Downsizing Options: Condo Review – Village of Old St. Andrews Louisville KY

 

Welcome!

General Description: According to the master deed, this patio home condominium complex consists of 28 single story, brick buildings, each of which contains four individual units. Each unit has either 2 or 3 bedrooms, 2 full baths and an attached 2-car garage. This development was constructed during the last half of the 1990’s. On page 4 of the master deed, the individual condominium units were described as follows: 38 units with 1350 square feet, an additional 38 with 1500 square feet and 36 units with 1780 square feet.  Additionally, half or 18 of the largest units have walk-out basements. Since the ownership percentages used to apportion the annual budget includes all of a unit’s enclosed space, an addendum to the master deed modified the square footage calculation to include the garage, Florida room and basement (if any) space. The average space in each garage, Florida room and basement is 449 sq ft, 163 sq ft and 1233 sq ft, respectively. It appears that those units with walkout basements do not have a Florida room. Owners are allowed to maintain common household pets such as dogs, cats and caged birds, provided they are not kept, bred or maintained for any commercial purpose or become a nuisance. There is a limit of 2 dogs and 1 cat or 2 cats and 1 dog, but there is no canine weight limit. Obviously, your dog(s) must be on a leash when outdoors. Also according to the master deed, owners may NOT lease their units. Here is a link to the Village of Old St Andrews Master Deed, By Laws and Rules & Regulations. http://bit.ly/12ZuZef

 

Common Area Features: This community offers a clubhouse with a party room, exercise room and a kitchen. There is also an in ground pool and a gazebo.

 

Condominium Unit Features: These ranch style homes offer an open floor plan that includes a great room with a gas fireplace and vaulted ceiling, a dining area that is open to the great room, an eat-in kitchen with lots of cabinets, a master bedroom suite with a walk-in closet, a laundry room with cabinets, and either one or two additional bedrooms and a second full bath. Every unit has an attached 2-car garage.

 

Neighborhood Characteristics: This development is reasonably convenient to grocery and other shopping venues. There is a Kroger about 2 miles away and four shopping malls are all within a 15 minute drive. The drive time to downtown Louisville is about 15 minutes. There are also many upscale, single family home developments in the area around St Andrews.

 

Historical Sales & Maintenance Fees: During 2013, three, 3-bedroom units were sold, none of which had basements. They sold for $250k ($110/sq ft), $230k ($147/sf) and $228.9k or $114/sf. During 2014, three units were sold. Two of the units, which had finished walkout basements, sold for $380k ($203.64/sf) and $301k ($172.70/sf). Both of these units had a third bath in the basement and the finished space in their lower levels were 1348 sf and 1080 sf respectively. The third unit sold for $234.9k or $131.82/sf and had 3 bedrooms and 2 baths. During 2015, no units were sold. During 2016, one, 3-bedroom unit was sold for $254.5k or $151/sf. 

As of February 9, 2017, the maintenance fees range from $260 to $524 per month ( i.e., 2 bedroom units at $260, 3 bedroom units at $277-$313 and those with walkout basements at $477-$524.) These fees cover the typical condo expenses of exterior maintenance, sewer, water, grounds keeping, trash, snow plowing and the master insurance on the buildings.

 

Management Company: The management company is Mulloy Properties, LLC, which is a very reputable firm that manages a large number of developments.

 As of 2/9/2017, the complex is not FHA approved.

 

Suitability for Downsizers: From the standpoint of safety and convenience, this complex should be a must see for anyone wanting an upscale condominium with 2 or 3 bedrooms and 2 baths. 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 11+ years of experience as a Realtor and my 16+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums. This is an area that is generally considered to be safe.

Typical building.