Downsizing Options: Condo Review – Woodmere Townhomes Louisville KY

 

Welcome to Woodmere Townhomes.

Location: This upscale townhome complex is located on Seminary Drive, which runs between US 42 and Highway 22. Take I-264 to the Brownsboro Road exit and turn right off the exit. Follow Brownsboro Road about 1 mile and turn right on Seminary Drive. The entrance will be on your right a short distance down the road.

 

General Description: This brick townhome complex, which was built in the early 1990’s, consists of 23 upscale townhouse units. Based upon a review of all of the prior listings shown in the MLS, each unit’s above grade living space ranges from about 2000 to 3200 square feet and includes 3 or 4 bedrooms and at least 2.5 baths. In addition, every unit has a basement and a 1 or 2-car attached garage. Many of the units have two single car garages, as there are also groups of detached garages. According to the Woodmere Rules & Regulations, owners may have no more than two pet cats or dogs. A dog may not weigh more than 50# and if there are two dogs their combined weight is also limited to 50#. Owners may lease their units, but the term must be for at least one year and a copy of the lease must be submitted to the Woodmere board prior to its commencement. The owner remains primarily responsible for all maintenance and repairs and for the tenant’s compliance with the association’s bylaws, rules & regulations, etc. The Woodmere Association is self-managed.

 

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

 

Condominium Unit Features: Each unit features an open floor plan design with a large eat-in kitchen, a dining area with a bay window and a great room with a vaulted ceiling, built-in bookshelves and a gas fireplace. Also found on the first floor are a half bath, den, which may have a second fireplace, a laundry room and a spacious master bedroom suite. The master bathroom features a whirlpool tub, dressing area, a large vanity with dual sinks, a walk-in closet and a separate shower. A spacious and private patio may be accessed from either the den or the master bedroom. Some of the unit owners have screened in a portion of their patio. Many of the rooms have crown moldings and the dining areas often feature wainscoting. The second floor has two or three bedrooms and one or two full baths.

 

Neighborhood Characteristics: Very convenient location, as it is just a few minutes away from an excellent shopping area with a Kroger, restaurants and a variety of interesting shops. Paul’s Fruit Market is also just a 2-3 minute drive. As previously noted I-264 is just a mile away, so downtown Louisville and 4 shopping malls are all within a 15 minute drive. This entire area is populated with upscale single family home developments.

 

Recent Sales & Maintenance Fees: During the twelve month period ended February 22, 2013, four units were sold for prices ranging from $300k to $325k. The one that sold for $300k, or $99.50/sq ft, only had a 1-car garage and was on the market for quite some time. The other three each had two single car garages and their contract prices represented values of $108/sq ft, $132.54/sq ft and $128/sq ft. The monthly maintenance fees are in the neighborhood of $300 per month and cover the association’s water, sewer, building and grounds maintenance, trash collection, snow plowing, master insurance policy costs.

 

Suitability for Downsizers: Woodmere is an excellent candidate for downsizers needing the space offered by these upscale townhomes. It is a very nice small, quality complex that’s super convenient to everything. 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. However, here is a link to a map showing the criminal activity that has occurred in that area during the past year http://bit.ly/VFZjuA.

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