Downsizing Options: Condo Review – Village of White Oaks Louisville KY

 

Village of White Oaks

Directions: This complex is located off of New La Grange Road (Rt #146) between Ormsby Lane and Willow Springs Drive. Head east on I-264 to the Shelbyville Road exit and stay to the left off the exit. Turn right at light and then a left at the next light onto Rt 146. Follow Rt 146 about 1.5 miles to the entrance on the left.

 

General Description: According to the master deed, this complex, which was built in 2002 -2003, consists of 4 brick 2-story buildings with a total of 40 ranch style units. There are also 33 detached garages located across from the buildings. Each building has one or two secured common entrances and there are either eight or twelve units per building. Each unit has 2 bedrooms and 2 full baths and range in size from about 1000 to 1200 square feet. This is a pet friendly community, but there is a limit of two dogs, cats or other domestic pets. There does not appear to be a weight limit for dogs.  However, no animals of any kind may be raised, bred or kept in any unit for any commercial purpose. Dog leashes must be employed and no pet may be allowed to create unreasonable disturbances. (See pg 19 of the Master Deed.) Owners may lease their units, subject to all of the provisions of the Master Deed, Bylaws and Rules & Regulations. For more information about leases, see page 21 of the Master Deed. Here is a link to the Village of White Oaks’ Master Deed. http://bit.ly/Vu1lxK

 

Common Area Features: None, given the small size of this complex.

 

Condominium Unit Features: These condominiums feature an open floor plan design with a galley kitchen, dining area, and living room with a gas fireplace, a laundry room off the kitchen, two bedrooms and two full baths. The second floor units offer vaulted ceilings and covered balconies, while the first floor units have covered patios. None of the units have basements, as each building is on a concrete slab foundation. There are no elevators, as well.

 

Property Management Company: Mulloy Properties, LLC, who manage many of the condominium developments in the greater Louisville area. Here is a link to their website. http://mulloyproperties.com/

 

Neighborhood Characteristics: This small development is very conveniently located, as the interstate, two shopping malls (Oxmoor & St Matthews Malls), restaurants and every other type of commercial establishment are all within a 5-10 minute drive. There is also a very large YMCA just five minutes away. Downtown Louisville is about a 15 minute drive. The complex does back up to a railroad track, so you must expect some noise from any passing trains.

 

Recent Sales and Maintenance Fees: During 2012, a first floor unit sold for $110k ($97/sf) and a 2nd floor unit sold for $109,250 ($96/sf). Both had single car garages. During 2013, two units were sold. A second floor unit without a garage sold for $109k or $97/sq ft., while a first floor unit with a garage brought $112k or 96/sf. During 2014, five units were sold for prices that ranged from $99k ($88/sf) to $116.9k or $100/sf. The three first floor units with garages sold for $116.9k and $114k, while the third brought $107k. The 2 second floor units sold for $111k ($95/sf) and $99k. (The unit sold for $111k had a garage.) During 2015, eight units were sold with two being distressed sales. Excluding the two foreclosures, they sold within a range of  $106.5k ($93/sf) to $113.9k ($101/sf). The garages seem to add about $3 to $5k to the contract price. During 2016, three units with garages were sold. The contract prices of the two second floor units were $118k ($104/sf) and $110k ($94/sf), while the 1st floor sold for $119k or $105/sf. No sales thus far in 2017.

As of February 2017, the maintenance fees are approximately $145 per month. These fees cover water, sewer, trash collection, snow plowing, buildings and grounds maintenance, and the master insurance policy on the buildings.

This complex is FHA approved through 6/25/2017. 

Suitability for Downsizers: From the standpoint of convenience, this complex should be a must see for anyone wanting a smaller condominium with 2 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 15+ years of experience as a Realtor and my 20+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums. This is an area that is generally considered to be reasonably safe; however, here is a map showing the criminal activity in that area during the past 6 months. http://www.crimemapping.com/Share/926acbf18689435ea1046de2e6b762c8

Detached garages

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