Review of Douglass Hills Condominium Association, Louisville, KY

 

Smallest home in Savannah, Georgia USA

Douglass Hills Condominium Association: Located off of Shelbyville Road about ½ mile east of Blankenbaker Road. (Shelbyville Rd to Burnside to Logsdon Ct.)

 

General Description: Per Exhibit B of the Master Deed, this brick complex was built in the late 1970’s and consists of seven brick, two story buildings and 136 individual units. The units have either one, two or three bedrooms. The two and three bedroom units have 2 full baths, while the single bedroom units have a single bath. Every unit has an open floor plan with a ranch style design.  The size of the units ranges from 700 to about 1175 square feet. There are some garages, but every owner is assigned an uncovered, deeded and numbered parking space for their exclusive use. As detailed by the Association’s Rules & Regulations,  a unit’s residents may not collectively park more than two vehicles on the condominium property including the garages and parking spaces. Owners may NOT rent their units to anyone other than to an immediate member of their family; however, some owners who had rented their units prior to 2002 were “grandfathered in.” (Visit the Mulloy Properties website for all condo documents www.mulloyproperties.com.) This community allows an owner to have one dog weighing 25 pounds or less or one cat. The Rules & Regulations also prohibit residents from having exotic animals (e.g., snakes, lizards, etc.) and dog owners must employ the designated pet walk areas. Here’s a link to the current Regime Rules. http://bit.ly/2bAiTHt.

 

Common Area Features: Douglass Hills offers a clubhouse, an in ground pool, a playground and a tennis court.  Within the clubhouse is a great room, an exercise room and bathrooms.

 

Condominium Unit Features: Each unit offers an open floor plan with an eat-in kitchen, dining area/room, a living room, laundry area/room and either a balcony or patio. The one bedroom units offer a single bathroom, while the two and three bedroom units feature a master bedroom with its own bathroom, a full second bathroom, a large walk-in closet and a small dressing area. Each unit also offers a storage closet, which is accessed from the patio or balcony. The largest units have laundry and dining rooms, as opposed to a laundry closet and a dining area.

 

Neighborhood Characteristics: Very convenient location with a wide assortment of shops, restaurants, and multiple shopping malls all within a 5-10 minute drive. The expressway is 5 minutes away. Downtown Louisville is a 15-20 minute drive. Douglass Hills Park, which offers walking trails, a playground, tennis, and volleyball, is adjacent to the complex.

 

Historical Sales: During 2012, two, 1-bedroom and five 2-bedroom units were sold. The 2-bedroom unit sold for prices ranging from $62,830 ($64/sf) to $91,500 ($92/sf), while the 1-bedroom units brought $65,700 ($94/sf) and $65k or $93/sf. During 2013, fifteen units were sold, which included one, 1-bedroom, six 3-bedrooms/2.0 baths and eight 2-bedroom/2.0 bath units. The 1-bedroom brought $72k ($103/sf), the 3-bedroom units sold within a range of $88.5k (78/sf) to $105.5k ($92/sf), while the 2-bedroom sales ranged from $72k ($75/sf) to $83k or $90/sf. During 2014, four 1-bedroom and four 2-bedroom units were sold. The 1-bedroom units sold for between $69k (97/sf) and $74k ($105/sf), while the 2-bedrooms ranging from $67k ($68/sf) to $88,850 or $90/sf. During 2015, six 1-bedroom, six 2-bedroom and two 3-bedrooms were sold. The 1-bedroom units sold for between $61k ($87/sf) and $72.5k ($103/sf), the 2-bedrooms sold within a price range of $64k ($65/sf) and $93.5k ($95/sf), while the single non-REO 3-bedroom brought $96k or $84/sf. During 2016, five 1-bedroom, five 2-bedroom and one 3-bedroom units were sold. The 1-bedrooms sold within a range of $69.5k ($99/sf) to $75k ($107/sf.) The 2-bedrooms fell within a range of $86.5k ($88/sf) to $93k ($94/sf), while the single 3-bedroom brought $110k or $96/sf. During the period from January to 1/26/2017, five 1-bedroom, five 2-bedroom and one 3-bedroom units were sold. The 1-bedrooms sold within a range of $55k ($78/sf) to $87.4k ($124/sf.) The 2-bedrooms sold within a range of $87k ($88/sf) to $99k ($101/sf.) The single 3-bedroom unit brought $123.5k or $108/sf.

The monthly maintenance fees range from about $143 to $250. FHA approved through Jan 21, 2018.

Suitability for Downsizers: This condo complex is suitable for persons in the process of downsizing, due to its very convenient location. Here’s a link to a prior post that discusses issues that need to be considered before an offer is made on a condominium. It is based upon my 16+ years of experience as a realtor and 21 years of experience as an owner of a condo and periodic board member at Hurstbourne Ridge Condominiums.  http://homeslouisvilleky.com/thoughts-on-condo-living/

Management Company: The management company is Mulloy Properties Inc. Here’s a link to their website and the Master Deed for Douglass Hills. http://bit.ly/2blypYB.

Photo courtesy of Flickr.com and JKiesow’s photostream

 

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