex was built in the late 1970’s and consists of four wood framed building with eight units per building. It appears that most of the units are either on the first or second floors, while a few are single story structures with no second unit above. Each unit features 2 bedrooms and 2 baths. The units range in size from about 1000 to 1100 square feet. There are no parking garages or car ports. This is a pet friendly community, which allows common household pets; however no pets may be kept, bred or maintained for any commercial purpose. Owners may lease their units, subject to the association’s bylaws, master deed and rules & regulations.This complex is managed by Mulloy Properties, Inc. Here is a link to their website and the Bylaws of Village I.


Common Area Features: None. (There are two tennis courts, which are currently in a state of disrepair.) Large amounts of green space and trees.


Condominium Features: The open floor plan design features a dining area open to the living room. The kitchens are large enough for a table. Each unit also has a laundry closet and an outside storage closet off the deck/balcony or patio.


Neighborhood Characteristics: This complex is approximately midway between Stony Brook Dr and Billtown Rd. It isn’t super convenient to shopping, restaurants and other amenities, since it’s tucked away in the rear of a subdivision; however, it’s only about 10-15 minutes to the Meijer’s on Hurstbourne Pkwy and perhaps 15 minutes to the Kroger on Bardstown Rd. The vast majority of the criminal activity has occurred south of the complex along Michael Edwards Dr. Here is a link to a map of the recent and prior criminal activity that has occurred in this area. Here is a link to a prior post that discusses the issues you should consider before buying any condominium.


Recent Sales & Monthly Fees: During the 12 month period ended 7/22/2014, two units were sold. One was a townhouse with a basement. The above ground square footage was 1055 sf, exclusive of another 400 sf of finished space in its basement. It offered 2 bedrooms and 2.5 baths. The contract price was $86,500. The second unit was a ranch style condo with 1088 sf and 2 bedrooms and 2 full baths. It sold for $86,000.  The cost per square foot ranged from $68 to $79, excluding the foreclosure. The 2014 monthly fee ranges from $150 to $218, which covers water, sewer, trash collection, building and grounds maintenance, snow plowing, and the master insurance policy on the buildings. (Note: there is a special assessment in place, at present.)


Suitability for Downsizers: Due to the extent of the crime in the area, I can’t recommend this complex. There are better options to consider, in my opinion.


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