Downsizing Options: Condo Review – Forest Green Patio Homes Louisville, KY

 

Tiny home in the Hyde Park section of London

Forest Green Patio Homes: This complex is located off of Dorsey Lane. It’s about 1/5 mile from the intersection of Dorsey and Hurstbourne Parkway. This complex may also be known as Forest Gardens!

 

General Description: This upscale patio home development, which was built in the very early 2000’s, consists of forty-three, brick, 1.5 and ranch style units in 16 buildings.  The majority of the buildings have two individual units, which are attached at the wall separating the 2-car garages. While some of the units have walkout basements, the above grade configuration includes 2 or 3 bedrooms and either two and one-half or three full baths. The above grade living space ranges from approximately 1800 to 2500 square feet. I wasn’t able to obtain updated info on the association’s Rules and Regs. However, back in 2013 when I had access to them, these were the rules: 1. There was no weight or quantity limits on common household pets. 2. Owners could not lease their units. The homes are all located on one of two streets: Forest Garden Lane, which ends in a cul-de-sac, or Forest Garden Court. This development is managed by KY Realty (502.473.0003.)

 

Common Area Features: None.

 

Patio Unit Features: Each unit features an open floor plan with the following rooms on the first floor: great room with fireplace, master bedroom, master bath, eat-in kitchen, formal dining room, a second bedroom, a hall bath, a laundry room and a fabulous Florida room. The second floor typically features a third bedroom and a full bath. The units all have hardwood flooring, crown moldings, upgraded appliances, recessed lighting, trey ceilings, solid surface counter tops, ceramic tiled flooring in the bathrooms, etc. The foyers and great rooms feature two story ceilings, while the remaining rooms on the first floor have at least 9 foot ceilings.

 

Neighborhood Characteristics: Very convenient to a huge variety of shops and restaurants on Shelbyville Road and Hurstbourne Parkway. Two shopping malls and two expressways are only a ten minute drive. There is a large YMCA within 5 minutes. Many similar upscale condominium complexes and single family home subdivisions can be found along Dorsey Lane and in the surrounding area.

 

Recent Sales & Maintenance FeesDuring 2012, two units were sold. One sold for $282,000 and had 1909 sq ft above grade and an additional 1105 sq ft of finished space in the basement. It had 4 bedrooms and 3  full baths above grade and another bedroom and full bath in the basement. The second sale had a contract price of $300,000 and offered 1989 sq ft above grade and an additional 1256 sq ft of finished basement space. It had 3 bedrooms and 3 baths above grade and 2 additional bedrooms and 1 full bath downstairs. During 2013, four units were sold. Two of the four were on slabs and they sold for $249k ($110/sf) and $275k or $125/sf. The other two both had walkout basements and sold for $300k ($151/sf and $137/sf.) During 2014, five units were sold. The two ranch style units, each with two bedrooms, 3 baths and non-walkout basements, brought $290k ($155/sf) and $310k or $179/sf. The other three all had second floors and their contract prices ranged from $260k ($102/sf, slab) to $336k or $169/sf (finished walkout.) During 2015, three 1.5 story units were sold. The two with walkout basements sold for $275k ($131/sf) and $315k ($166/sf,) while the one without a basement sold for $292k or $133/sf. During 2016, two 1.5 story units were sold for $284k ($124/sf, no basement) and $310k or $150/sf. Through the first 11 months of 2017, one 1.5 story unit was sold. It had no basement and sold for $359.9k or $150/sf. 

The monthly maintenance fee ranges from about the mid to high $200’s. This fee typically covers the water, sewer, building and grounds maintenance, trash, snow plowing and the master insurance policy on the buildings.

 

Suitability for Downsizers: This complex is within 5-7 minutes of the many shops, restaurants and other establishments along both Westport Road and Shelbyville Road.  It’s also within 20 minutes of 4 different shopping malls. Downtown Louisville is about a 20 minute drive. Here’s a link to a prior post, which discusses some important issues that should be considered by anyone considering a condominium. It is based upon my 16+ years of experience as a Realtor and my 21+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums. 

 

Photo courtesy of Flickr.com and SteveWhite 2008

 

Typical building in the complex.

 

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