Review of Sycamore II Condominiums Louisville, KY

 

Small Home: Bocas del Toro, Panama

Sycamore II Condominiums: This complex is accessed from Timberwood Circle, which connects to South Hurstbourne Parkway. Timberwood circle is about 1/5 mile west of the I-64 and Hurstbourne Parkway intersection.

 

General Description: This complex was developed in the late 1970’s and consists of 74 units housed in approximately 14 separate, brick, stone and wood buildings. The units, excluding the basements are either ranch style or two story homes with two or three bedrooms and at least one and one-half baths. The units range in size from 1000 to 1400 square feet. Each unit includes two reserved, uncovered parking spaces. There are no garages, but some units come with a car port. Pets are allowed. Currently, the bylaw restrictions on pets aren’t being enforced. Only those units that received “grandfather status” at the time leases were outlawed are allow to be leased. Although the Declaration of Covenants, Conditions and Restrictions states, “The owners of condominium units in Sycamore II Condominiums will benefit from and be served by the homeowners’ association known as Plainview Residents’ Association (“Association”), a Kentucky nonprofit corporation, and by the swim and tennis club known as The Plainview Club, Inc., a Kentucky nonprofit corporation,” the swim club is now an entirely separate membership and no special privileges accrue to Sycamore II owners. You don’t have to be a member to swim, as they offer day rates at $8.00 for adults (over 20) and $6.00 for those 3-20 years old. The tennis facility is open and free to anyone living in the City of Plainview, which includes Sycamore II owners.

 

Common Area Features: None.

 

Condominium Unit Features: Each unit’s above ground layout consists of an eat-in kitchen, living room, dining area, two or three bedrooms and at least one and one-half bathrooms. The laundry is located in the basement. All of the units have fireplaces and patios.

 

Neighborhood Characteristics: Very convenient to a large variety of shops and restaurants on Hurstbourne Parkway. Two shopping malls and two expressways are only a five to ten minute drive. Downtown Louisville is within a 15 minute drive.

 

Recent Sales: During 2013 one unit was sold for $135,851 or $110/sq ft.  It had 2 bedrooms and 3 full baths, one of which was located in the finished basement. During 2014, four units were sold for prices ranging from $121k to $153.5k. The two ranch style homes each had 2 bedrooms and 3 full baths and sold for $137k ($139/sf) and $153.5k ($131/sf.). The two townhouses sold for $133k ($97/sf) and $121k ($97/sf.). During 2015, one ranch sold for $150k ($145/sf) and it had 3 bedrooms and 3 baths (1 bedroom & 1 bath in basement.) The 2 story town home brought $126k ($101/sf) and had 2 bedrooms and 1.5 baths. During the first 7 months of 2016, two ranch style units were sold for $169k ($141/sf) and $155k ($149/sf) and one 2-story brought $120k or $97/sf.  Both ranches had 2 bedrooms and 3 full baths, with one in the basement. The 2-story had 2 bedrooms and 2.5 baths. Currently, the monthly maintenance fees range from approximately $125 to $170 and every unit is responsible for their own water/sewer usage. These fees include your cable TV, in addition to the standard expenses associated with condo communities (i.e., building and grounds maintenance, master insurance on the buildings, trash collection, snow plowing.) Currently, this complex is FHA approved.

Management Company: Mulloy Properties. Here’s a link to their website and Sycamore II’s master deed. http://bit.ly/11svRtO

Suitability for Downsizers: This condo complex should be considered by anyone thinking of downsizing,  due to its great location and close proximity to a great variety of shops, restaurants, two shopping malls, highways and other amenities. Here’s a link to a prior post that discusses issues needing consideration before an offer is made on a condominium. It is based upon my 15+ years of experience as a realtor and 20+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums. http://homeslouisvilleky.com/thoughts-on-condo-living/

The neighborhood is also safe. 

Photo courtesy of Flickr.com and Lon & Queta’s Photostream

@homeslouky

Typical building in complex.

 

 

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