Downsizing Options: Condo Review – Spring Drive Condominiums Louisville KY


1601 Spring Drive Condominiums

Location: This small property is located in the area known as the Highlands, which is one long block from Cherokee Park and two long blocks from Bardstown Road. Travel southeast on Bardstown Road and make a left on Bonnycastle. The building is on the corner of Spring Drive and Bonnycastle. 

General Description: This condominium complex consists of one ornate, 3 story, brick building with two wings and an underground parking garage. According to the tax records, the building was originally constructed in 1918. A review of the master deed reveals the complex was converted into condominiums in 2006-2007 and consists of 22 one and two bedroom units, each with 1, 1.5 or 2 full baths. The master deed, which was available through the Mulloy Properties website in 2013, identifies each unit’s living space as ranging from 890 to 1561 square feet. Also according to the master deed, owners may lease their units and pets are allowed per certain restrictions. Although the MLS listings for the 2016 sales note that leasing and pets are allowed, there are no guarantees, since Mulloy no longer manages the property. There is no elevator. Here is a link to the Spring Drive Condominiums’ Master Deed, which is still an active link. 

Common Area Features: None, due to its size and city location. There are coin operated washers and dryers in the basement, along with individual storage lockers and a fitness area. There is a secured garage directly below the large terrace/patio. 

Condominium Unit Features: The appeal of this building lies with the care that was taken to maintain the building’s original architectural features, which include hardwood flooring, arched doorways and other openings, tall ceilings, solid wood doors and beautiful moldings. The building itself features twin turrets and a large terrace between the building’s two wings. The terrace has a wonderful fountain, seating areas and an area to barbeque. All of the units were updated by the developer when it was converted to condominiums. As a result, the kitchens offer granite counter tops, stainless steel appliances and beautiful cabinets. Besides the bedroom(s) and bath(s), there is a formal dining area and a laundry closet. The underground garage spaces were offered as an option, at the time of the conversion. 

Neighborhood Characteristics: This complex is located in the area of Louisville known as the Highlands. As noted above, Cherokee Park is just a block away. Many of the single family homes in the immediate area are expensive, due to the close proximity to Cherokee Park, two public golf courses and downtown Louisville. Most of the homes date back to the early 1900’s and many have been restored to their original beauty. This complex is also just a few blocks from Bardstown Road, which offers a wide variety of shops, restaurants, coffee shops, night spots, etc. The Bardstown Road corridor is popular with people of all ages, but it is especially favored by those under thirty. This is truly a great central location. Downtown Louisville is a 5 minute drive or a 15-20 minute bus ride. 

Recent Sales & Maintenance Fees: During the year ended March 25, 2013, two 1-bedroom and one 2- bedroom units were sold. The single bedroom units sold for $152k ($171/sq ft) and $170k or $188/sq ft. The 2-bedroom brought $214.5k or $192/sq ft. During 2014, two 2-bedroom units were sold. A first floor unit with 1.5 baths and a 1 garage space sold for $246k ($226/sf), while the other 2nd floor unit with 2 baths and 2 garage spaces brought $257.5k or $215/sf. During 2015 there were no sales recorded in the MLS. During 2016, two 2-bedroom units were sold. A 2nd floor unit with 2 baths and 2 garage spaces sold for $259k ($190/sf), while a 3rd floor unit with 1 bath and 2 garage spaces brought $210k or 199/sf. During 2017 and 2018 there were no sales shown in the MLS. Nothing thus far in 2019 as well. The 2017 maintenance fees range from approximately $250 to $400 per month and cover water, sewer, building and grounds maintenance, common area lighting, security, trash, snow removal and the master insurance policy on the building. 

Management Company: Unknown. It was Mulloy Properties, LLC. Here is a link to the Spring Drive Condominium’s Bylaws which appears to remain active.

Suitability for Downsizers: From the standpoint of convenience, this complex should be a must see for anyone wanting a smaller condominium near a wide variety of venues. However, please note that the building has three floors, but no elevator. 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 16+ years of experience as a Realtor and my 21+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums.

Unsure about the type of smaller home to buy? Here’s a link to an article that discusses the pros and cons of condos, patio homes and single family homes. Food for thought!

Call, text or email me with any questions, or if you need a Realtor to sell your home and/or find your next one! 502.807.4999


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