Condo Fees

copperfiend · October 21, 2011, 10:02:59 AM

I've been looking recently at purchasing a condo. There are some pretty good deals out there but every condo I look at seems to have an association fee upwards of 300 bucks a month. Anybody know of condos with a decent association fee. My last one I lived at was 100 a month.

ChriswUfGator · October 21, 2011, 10:24:28 AM

Don't live in a condo. The associations generally make the gestapo look friendly, and they tend to squander a lot of money. You'll generally wind up paying far more in dues, fees, and special assessments over time than it would cost to maintain a similarly-sized house. I personally wouldn't live in a condo if you paid me.

tufsu1 · October 21, 2011, 10:30:15 AM

I would suggest you look for something that is fee simple (vs. condo)....in the case of my townhome complex downtown, the monthly dues are around $150...which pays for landscaping, community lighting, the pool and clubhouse, and security gates....it also includes painting of the exteriors and roofs on all buildings.

stephElf · October 21, 2011, 11:24:52 AM

Quote from: tufsu1 on October 21, 2011, 10:30:15 AM
I would suggest you look for something that is fee simple (vs. condo)....in the case of my townhome complex downtown, the monthly dues are around $150...which pays for landscaping, community lighting, the pool and clubhouse, and security gates....it also includes painting of the exteriors and roofs on all buildings.

My condo is the same exact setup .. it's been $156 for three years.

Springfield Chicken · October 24, 2011, 03:08:05 PM

We sell a lot of condos out of my office but I agree that some of the fees are way high. What also bothers me is that in some cases they will either go higher or else the owners will face an assessment at some point so the budget can place catch up. So many owners have defaulted that many condo associations are way behind on funds for reserves and maintenance and the only way to get that back is higher fees or tack on an assessment. Town houses and single family homes give you a lot more control on things as well. Condos pay commercial rates for insurance and you, as an owner have no control over who the carrier is or deductibles or anything. When you are in a single family home you can control all the expenses. And since condo fees count toward your ability to qualify for a mortgage you can often get a more expensive home by buying something without those fees.

ben says · October 24, 2011, 03:20:02 PM

Condos suck. Sorry for the negativity. Just stating the truth. I'd rather rent, and not own, then own a condo.

simms3 · October 24, 2011, 06:05:59 PM

I believe I heard COAs at the Peninsula were around $0.49/SF, which is probably the highest in Jacksonville, and actually quite high. My COAs are $480/mo for a 2-bedroom, but I rent mine from the owners. I have heard of COAs approaching $1,000. $150/mo seems very reasonable to me, especially if that actually includes decent landscaping, security, and amenities. In the case of my building, it has gone to crap so probably less than 75% of owners are paying COAs. Elevators are constantly broken (and we are talking 400 units in 40 stories and only 4 elevators), the computers in the media room never work, and finishes are always scuffed. Security is a problem, too. Therefore, I believe what the owners of my unit pay in COAs and then pass down to me is too high for what we get.

Bottom line, if you don't want to pay $100-150/mo for amenities, good security, friendly staff, and a kept up appearance, DON'T buy a condo. However, if you rent, all of that money will be factored into your rent, and then some. You pay less for common areas in condos in many cases because the bill is separately displayed and a known factor, and increases or decreases are voted on by the association, which in turn is voted in by residents. With apartments, it's a lot more vague and feed up for the owner of the property. You as a resident are not privy to what it costs to run the property you rent in, unlike in a condo where this information is made public to residents in proxies.

civil42806 · October 24, 2011, 09:34:45 PM

Unless the Condo is on the ocean or a really nice one on the river, you basically have an apartment. When the housing market gets a cold, the condo market has pneumonia.

Brian Siebenschuh · October 27, 2011, 01:08:33 AM

QuoteI have heard of COAs approaching $1,000.

Uh, buy a house for the same amount?

simms3 · October 27, 2011, 07:09:08 AM

The other thing people don't consider is that with a house/yard in a non-gated community, you are still paying for all that maintenance. Unless you have a cleaning lady for your condo, you are not paying for very much maintenance at all. A yard can be expensive, especially if you have a good bit of it, a pool, driveway, gardens, etc. Not to mention your house is probably 2,000+ SF and your condo may be as small as 600 SF, a lot less to take care of.

copperfiend · October 27, 2011, 08:45:24 AM

Quote from: Brian Siebenschuh on October 27, 2011, 01:08:33 AM
QuoteI have heard of COAs approaching $1,000.

Uh, buy a house for the same amount?

I've looked at 3/2 condos for 70-80k in an area of town with good schools. Find me a house for that.

For me also, I am a single father with two kids and a full time job. It's not easy take care of a yard.

Dapperdan · October 27, 2011, 09:50:52 AM

Any type of downtown living would have to be in condos, unless renting. If you want to live in a dense area, rather than a suburb, then I think it a fair price to pay. The condos above 5 points come to mind. You are in a highly dense area with retail below you, a grocery store you can walk to, nice parks, Riverside, bars, restaurants, etc. Also, you don't have to take care of anything on the exterior of your building.
Now, a townhome complex plopped in the middle of nowhere might be a different story, so research and you will come up with something nice. Those high fees you are paying, you more than likely will pay with a home with yard maintenance, extra insurance cost, maintaing your rpof, siding, etc.

Springfield Chicken · October 27, 2011, 01:00:55 PM

If you are looking for an area with schools you like, then target the schools first. Tell your agent what area you want, find out what your choices are on a mortgage, and then go look. I think you'll be surprised at the number of homes you'll find. And hiring yard work is way cheaper than an association fee so don't let that discourage you. My agents work with folks just like you every day. It can be done.

Brian Siebenschuh · October 27, 2011, 09:16:41 PM

QuoteQuote
I have heard of COAs approaching $1,000.

Uh, buy a house for the same amount?

I've looked at 3/2 condos for 70-80k in an area of town with good schools. Find me a house for that.

For me also, I am a single father with two kids and a full time job. It's not easy take care of a yard.

Simms3 was saying he's heard of COA fees hitting $1,000 a month. That's ON TOP of your mortgage. You can get somebody to take care of the yard at a house for way less than $1K per month :-)

Ocklawaha · October 27, 2011, 10:08:18 PM

Watch the back door too! Here in the World Golf Village our HOA fees are only $75 dollars a year but they'll nail you to the wall with CDD fees. Our CDD fees adds several hundreds of dollars to our monthly mortgage payments. Other neighborhoods within the 'village' have differing rates including a few spots without CDD fees at all. It's all good if you enjoy a nice garden and don't mind mowing the grass when it's 95 degrees in the shade and humidity is near 100%. The downside to suburbia in Jacksonville is that we're out in BFE, Nocatee would have been a better choice but you haven't lived until you've experienced greater metropolitan Tocoi.