Downsizing Options: Condo Review – Woodspointe Louisville, KY

 

Woodspoint & Garage Entrance

Directions: This complex is located near the intersection of Taylorsville Road and Browns Lane. Take I-264 to the Taylorsville exit and head east. Travel about 1.2 miles and make a left at the light onto Browns Lane (just past the Breckinridge Lane intersection). Woodspointe is just down the street on the left. The address is 4125 Browns Lane.

 

General Description: According to the master deed, this complex, which was built in the early 1980’s, consists of 1 brick and vinyl 2-story building with a total of 52 ranch style, single story units. The building has an elevator, an underground parking garage, a meeting room and trash disposal chutes on each floor. The building, which has a single secured entrance, also offers two guest rooms that may be used by an owner’s out-of-town visitors for a small fee. Very few condominiums in Louisville have elevators, underground parking and guest rooms, which should be a big advantage, when it’s time to sell. The units, as originally configured, range in size from 954 to 1,693 square feet. This is a pet friendly community, but there is a limit of one dog, cat or caged birds. The weight limit is 45 pounds. In addition, no animals of any kind may be raised, bred or kept in any unit or on the common elements. This property is managed by Mulloy Properties, Inc. An amendment to the Woodspointe Master Deed identifies the circumstances that must exist for an owner to lease their unit. Here is a link to the Woodspointe Master Deed. The amendment can be found at the very end of this document on page 18 of 21. http://bit.ly/VK01ck 

 

Common Area Features: Every unit’s deck or balcony looks out upon a serene, well manicured courtyard with a gazebo. The grounds are very well maintained.

 

Condominium Unit Features: The smallest units offer 1 bedroom and 1.5 baths, while all the other units have 2 bedrooms, and two full baths. The master bedroom suite features a walk-in closet and a spacious bathroom. The other rooms include a living room with a fireplace flanked by built-in bookshelves, an eat-in kitchen, which is open to the living room, a dining area and a laundry room. There is a covered patio or deck/balcony that is accessed from either the living room or the master bedroom.

 

Neighborhood Characteristics: Very conveniently located with a large Kroger grocery store and a variety of other shops just 5 minutes away. The expressways are also just minutes away. Downtown Louisville is about a 10-15 minute drive, while two shopping malls are 10 minutes away. Note: There is a second condo development contiguous with Wooodspointe Condos called Woodspointe Townhomes. They are completely separate entities. The condos have an address of 4125 Browns Lane, while the townhomes are 4121 Browns Lane.

 

Recent sales & Maintenance Fees: During the 12 month period ended February 7, 2013, one second floor, 2-bedroom unit was sold for $140,500 or $93.80/sq ft. During the past 24 months 3 additional units were sold. A 1 bedroom sold for $100,000 ($103.73/sf), while the two bedroom sales brought $117,000 ($100.34/sf) and $122,000 ($104.63). During 2013, two, 2-bedroom units were sold. One sold for $129.9k ($112/sf) and the other, which required court approval, brought $122.5k or $87/sf. During 2014, no units were sold. During 2015, three 2-bedroom units were sold for $148k ($123/sf), $145k ($113/sf) and $135k or $94/sf. During 2016, though December 7th, three 2-bedrooms units were sold for $148k ($127/sf), $145k ($24/sf) and $149.5k or $128/sf.

The current (2016) monthly maintenance fees range from $176 to about $260/mo. This fee covers the standard condo costs of water, sewer, building and grounds maintenance, snow plowing and the master insurance on the buildings.

 

Suitability For Downsizers: This complex is very suitable for those wishing to downsize, due to the elevator, underground parking and its convenient location. The well landscaped courtyard is also a nice feature. Here is a link to a prior post that discusses some important issues concerning condominium living. It is based upon my 15 years of experience as a Realtor and my 20 years of living and volunteering as a board member at Hurstbourne Ridge Condominiums. 

View From Browns Lane