Review of Bradford Commons Condominium Louisville, KY

 

Small Home in Central Highlands, Vietnam

Bradford Commons Condominium: Located off of Rehl Road, which is on the north side of Blackacre State Nature Preserve. Rehl Road is off Blankenbaker Road, which connects to I-64.

General Description: Construction began in 2008 and the final building is currently under construction.  This complex consists of eight, secured, two and three story, brick and vinyl buildings holding 196 individual units. Each unit includes two bedrooms, 2 bathrooms, a kitchen, great room, a dining area and a laundry/utility room. The largest units also include a den, which can be a small third bedroom. The typical sizes of these units range from about 1100 to 1500 square feet. While every unit is assigned one designated, uncovered parking space, there are also some attached single car garages, which are accessed from a common hallway. There are also some detached single car garages. From time to time these garages are listed for sale by their owners. Only unit owners may own a garage, whose use is limited to owners, occupants or the Council. Owners may lease their units, storage closets and/or garages in accordance with the master deed. Common household pets (i.e., dogs and cats) are allowed, but there is a 35 pound weight limit and a quantity limit of two animals Note that certain dog breeds are prohibited. Also, no more than two caged animals (e.g., birds, hamsters or guinea pigs) may be kept in a unit. Every unit has either a deck or patio. The developer, Hills Communities, also created a modest number of large storage bins located in the buildings. These units were sold separately from the unit itself, just like the garage spaces.

Common Area Features: This complex includes an in ground swimming pool and a small clubhouse with an exercise room.

Neighborhood Features: Very convenient to downtown Louisville (15-20 minutes). Interstate 64 is five minutes away, which connects to other expressways running in every direction. There are lots of grocery and other shopping options all within 15 minutes or less. There is a Sam’s Club and an assortment of fast food restaurants within a 5 minute drive. All within a 3 mile radius you will find the following parks: The Parklands of Floyds Fork (http://bit.ly/2ittsOB), Blackacre State Nature Preserve (http://bit.ly/2nyQARj) and the Charlie Vettiner Park and Golf Course (http://bit.ly/2AB9iub).

Recent Sales & Maintenance Fees: During 2014, sixteen 2-bedroom units and one 3-bedroom unit were sold. None were new construction nor were there any distressed sales. The contract prices on these units ranged from $96,500 to $143,000. Regardless of the size of the unit, those with a garage brought the highest contract prices. The contract prices for those units with a garage ranged from $118,500 to $143,000, while the median was $122,250.  The contract prices for those without garages ranged from $96,500 to $115,000, with a median of $114,750. Fifteen of the units all had at least 1340 sq ft, while two had about 1100 sq ft. The cost per sq ft ranged from $76 to $113. During 2015, seventeen units were sold with eleven being the larger units with at least 1300 sq ft. Said larger units ranged in price from $112k ($79/sf) to $149.9k or $109/sf. The six smaller units sold within a range of $98.5k ($90/sf) to $120k or $110/sf. During 2016, twenty-six units were sold of which 21 were the larger units. These units sold for prices ranging from $115k ($84/sf) to $154k or $110/sf. The five smaller units sold within a range from $105k ($96/sf) to $129k or $118/sf. Through the first 11 months of 2017, eighteen units have been sold of which 16 were the larger units. These larger units ranged in price from $130k ($88/sf) to $161k or $120/sf. The two smaller units sold for $135k ($124/sf) and $138k or $126/sf.

The 2017 maintenance fees range from about $160 to $228 per month, depending on the size of the unit and whether there is a garage.  FHA approved through 9/28/2019. 

Management Company: This complex is managed by Paragon Managment Group. Here is a link to their website http://bit.ly/2iOpJig. 

Suitability for Downsizers: Given that this location isn’t as convenient as some other complexes to shopping and downtown Louisville, Bradford Commons might not be the first place to look for a smaller home. Also there are no elevators in any of the buildings, some of which are 3 stories tall. Here is a link to a prior post that discusses some issues you should consider before writing an offer on any condo or patio home. It is based upon my 16+ years of experience as a Realtor and 21+ years as a homeowner and periodic board member at Hurstbourne Ridge Condominiums.

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

Typical building in complex.

 

 

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