Jason Smith, Other/Just Looking in Miami, FL

Are condo conversion apartments selling in Old Louisville? (Larger, luxury units that is for $300,000 or

Asked by Jason Smith, Miami, FL Sun Mar 16, 2008

Are condo conversion apartment selling in Old Louisville? Specifically, I'm talking about old mansions from the late 1800's that are being converted in to 3-4 large condo units per mansion. How much would a 3 Bedroom unit sell for? Or would there be more of a market to turn that mansion into 10 smaller units (1-2 bedrooms)? Thanks for your advice.

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5
Michael Thacker’s answer
The availability of parking in the vicinity can limit the market for a ten plex also.

I lived in Old Louisville many years ago, well before the area really saw the influx of condos and even then parking was an issue. I imagine now it is even more so.

Also, those units would be competing with home prices that are incredibly affordable here and with commutes not being that bad, I would really think hard before making it smaller units.

BUT, and a big one, you do have U of L down the street and many parents are buying condos for their kids while they attend school too!

I just realized that this is a pretty old post, but maybe it can help someone else!

Have a great day everyone!

Michael
0 votes Thank Flag Link Sun Sep 8, 2013
Jason-
I am a well known and long time Realtor in Old Louisville, having lived here 30+ years. I have also served many years on the Acrchtectural Review Committee that oversees these projects. I'd be more happy to have a conversation with you as I also represent several investors that have completed or in process of your endeavor.
-don driskell
Red edge Realty
502.727.0280
http://www.rededgelive.com/red-edge-realty-agents/don-driskell/
0 votes Thank Flag Link Wed Oct 23, 2013
"Or would there be more of a market to turn that mansion into 10 smaller units (1-2 bedrooms)?"

This would be subject to zoning and Old Louisville's Traditional Neighborhood Zoning (TNZ) rules regarding conversions. I believe it states that a new conversion or one that has lost its grandfathered status must include one apartment at least 2700 square feet in size.
0 votes Thank Flag Link Mon Aug 20, 2012
Jason,

The condo market here is realitively small when compared to other metorploitain areas the size of Louisville. Somewhere around 15% of sales approximately.

There are several devlopments where old apartments are being converted to condos and most are in the 2 to 3 bedroom version listing anywhere from just under $200K to $400K plus.

I expect the Louisville condo market to continue to grow but with the average residential home selling around $140,000, I would think there is market for something less than luxury condos.

One bedroom condo are a pretty small part of the market, 2 bedroom is more common.

Louisville is also seeing growth in loft type condos due in part to development down by the waterfront.

With gas prices where they are i would expect to see more growth in hte more urban settings.
0 votes Thank Flag Link Mon Mar 17, 2008
I am not the best to answer the specific question, but I haven't noted any effort to make many of those conversions.
0 votes Thank Flag Link Sun Mar 16, 2008
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