Downsizing Options: Condo Review – Village of Beckley Woods Louisville, KY

Small farm house Languedoc-Roussillon, France

Village of Beckley Woods:This patio home, condominium complex is located off of Shelbyville Road just east of the Gene Snyder Expressway. (Shelbyville Rd to left on Beckley Woods Dr to left on Old Station Road.)

General Description: According to the Master Deed, this complex was built in the late 1990s and consists of 34, one story, stucco buildings holding 68 individual units. Each unit, excluding any finished basement space, is a 2 bedroom, 2 bath ranch style patio home with an attached 2-car garage. The above grade sizes of these units ranges from 1600 to 2200 square feet, with 1800 sq ft being the most typical size. The vast majority of the units are on slab foundations with no basement. Owners may no longer lease their units, unless it was one of those that received “grandfather” status back in 2004. Common household pets are allowed and the by-laws and rules and regulations didn’t set a quantity limit. Contact KY Realty for additional details. The landscaping and the buildings themselves are very well maintained.

Common Area Features: None.

Condominium Unit Features: The above grade configuration of the typical unit includes an eat-in kitchen, a living room, family room, office, dining area, two bedrooms, a laundry room and two full bathrooms. One of the bathrooms is part of the master bedroom suite and features a jetted tub, separate shower, dual vanities, etc. The units also feature vaulted ceilings and a fireplace. The typical floor plan is characterized by openness and the bedrooms are on opposite sides of the home.

Neighborhood Features: Very convenient to the grocery and other types of shops and restaurants on Shelbyville Road. Downtown Louisville is about a 20 minute drive. Interstate 265 is two minutes away, which connects to other expressways running in every direction. There are four shopping malls all within 15 minutes. There are also a number of golf courses in the area.

Recent Sales: During 2013, one unit was sold. It was a 2 bedroom, 2 bath patio home with a 2-car garage. It sold for $225k or $128/sf. the past year, four units have been sold. During 2014, six patio homes were sold. Two had 3 bedrooms, 2 baths and no basement and one had 3 BR and 3 baths and a finished basement. The larger one sold for $315k ($161/sf), while the other two brought $225k ($111/sf) and $222k ($118/sf.) During 2015, two units were sold. One had 3 bedrooms, 3 baths and a finished basement and sold for $300k ($152/sf.) The other had 2 BR, 2BA and no basement and brought $228k ($119/sf.)  Through the first 7 months of 2016, two units were sold. They both had 2 bedrooms, 2 baths and no basement and brought $235k ($131/sf) and $210k ($112/sf.)

The current maintenance fees range from about $210 to $240 per month, depending on the size of the unit.  Not FHA approved as of 8/1/16.

Management Company: This complex is managed by Kentucky Realty (502.473.0003).

Suitability for Downsizers (New Info.): Given the convenience and relative safety of this location, this patio home development should be considered by anyone wanting a smaller home.

Here is a link to a prior post that discusses issues needing consideration before an offer is made on a condominium. It is based upon my 11+ years of experience as a Realtor and my 16+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums.

Photo courtesy of Flickr.com & Blodgett Esq’s photostream

 

Typical building in complex.