Downsizing Options: Condo Review – St James Place Condominiums Louisville, KY


A small mobile home in Texas

St James Place Condominiums: This patio home complex is located just north of the Beulah Church Road exit off of the Snyder Expressway.

General Description: Based upon a review of the Master Deed, this complex was built between 2001 and 2002 and consists of 84 units housed in 14 separate, brick buildings. The units are all ranch style dwellings with two bedrooms and either one and one-half or two full baths. The units range in size from 880 to 1163 square feet. Each unit includes one reserved, uncovered parking space. There are also a total of 8 detached garages. This is a pet friendly community that currently doesn’t set a weight or quantity limit on dogs or cats. Units may ONLY be occupied by owners, as no leases are allowed.

Common Area Features: St James Condominiums has a small clubhouse with a kitchen, a party room and an exercise room. The grounds are very well maintained.

Condominium Unit Features: Each unit consists of an eat-in kitchen, a living room, two bedrooms, a laundry room and 1.5 or 2.0 bathrooms. The patio is accessed from the living room. The kitchen is open to the living room. Every unit is wheelchair friendly. Every unit has recessed lighting, trey ceilings and ceiling fans in most rooms. Some of the units have gas fireplaces. Additional storage is provided in the attic of every unit, which is accessed via pull-down stairs.

Neighborhood Characteristics: This development is only 2 minutes from the Snyder Expressway and another 10 minutes to a large shopping complex that includes a Kroger grocery, a Super Walmart and a variety of other stores and restaurants along Bardstown Road. Two shopping malls and downtown Louisville are about fifteen and twenty minutes away respectively.

Sales History: During 2012, five 2-bedroom units, each with 1.5 baths, were sold. The contract prices ranged from $79,000 ($87/sf) to $100,000 ($100/sf). During 2013, five units were sold, which ranged in price from $80k ($80/sf) to $96k or $104/sf. Each had 2 bedrooms and 1.5 baths. During 2014, four units were sold for prices that ranged from $95.5k ($95/sf) to $100k ($98/sf.) Each had 2 bedrooms and 1.5 baths. During 2015, four units were sold. Three of the units had the usual 2 bedrooms and 1.5 baths and sold for $94k ($96/sf), $88k ($98/sf) and $105k ($94/sf.) The fourth had two full baths and sold for $110k or $97/sf. During 2016, six units were sold, excluding the short sale which brought $83k or $72/sf. The other six units sold within a range from $87.9k ($89/sf) to $107k ($101/sf). The only unit with a garage sold for $115k or $116/sf. During 2017, five units were sold within a range from $96k ($104/sf) to $115k or $114/sf. Through August 3, 2018, two units have been sold for $115k ($99/sf) and $117k or $112/sf. A third unit that went pending on July 22 was listed at $118.9k. If it closes at that price, the cost per sq ft would be $130.

The 2018 monthly maintenance fees range from $152 to $243. These fees cover the standard expenses associated with condo communities (i.e., building and grounds maintenance, water, sewer, master insurance on the buildings, trash collection, snow plowing and maintenance of the clubhouse.) As of March 26, 2018, this complex is not FHA approved.

Management Company: Mulloy Properties. Visit their website to review the Master Deed, Bylaws, Rules & Regulations, etc.

Suitability for Downsizers: This condo complex should be considered by anyone thinking of downsizing,  due to its convenience to I-264 and the shopping available along Bardstown Road. Here’s a link to a prior post that discusses issues needing consideration before an offer is made on a condominium. It is based upon my 17+ years of experience as a realtor and 21+ years as an owner and periodic board member at Hurstbourne Ridge Condominiums. The immediate area is relatively safe. 

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

Photo courtesy of & Jarrelj’s Photostream


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