condo feesof $1850 (lease, insurance, condos)

[Lemming95]

Very few listings show the condo or monthly fees for the buildings,
Any realtors want to explain fee structures for condo's?
Might be a leasehold fee . Might be a charge for the solid gold walkways, you can never tell.

[lemonking95]

Any more details??

[sbartist]

Originally Posted by lemming95

very few listings show the condo or monthly fees for the buildings,
any realtors want to explain fee structures for condo's?
Might be a leasehold fee . Might be a charge for the solid gold walkways, you can never tell.

lol

[KonaKat]

Maintenance of common areas, insurance, payroll for on site employees, water, trash removal, sometimes cable for TVs, pest control.........to name a few

[Calico Salsa]

With a few exceptions when crooks are taking advantage, condos are not for-profit centers. That is, what they collect goes back out to what it takes to maintain the complex and grounds. So if a complex is collecting $1850 a month, they will have records to show where it went over the year(s). Some of that will truly be spent each month, and some of it gets saved up for big expenses like a new roof or repairing the pool or painting the buildings. You can't just collect $500/month then when you need to fix the roof suddenly collect $5000 per unit. And any monies being held should be earning interest, all of which goes back into the same fund. There are strict regulations and tax laws on this, and it should all be available to inspection - certainly to the condo owners, and probably to an interested buyer (provided by the seller).

Maybe a condo owner will disagree with the method or level of maintenance, and/or thinks the money should be spent differently. One of the best ways to make sure your condo fees are being wisely charged and spent is to become involved with the board, or in the very least attend the meetings. Too many condo owners would rather grumble in ignorance than to take a few hours to attend a meeting or serve on the board.

As with anything, if it is important to you, get involved.

[Lemming95]

Konakat. Found it on one of the realtor sites named in another thread. Of course I can't find it again.

It was for a 1 bedroom condo, with beach access.

My question is more universal. What is the range of fees. I know what they cover. Virginia-near DC has fees from $300 to $800 for some comparable properties.
It's frustrating that the MLS system does not insist that those fees are disclosed on the listings, it's a very important part of the cost of the property.

[eureka1]

This is why I will never own a condo. I knew people who bought condos in Waikiki where everyone started suing each other and the condo fees ended up far exceeding the mortgage payment. When condo goes bad, it drags everyone with it.