Review of Stonecrest Condominium Homes Louisville, KY

 

Small home. Location unknown.

Stonecrest Condominium Homes: Located off Zorn Avenue. The entrance to the complex is just south of the entrance to the V.A. Medical Center.

 

General Description: This complex was constructed in the late 1980s and early 1990s and consists of fifty-six units housed in six separate, wood buildings on slab foundations. The units are either ranches or townhouses with two bedrooms and 2.0 or 2.5 baths; however, a few of the units have three bedrooms and 2.5 baths. According to the Master Deed, the size of the units ranges from 993 to 1821 square feet, although there may be a few a bit smaller or larger. Most units have detached 1-car garages or single car ports and all have decks and/or patios. (A very few have attached garages.) There is a small in ground pool and sitting area. No more than 5 units may be under lease simultaneously. Owners may house two dogs or two cats in their unit. Each dog must weigh no more than 30#. This complex is managed by Mulloy Properties. Here’s the link to the by-laws. http://assets.site-static.com/userFiles/166/file/SC%20Master%20Deed%20By-Laws.pdf

 

Dwelling Interiors: All of the units have gas or wood burning fireplaces and eight or nine foot ceilings. Open floor plans predominate. The complex was designed by Henry Potter and has won an award for its architectural design.

 

Neighborhood Characteristics: Very convenient to downtown Louisville (10 minutes). Interstate 71 is two minutes away, which connects to other expressways running in every direction. There are two malls, restaurants, and grocery shopping, just minutes away. You are also very close to the bridges leading to Indiana. It’s very popular with medical students, due to its proximity to the U of L Medical School.

 

Recent Sales & Maintenance Fees: During 2013, four  2-bedroom townhouse style units were sold. They ranged in price from $135k ($104/sf) to $160k ($106/sf). During 2014, ten units were sold. The four ranch style homes sold within a range of $119.9k ($113/sf) to $156k ($108/sf), while the six town home styled units ranged from $117k ($188/sf) to $162.5k ($107/sf). During 2015, six units were sold. A single ranch style unit brought $133.5k ($114/sf), while the five town houses ranged in price from 127k ($94/sf) to $152k (118/sf.) During 2016, three ranches and one townhouse were sold. Two of the ranches were first floor units and they sold for $145k ($121/sf; it had a garage) and $147k ($92/sf.) The other ranch was on the third floor and sold for $149k ($110/sf.) The 2-story town home sold for $136k ($88/sf). Through the first 11 months of 2017, five ranches and 4 townhouse units were sold. Three of the four townhouses had 2 bedrooms and sold for $165k ($106/sf; garage included), $150k ($115/sf) and $149k ($102/sf). The fourth had 3 bedrooms and a garage and sold for $214k($121/sf.) The five ranches were sold for prices ranging from $148k ($140/sf) to $180k ($122/sf.)  2017 monthly maintenance fees run from approximately $225 to $426, depending upon the size of the unit.

Suitability for Downsizers: This condo complex is suitable for persons in the process of downsizing, due to its very convenient location and the general safety of the immediate neighborhood. Here is a link to a prior post that discusses issues that should be considered before making an offer on a condo or patio home. 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. 

Management Company: Mulloy Properties. Visit their website to review the master Deed, Bylaws, Rules & regulations, etc.
http://mulloyproperties.com/condo_management/condo_management.asp

Photo courtesy of Flickr.com and Andreas.

View of complex.

 

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