Review of Hurstbourne Ridge Condominium Association Louisville, KY

 

Hurstbourne Ridge

Condominiums in Jeffersontown, Kentucky

Hurstbourne Ridge Condominium Association: Located between 6 Mile Lane and Ridgehurst Place and runs parallel to south Hurstbourne Pkwy.

General Description: Built in 1994-1995. Consists of 18 brick buildings and 176 individual units. There is some vinyl trim on the second story. The design of the buildings is such that there are ground level units and second floor units. The sound proofing between the first and second levels is excellent, as there’s a layer of cement separating the two levels. The majority of the units range in size from 2000 to 2800 sq ft. There are 32 smaller units that range in size from 1450 to 1800 sq ft. The larger units are all on the second floor and feature 3 bedrooms, 2 or 3 full baths and attached two car garages. The ground level dwellings all have 2 bedrooms, 2 full baths and 1 car attached garages. There are just a few second floor units with single car garages and a few first floor units with 2-car garages. There are also approximately 29 detached garages. Owners must occupy their units. The larger second floor units are great for families with someone needing a separate living area of their own. These units have a large bedroom that is separate from the other two bedrooms and many have a third full bath in this area as well. During the past 3 years the following improvements have been made: 1. New 30 year roof; 2. New skylights and gutters; and 3. street has been repaved. The tennis court will be refurbish late in 2016. 

Unit Features: The vast majority of the first floor units offer 9 foot ceilings, while the second floor units feature cathedral ceilings and skylights. All the dwellings include gas fireplaces, built-in bookshelves and beautiful crown moldings. Open floor plans predominate. Each first floor unit has a private patio, while the second floor units have balconies. Many of the balconies have been converted into finished sun rooms. Every unit has an alarm system that is directly linked to a 24 hour monitoring service. The cost for such monitoring is included in the monthly maintenance fee.

Common Area Features: The huge clubhouse offers a full kitchen, a huge party room, a meeting room, fitness center and a library. There is also a large in ground pool and one tennis court. The grounds are well landscaped with many trees and shrubs. The manicured lawns are kept green via a complete irrigation system.

Neighborhood Features: Super convenient location. There are a wide assortment of grocery and other shopping all within a mile or so of the complex (e.g., Meijer, Kroger (3), Home Depot, Wal-Mart, etc.). Downtown Louisville is a twenty minute drive. Two shopping malls are a 10-15 minute drive. Meijers is within walking distance.

Sales History: During the year ended December 31, 2013, 11 condos were sold. Four of these units had 3-bedrooms and 2 or 3 baths, while the other 8 were 2-bedroom units with 2 full baths. The 3 bedroom units’ contract prices ranged from $159k ($62/sf) to $185k ($66/sf). The 2-bedroom units ranged in price from $145k ($90/sf) to $175k ($84/sf). During 2014, nine 2-bedroom and four 3-bedroom units were sold. The contract prices on the 2 bedroom units ranged from $140k ($62/sf) to $182k ($87/sf), while the 3-bedroom units ranged from $176k ($70/sf) to $201k ($82/sf). During 2015, eleven units were sold. The six 2-bedroom units sales ranged in price from $145k ($91/sf) to $180k ($79/sf), while five 3-bedroom units ranged from $174k ($68/sf) to $181.5 ($68/sf). During the first 8 months of 2016, five 3-bedroom and three 2-bedroom units have been sold. The contract prices for the 3-bedroom units ranged from $178.5k ($69/sf) to $205k ($73/sf.) The unit that was sold for $178k had only a 1-car garage. The 2-bedroom units all had the smaller floor plans with about 1200 sq ft., excluding their attached garages. Their contract ranges ranged from $150k (104/sf) to $164.5k or $88/sf. 

2016 monthly maintenance fees will range from about $150 to $294. There will not be an increase for 2017. Not FHA approved as of August 30, 2016. Also, our financial reserves were between $400k and $500k, as of August 1. 

Suitability For Downsizers: This condo complex is suitable for persons in the process of downsizing, due to its very convenient location and the relative safety of the neighborhood. Here is a link to a prior post that discusses important issues that should be considered before making an offer on any condominium. It is based upon my 20 years of experience living in Hurstbourne Ridge, 15+ years of experience as a full time Realtor and experience as a condo board member. 

Property Management: Mulloy Properties. Visit their website to review the Master Deed, Bylaws and Rules & Regulations, etc.
http://mulloyproperties.com/condo_management/condo_management.asp

Typical view of buildings

Gazebo

Gazebo