Downsizing Options: Condo Review – Village I Condominium, Louisville, KY


One building at Village I

Location: This small development is located in Jeffersontown, KY. Take Hurstbourne Parkway to Stony Brook Drive to Gutenburg and then make a right on Loch Lea Lane. Follow Loch Lea to just before it intersects with Villa Fair Rd.


General Description: According to the Master Deed this small complex was built in the late 1970’s and consists of four wood framed building with eight units per building. It appears that most of the units are either on the first or second floors, while a few are single story structures with no second unit above. Each unit features 2 bedrooms and 2 baths. The units range in size from about 1000 to 1100 square feet. There are no parking garages or car ports. This is a pet friendly community, which allows common household pets. The Rules & Regulations state that domestic pets may not be kept in any such unit in such number or of such type as to be bothersome or offensive to occupants of other residences. Also, common household pets may not be kept, bred or maintained for commercial purposes. Here’s a link to the Rules & Regs. Owners may lease their units, subject to the association’s bylaws and master deed. This complex is managed by Mulloy Properties, Inc. Here is a link to their website and the By-laws of Village I.


Common Area Features: None. (There are two tennis courts, which are currently in a state of disrepair.) Large amounts of green space and trees.


Condominium Features: The open floor plan design features a dining area open to the living room. The kitchens are large enough for a table. Each unit also has a laundry closet and an outside storage closet off the deck/balcony or patio. FHA approved through Sept. 2019.


Neighborhood Characteristics: This complex is approximately midway between Stony Brook Dr and Billtown Rd. It isn’t super convenient to shopping, restaurants and other amenities, since it’s tucked away in the rear of a subdivision; however, it’s only about 10-15 minutes to the Meijer’s on Hurstbourne Pkwy and perhaps 15 minutes to the Kroger on Bardstown Rd.  Here is a link to a prior post that discusses the issues you should consider before buying any condominium.


Recent Sales & Monthly Fees: During 2014, one unit was sold for $86k or $79/sf. During 2015, one unit was sold for $88k or $81/sf. During 2016, no units were sold. During 2017, one unit was sold for $85k or $78/sf. The 2017 monthly fee ranges from $172 to $250, which covers water, sewer, trash collection, building and grounds maintenance, snow plowing, and the master insurance policy on the buildings. There will not be an increase in 2018.


Suitability for Downsizers: Due to the extent of the crime in the area, I can’t recommend this complex. Here’s a link to a crime map. There are better options to consider, in my opinion.

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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