HOA fees in Midtown Atlanta (Boston, Buckhead: sales, foreclosure, renter)

[nb1968]

THe sky is the limit for these crazy HOA fees. I have seen forclosed condos where the HOA fees are higher than the mortgage would be.
I have also seen ridiculously high HOA fees which make it difficult to sell and bring down the asking price for a condo.
PLEASE find out exactly what the HOA fees AND taxes would be on any prospective property and crunch the numbers. You might find that you have to kick in some of your own money each month to keep it afloat.
Do you REALLY want to do that?
and
are you sure a condo will increase in value?

[midtown mile girl]

Also, try to get a read on the hoa assoc from a realtor who deals in midtown condos. Some assocations have problems while others tend to be well run. You really need to find a realtor who "knows the dirt" on these condo buildings.

[ebuch]

Sounds kind of risky buying them then when the resale could fall unlike a house. I might just rent a condo in Midtown for a few years and then buy a house in the burbs eventually..

[noah]

The resale can fall on a house just as easily. Generally condos appreciate a little less but they do appreciate just as houses do and a midtown location is hard to beat. I'd take a condo in midtown over a house in the outer burbs but I am biased to condo living.

Originally Posted by ebuch

Sounds kind of risky buying them then when the resale could fall unlike a house. I might just rent a condo in Midtown for a few years and then buy a house in the burbs eventually..

[Mishap]

Originally Posted by ebuch

Sounds kind of risky buying them then when the resale could fall unlike a house. I might just rent a condo in Midtown for a few years and then buy a house in the burbs eventually..

How is the resale value of a house impervious to decline when compared to a condo? You can still have price collapses of single family homes in the burbs b/c that neighboring horse farm sells for $1,000/acre allowing them to put up 4,000 tract homes next door for less than you paid.

All real estate involves some level of risk and to assume a SFH in the burbs can only go up in value is as great a fallacy as buying 10 condos to flip thinking that surface lot a block over isn't going to be converted as soon as these current units sell out. A $75k condo is definitely on the cheap end for Midtown or Buckhead and it makes you wonder if there's some serious unknowns. Of course how is it any different than a stick built home w/ crappy foundation or bankrupt builder?

[ebuch]

True true, but atleast your mortgage is a fixed rate, I don't like the idea of HOA fees getting over 500+ a month not including your regular mortage payment and some utilities. Grant it, if money was not a factor I wouldn't care really.

[noah]

Your mortgage is fixed on a condo too. With a SFH your rate is not fixed for repairs, sewer and garbage etc either. Most homeowners forget to include the cost of repairs and upkeep on a SFH but it does cost you. All those trips to home depot add up.

Originally Posted by ebuch

True true, but atleast your mortgage is a fixed rate, I don't like the idea of HOA fees getting over 500+ a month not including your regular mortage payment and some utilities. Grant it, if money was not a factor I wouldn't care really.

[ebuch]

Originally Posted by noah

Your mortgage is fixed on a condo too. With a SFH your rate is not fixed for repairs, sewer and garbage etc either. Most homeowners forget to include the cost of repairs and upkeep on a SFH but it does cost you. All those trips to home depot add up.

Yeah true but they are never going to add up like HOA fees. And I totally agree on the repairs with the house, I much rather buy a quality house to begin with then a fixer-upper. Everything is going to have its pros and cons no doubt.

[Archan]

I actually prefer the simplicity and security of condo living. With a house you have to worry about landscaping (either doing it yourself or paying someone to do it) and your water bills will be much higher. If you are in the Metro area an alarm system and service would be recommended. Though we have a condo sized gym in our building it does save me from paying a gym membership for the basic stuff.

With a house in the burbs you will also be driving a lot more and potentially paying parking fees when you come into town for entertainment. Although auto insurance will be less expensive in the burbs.

Just make sure you add up all the costs associated with both options.

[noah]

I'm a big fan of condo living too. And no matter if you need a small one bedroom or a large 3 bedroom with 2,000ft you can find what you need. I spent so much more at home depot when I had a house, even a new house because of taking care of the yard etc. Why not make a place like Piedmont park your backyard ;-)

Of course they won't add up like condo dues because for one you don't have the same amentities at home and people don't add up all their expenses and put aside say $150 a month as a reserve even though over time the repairs will come.

Someone who hires out their yardcare could easily spend $100 a month just on that, thats before we even get to repairs. Add in water and sewer bills, your gym membership and the additional miles on your car too. Its really a lifestyle choice what you choose but condo dues shouldn't scare you away if you like the idea of condo living.

Originally Posted by Archan

I actually prefer the simplicity and security of condo living. With a house you have to worry about landscaping (either doing it yourself or paying someone to do it) and your water bills will be much higher. If you are in the Metro area an alarm system and service would be recommended. Though we have a condo sized gym in our building it does save me from paying a gym membership for the basic stuff.

With a house in the burbs you will also be driving a lot more and potentially paying parking fees when you come into town for entertainment. Although auto insurance will be less expensive in the burbs.

Just make sure you add up all the costs associated with both options.