Review of The Falls at Old Henry Condominiums Louisville, KY

 

Small house at an unknown location.

The Falls at Old Henry: This condominium complex is located off Old Henry Road and is about 1 mile east of the Snyder Expressway’s Old Henry Road exit.

General Description: The development of this complex was begun around 2007 and remains incomplete, as there’s space for one more building. It currently consists of 28 units housed in 6 separate, brick buildings. (The Association was expanded to include a sixth building of four units in 2015, pursuant to a seventh Amendment to the Master Deed.) Each unit is a single story with a walkout basement and features either two or three bedrooms and two full baths. Those with finished basements have an additional bedroom and a full bath. The units range in size from 1900 to 2700 square feet, excluding the basement. Every unit includes a two car attached garage. This is a pet friendly community that allows up to two household pets, but dogs must weigh under 40#. Leases are allowed, but they must be for a period of more than 30 days and less than six months, with any extensions subject to Board approval. See this link to the updated Rules & Regulations for additional details. http://bit.ly/2byw9sL.

Common Area Features: The grounds are very well maintained, but there are no community facilities (e.g., clubhouse, pool, tennis.).

Condominium Unit Features: These ranch style condos are very luxurious. Each unit consists of an eat-in kitchen, great room, formal dining room, two or three bedrooms, a laundry room and two full bathrooms. The largest units have one additional room on the main floor. The kitchens have granite counter tops, custom cabinetry and top of the line appliances. While the bedrooms are carpeted, the balance of the flooring is beautiful hardwood flooring. Other features include floor to ceiling stone fireplaces, vaulted ceilings, two story foyers, nine foot ceilings on both levels, built-in bookcases, hip vaulted master bedroom ceilings, etc. Each unit also has a patio and a deck.

 

Neighborhood Characteristics: Very upscale neighborhood with many very expensive single family homes nearby. There are also multiple golf courses, all within a twenty minute drive. The neighborhood is very convenient to the Gene Snyder Expressway and is about 25 minutes to downtown Louisville. A huge variety of shops and restaurants are located on Shelbyville Road, in addition to four shopping malls, which are all within 15 minutes or so.

 

Sales History: During 2011, a two year old ranch with a walkout basement sold for $377,500. It had 2347 sq ft on the main floor and another 1500 sq ft of finished space in the basement. The basement included two bedrooms, for a total of four, and a third full bath. During 2012, one unit was sold for $420k or $174/sf. This unit offered 2 bedrooms and 2 baths on the first floor and a third bedroom and full bath in its walkout basement. During 2013, one unit was sold for $321k ($145/sf.) It offered 3 bedrooms and 2 full baths and an unfinished non-walkout basement. During 2014, two units were sold. One sold for $579k ($235/sf) and had 1 bedroom and 2 baths on the main floor and two additional bedrooms and a full bath in its walkout basement. The other brought $515k ($215/sf) and had 2 bedrooms and 2 full baths and 1 bedroom and a 3rd full bath in its walkout basement. 2015 resulted in four sales, which ranged in price from $475k ($209/sf) to $590k or $249/sf. They each had a total of 3 bedrooms and 3 full baths and finished walkout basements. Through August 2016, one sales has been consumated at a price of $475k or $219/sf. This unit had a finished walkout basement and 3 bedrooms and 3 full baths. 

 As of August 2016, the monthly maintenance fee ranges from approximately $320 to $360. This fee covers the standard expenses associated with condo communities (i.e., building and grounds maintenance, water, sewer, master insurance on the buildings, trash collection, snow plowing, etc.)

Management Company: The property is managed by Mulloy Properties, Inc. Here is a link to their website and the Rules & Regulations for The Falls at Old Henry http://bit.ly/2byw9sL. Here’s a link to the Master deed. http://bit.ly/2bURRLo

 

Suitability for Downsizers: This complex may not be super conveniently located, but it is in a safe, upscale suburban area. If you don’t mind a 12-15 minute drive to the grocery and want some privacy, this might be for you. Here is a link to a prior post that discusses the issues you need to consider before an offer is made on any condominium or patio home. It is based upon my 15+ years as a Realtor and my 20+ years as an owner and occasional board member at Hurstbourne Ridge Condominiums. Crime isn’t an issue in this neighborhood.

Photo courtesy of flickr.com and Taylor McBride’s photostream

Entrance

 

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