Uptown Condo Hunting - 1999 McKinney Ave (Spring, Highland Park: apartment, HOA, mortgage)

[LadyKD23]

Hello everyone!

I am in the market for a condo in Uptown and wanted your thoughts about 1999 McKinney Ave. I cannot seem to find a lot of information on it and thought I would ask here.

My question is in regards to the HOA. The dues are upwards of $1250 per month for about 2300sf, yet it has zero amenities besides a small pool/hot tub and a concierge. The building seems to be built like a tank, requiring little maintenance since everything is solid concrete. Therefore, I am confused about why the dues are so high and was wondering if anyone has any insights as to why that might be.

If anyone has any information about what it was like to live there, pros and cons or whatnot, I would love to hear it as well! I don't mind paying larger dues if the HOA is rock solid. If the reserve account is robust, and there has not been a history of special assessments, then that is one thing...but when there are so few amenities, I have to wonder what's up.

In comparison, the dues at Bleu Ciel for a 2300sf condo are about $1300, and the building is loaded with amenities. Furthermore, down the street at 2011 Cedar Springs, the dues are about $500+ per month. This building is nearly a replica of 1999 McKinney with very few amenities. The only thing it does not have is a concierge, and the parking situation is different.

Any insights or personal experiences with this property would be much appreciated! If you would prefer to PM me instead, you are welcome to do so. I would be so grateful! I have looked at numerous buildings so far, but this one works the best for me on so many levels. I am just worried about the dues being so high and getting very little in return.

Thank you so much!

[turf3]

Are you serious? $1250 a MONTH just so you can claim you "own" this apartment? You mean, like $15,000 a year? On top of whatever kind of crazy mortgage you are in for?

Man, for that kind of money they need to wipe your behind for you. It's not the freaking Lower East Side.

[TurtleCreek80]

Some clues in this 2017 article:
https://candysdirt.com/2017/05/24/hi...a-pricey-road/

It sounds like the original dues structure was not giving the HOA enough reserves to cover repairs, resulting in a series of assessments levied between 2006-2012. I’m guessing the HOA forced a generous bump in dues to build an appropriate level of reserves to cover ongoing repairs.

If you put in an offer, you will get to review all HOA docs during the option period which should clearly explain where dues are going each month.

[Katana49]

1999 McKinney units sell for $700k to $1million+ last I checked. The dues are not really a function of what you get for amenities, but rather determined by the price point and desirability of the location. I had a friend of mine who lived there several years ago when he used to work for the Fed, he enjoyed his time there, the views of downtown were great, and you're close to downtown and Uptown. It's a nice building, but if you're concerned about dues vs what you get, you're probably better served looking at places further north along McKinney Ave for more bang for your buck.

[LadyKD23]

Originally Posted by turf3

Are you serious? $1250 a MONTH just so you can claim you "own" this apartment? You mean, like $15,000 a year? On top of whatever kind of crazy mortgage you are in for?

Man, for that kind of money they need to wipe your behind for you. It's not the freaking Lower East Side.

I know! I go back and forth with it. Here's why...

We are lucky enough to have a larger budget, so we've been looking in Highland Park also. You can't really get anything in HP that doesn't need to be completely renovated (which we could do, but would rather not) for under $1.6 million. By the time we pay that much, we are shelling out about 35k per year in property taxes anyway, plus the exorbitant ongoing maintenance that comes along with a house that size/price. So, whether it's $35k in property taxes for a single-family home, or 20k in taxes + 15k in HOA blues, at least 35k is going to disappear anyway. At least with a condo, I wouldn't be leaving a massive house empty for most of the year and the bills would be significantly smaller year round. Plus, I'm just not up for dealing with lawn people, pool people and all of that anymore. Being near Uptown/Downtown is essential, which is why we aren't looking further away.

Though Bleu Ciel is totally loaded with amenities, they've already had two dues increases...and the place isn't even fully sold out yet. If the dues are that high now when the place is completely brand new, then I can only imagine what they would be like as the building ages...otherwise, we'd buy one of those, because they are incredibly gorgeous. And they actually would wipe your butt...I know they will stock your fridge, park your car and do everything else! 😂

[LadyKD23]

Originally Posted by TurtleCreek80

Some clues in this 2017 article:
https://candysdirt.com/2017/05/24/hi...a-pricey-road/

It sounds like the original dues structure was not giving the HOA enough reserves to cover repairs, resulting in a series of assessments levied between 2006-2012. I’m guessing the HOA forced a generous bump in dues to build an appropriate level of reserves to cover ongoing repairs.

If you put in an offer, you will get to review all HOA docs during the option period which should clearly explain where dues are going each month.

Oh awesome, thank you so much!! I'd be curious to see how the reserves account looks now. My current building has at least 3 million in reserves, so the dues stay super low and there have been no special assessments or increases in several years. Unfortunately, not all HOA's are as responsible.

I wish there was a way to get ahold of the HOA docs before we placed an offer. I was able to do that on a condo previously, but it was because we knew the owner. Hah. We'll see.

Thank y'all so much for the information! 🙏

[TurtleCreek80]

Originally Posted by LadyKD23

Oh awesome, thank you so much!! I'd be curious to see how the reserves account looks now. My current building has at least 3 million in reserves, so the dues stay super low and there have been no special assessments or increases in several years. Unfortunately, not all HOA's are as responsible.

I wish there was a way to get ahold of the HOA docs before we placed an offer. I was able to do that on a condo previously, but it was because we knew the owner. Hah. We'll see.

Thank y'all so much for the information! 🙏

If you’re working with a realtor who is an Uptown expert, s/he should have the HOA scoop on 1999.