Midtown/Downtown condo/ high HOA fees (home, utilities, closing)

[jsvh]

Originally Posted by ATLTJL

I had one friend who had to take out a $10,000 loan because the parking garage in his building needed some massive repair and they assessed everyone (people in 2 bedrooms l got hit for $20,000, I believe).

Parking is expensive. Wish more buildings offered people the option of not having it / paying for it separately.

[saviboy]

Originally Posted by jsvh

Parking is expensive. Wish more buildings offered people the option of not having it / paying for it separately.

Is parking usually part of the HOA fees?

[ATLTJL]

I doubt that would get you out of paying for repairs to the parking structure. It would be an interesting argument, to say you don't have a car so you shouldn't have to pay for it. But I don't think you can say I can't swim so I shouldn't have to pay to keep up the pool or I don't work out so I shouldn't have to fund new weights in the gym.

[samiwas1]

Originally Posted by ATLTJL

I doubt that would get you out of paying for repairs to the parking structure. It would be an interesting argument, to say you don't have a car so you shouldn't have to pay for it. But I don't think you can say I can't swim so I shouldn't have to pay to keep up the pool or I don't work out so I shouldn't have to fund new weights in the gym.

...or "I don't ride transit so I shouldn't have to pay taxes for it". There's any number of things that not everyone does, but we all chip in for. My neighborhood has a dog park which is maintained by the HOA. I don't have a dog, but I don't fight against having to pay for it. It's part of being in a community.

[stoxdiamond]

The more amenities in the common areas the higher the HOA fees. Things like pools, weight rooms, and any staff (maintenance/front desk) will drive up HOA costs. Best to get a copy of their budget if you are concerned about high HOA fees, and determine if it worth it to you.

[testa50]

The big tipping point is 24 hour security/concierge, which all the big midtown towers have. That's hundreds of thousands of dollars in fixed costs per year; my building has a staff of probably 8 people, a management company, etc. Even spread across hundreds of units that's a lot of $$$/mo.

These days, $150-250 is good, $300 is about normal, and $400+ is bad for a 1/1. The price of the condo will tend to be impacted by the HOA fees, and newer buildings tend to be lower since they have a lot less maintenance. So the new buildings with low HOAs are super expensive to buy, the old buildings with higher HOAs are cheap to buy. But generally you'll spend less overall with an older building than a new one, just because people like new things.

Also, it doesn't matter if you never set foot in the parking garage in your life; you're paying that assessment on the parking structure. Georgia is a state with HOA-friendly laws, and the contracts are all tilted in the HOA's favor. If the HOA wants you to pay, for more or less anything, you'll pay. It's all spelled out in the contract.

[architect77]

Originally Posted by saviboy

Another great contribution. Thanks!

Kudos to you for calling out all of the pointless comments.

A lot of people misuse this forum from being lonely and frustrated by other things in their lives.

As a former NYC resident who grew up in small town NC (and spent 3 months in Paris also), I just wanted to say be glad you're not moving to New York.

Monthly maintenance often equals the mortgage payment.

In 2005 I rented at a building that went condo and had a chance to buy my 600 sf studio for $600K.

The monthly maintenance was $1795 mo. and now I see some charge $3,000 and up.


But like you, anything above $300 starts to not sit well with me.

The property tax has also recently gone way up with the current booming economy so I can't see it doing anymore major jumps in the near future.

But I could be totally wrong, maybe a homeowner on here can chime in.

[saviboy]

Originally Posted by testa50

The big tipping point is 24 hour security/concierge, which all the big midtown towers have. That's hundreds of thousands of dollars in fixed costs per year; my building has a staff of probably 8 people, a management company, etc. Even spread across hundreds of units that's a lot of $$$/mo.

These days, $150-250 is good, $300 is about normal, and $400+ is bad for a 1/1. The price of the condo will tend to be impacted by the HOA fees, and newer buildings tend to be lower since they have a lot less maintenance. So the new buildings with low HOAs are super expensive to buy, the old buildings with higher HOAs are cheap to buy. But generally you'll spend less overall with an older building than a new one, just because people like new things.

Also, it doesn't matter if you never set foot in the parking garage in your life; you're paying that assessment on the parking structure. Georgia is a state with HOA-friendly laws, and the contracts are all tilted in the HOA's favor. If the HOA wants you to pay, for more or less anything, you'll pay. It's all spelled out in the contract.

Thanks for the reply. I’m starting to notice the trend of low purchasing price accompanied by hoa and vice/versa. Windsor over Peachtree and 1280 Peachtree are good examples.

I didn’t realize security would be so expensive. To me it’s a total waste of money. The nicest, oldest, most expensive Parisian buildings have one or two access doors with keypads and/or keys... voila..
Though a lot of them still have a “concierge” (a bit different meaning in french: typically an old grumpy lady which acts as your mail collector/ “security “ , etc)

[saviboy]

Originally Posted by architect77

Kudos to you for calling out all of the pointless comments.

A lot of people misuse this forum from being lonely and frustrated by other things in their lives.

As a former NYC resident who grew up in small town NC (and spent 3 months in Paris also), I just wanted to say be glad you're not moving to New York.

Monthly maintenance often equals the mortgage payment.

In 2005 I rented at a building that went condo and had a chance to buy my 600 sf studio for $600K.

The monthly maintenance was $1795 mo. and now I see some charge $3,000 and up.


But like you, anything above $300 starts to not sit well with me.

The property tax has also recently gone way up with the current booming economy so I can't see it doing anymore major jumps in the near future.

But I could be totally wrong, maybe a homeowner on here can chime in.

Ha ha, that’s true in any discussion forum...

... wow, 1795 in maintenance ... and I thought the Miami Beach condos were bad at $700...
This is insane... how do they justify such expenses... oh wait... “one can justify just about any expense”...
Anyways, if you were not happy about the 1795, “you were probably not ready to live in the city”

[K1404]

Originally Posted by architect77

Kudos to you for calling out all of the pointless comments.

A lot of people misuse this forum from being lonely and frustrated by other things in their lives.

As a former NYC resident who grew up in small town NC (and spent 3 months in Paris also), I just wanted to say be glad you're not moving to New York.

Monthly maintenance often equals the mortgage payment.

In 2005 I rented at a building that went condo and had a chance to buy my 600 sf studio for $600K.

The monthly maintenance was $1795 mo. and now I see some charge $3,000 and up.

If it was a co-op building, the monthly fee also included property taxes.