Downsizing Options: Condo Review – Woodlands of Hurstbourne Louisville KY

 

Typical building.

Location: This complex is located off Linn Station Road and is very close to I-64. Take I-64 to the Hurstbourne Parkway exit and head north. Take a left on Linn Station Rd, followed by a left on Hogarth Drive to entrance. There is a gated entrance, which requires a pass code to enter.

 

General Description: According to the master deed, this upscale patio home community, which was built in the mid-2000’s, consists of eighteen brick buildings and 48 total units. The units are either ranches or 1.5 story homes with all having basements and attached 2-car garages. Also according to the master deed, these homes range in size from 3077 to 3832 square feet, including the space in the basement. The listings in the MLS show above ground space of 1600 to more than 2100 square feet. As originally configured, the above ground space includes 2 or 3 bedrooms and 2.5 baths. According to the association’s rules and regulations, no animals of any kind may be raised, bred or kept in any unit or on the common elements; however, a maximum of 2 common household pets may be kept in a unit, subject to compliance with the bylaws and Rules & Regulations. Exceptions may be granted by the association’s board of directors. No pet weight limit was found in the association’s documents. Owners may lease their units, subject to the stipulations contained in the association’s documents. Here’s a link to the Association’s Rules & Regulations, which addresses the issue of leases and pets. http://bit.ly/2l1LR7o

 

Common Area Features: None, other than a private gated entrance and a full irrigation system, which keeps everything green in the hot summer months.

 

Patio Home Features: These upscale patio homes, exclusive of any finished space in the basement, offer an open floor plan design with 2 or 3 bedrooms, 2.5 baths, an attached 2.5 car garage, a vaulted great room with a gas fireplace flanked by built-in bookshelves, and a first floor master bedroom suite with a bath that includes a garden tub, a separate shower and a large walk-in closet. The eat-in kitchen is large and the dining area is open to the great room. The rear of the unit features many windows and a door leads to the private patio. In addition, these homes offer nine foot ceilings, recessed lighting, trey ceilings, crown moldings and first floor laundries. These are very well designed patio homes.

 

Neighborhood Characteristics: Very convenient location, as it is just 5 minutes to an expressway leading to downtown Louisville and other expressways heading in every direction. Multiple shopping malls, restaurants and every other type of shop or service establishment are all within a 3 to 15 minute drive. Just down the street is a full service fitness and tennis facility named Blairwood. Here’s the link.  http://bit.ly/2l1VfIc

 

Recent Sales & Maintenance Fees: During 2012, 5 units were sold. Excluding the one bank owned property, the contract prices ranged from $279,000 – $290,000 or $138 to $151/sq ft, respectively. During 2013, four units were sold. The two with unfinished basements sold for $240k ($145/sf) and $282k ($143/sf), while the two with finished basements brought $295k ($177/sf) and $191.8k (113/sf; only 1 bedroom.)  During 2014, one unit was sold for $275k or $140/sf.) During 2015, one unit sold for $326k or $155/sq ft. It had 1790 sq ft of finished space in its basement. During 2016, no units were sold.

As of February 20,2017, the monthly maintenance fees range from $325 to $405 and cover all of the standard condo costs (e.g., water, sewer, landscaping, master insurance on buildings, etc.)

 

Management Company: This complex is managed by Mulloy Properties, Inc. Here is a link to their website. Just scroll down to Woodlands of Hurstbourne. http://bit.ly/2lTfbhV

 

Suitability for Downsizers: Due to its super convenient location, this complex should be on everyone’s list of condos/patio homes to consider. Here’s 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 as a Realtor and my 20+ years as an owner and past board member at Hurstbourne Ridge Condominiums.