Downsizing Options: Condo Review of Highwood Condominium Association Louisville, KY

 

Small House in Greenland.

Highwood Condominium Association: Located off of Mellwood Avenue about 1/5th of a mile from the intersection of Mellwood and Zorn Avenues.

General Description: According to the Master Deed, this complex was built in the early 1980s and consists of eight, secured, two story, brick buildings holding 128 individual units. Each unit is a 1-bedroom (28), 2-bedroom (80) or 3-bedroom (20) ranch style dwelling. The two and three bedroom units have two full baths, while the one bedroom units have single bathrooms. The typical sizes of these units are 750, 1100 and 1250 square feet, respectively. There are no garages or covered parking and each unit is assigned one parking space. Owners may rent their units subject to the master deed and by-laws and any related amendments. Common household pets may be kept within a unit; however, the weight limit on a dog is 16#. Also every dog must be registered and owners must comply with specific criteria identified in the association’s Rules & Regulations. Here is a link to the Rules & Regulations. http://bit.ly/2kkD2o7.  Here’s a link to the Master Deed. http://bit.ly/2oLkF0p. Every unit has a separate storage closet measuring about 6’x6’x8’. Highwood is managed by Cornerstone Property Management.

Common Area Features: This complex includes an in ground swimming pool and a clubhouse with a lounge and coin operated laundry.

Neighborhood Features: Very convenient to downtown Louisville (10 minutes). Interstate 71 is two minutes away, which connects to other expressways running in every direction. There are two malls, restaurants, and grocery shopping, just minutes away. You are also very close to the bridges leading to Indiana.

Recent Sales: During 2013, 9 units were sold: three 1-bedrooms,  five 2-bedrooms and one 3-bedrooms. The contract prices on the 1-bedroom units ranged from $55,000 to $64,500. The 2-bedroom units ranged from $67,000 to $84,000, with the one sold at $75k being a foreclosure. The three bedroom unit sold for $95.0k. During 2014, four 2-bedroom units were sold. Excluding the distressed sale at $64k, the remaining 3 units sold within a tight range of $75k ($69/sf) to $78k or $72/sf. During 2015, eight 2-bedroom and one 1-bedroom units were sold. The 1-bedroom unit brought $55k ($72/sf), while the 2-bedroom units, excluding 2 distressed sales, sold within a range of $57.5k ($52/sf) to $73k ($67/sf). During 2016, eleven units were sold: three 3-bedrooms, six 2-bedrooms and two 1 bedrooms. The two 1-bedrooms sold for $53k ($69/sf) and $60.5 ($79/sf.) The six 2-bedroom units sold within a range of $69.5k ($64/sf) to $85k or $78/sf. The three 3-bedroom units ranged from $89k ($71/sf) to $100k or $80/sf. During 2017, four 1-bedroom units and five 2-bedroom units were sold. The 1-bedroom units ranged in price from $52k ($73/sf) to $65 ($85/sf), while the 2-bedrooms ranged from $82.5 ($74/sf) to $93 or $84/sf. Through June 13, 2018, three units have been sold: two 1-bedroom and one 2-bedroom units. The smaller units sold for $68k (89/sf) and $71k, while the 2-bedroom brought $99.9k or $92/sq. ft.

The 2018 maintenance fees range from about $150 to $310 per month, depending on the size of the unit.  Not FHA approved as of December 2017.

Suitability for Downsizers: This condo complex is suitable for persons in the process of downsizing, due to its very convenient location and the general safety of the immediate neighborhood. Here is a link to a prior post which discusses important issues to be considered, prior to making an offer on a condominium. It is based upon my 18+ years of experience as a Realtor and my 22+ years as an owner and occasional 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! http://bit.ly/2J1fKC5

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

Feel free to add your comments, if you have additional useful information about this complex.

Photo courtesy of Flickr.com and I Love Greenland’s Photostream.

Typical view of building.

 

 

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