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Old 08-01-2007, 03:18 PM
 
31 posts, read 89,755 times
Reputation: 25

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I'm looking at buying a condo/townhouse in the Montgomery Villiage area, and I'm noticing most of them have condo fees 3 to 4 times higher than others in the county. Think around $500 to $600+ per month for a $250K condo, so almost half as much as the morgatge. Those are San Francisco condo fees! They say all utilities are included, but should only accoumt for a small fraction of the fees. Anyone know what is going on here? When I look at condos in Germantown or Gaithersburg the fees are $100 to $200.
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Old 08-01-2007, 04:58 PM
 
1,389 posts, read 4,424,840 times
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you are paying for location location.
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Old 08-01-2007, 05:24 PM
 
31 posts, read 89,755 times
Reputation: 25
Default Location?

I don't see much location there to justify a $400/month bump in condo fees. If thats the case, why are the sale prices among the cheapest in the county?
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Old 08-01-2007, 06:13 PM
 
222 posts, read 743,929 times
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Quote:
Originally Posted by Aalbatr0ss View Post
I don't see much location there to justify a $400/month bump in condo fees. If thats the case, why are the sale prices among the cheapest in the county?
Probably the condo fees.

Whenever there is a large project and not enough $, the HOA can either do a special assessment or raise the fees. The fees can be raised no matter - a special assessment requires a vote. If they don't try or the special assessment doesn't pass, the fees go up.

Only thing I can think of.
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Old 08-01-2007, 07:25 PM
 
543 posts, read 1,241,205 times
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I recently sold a condo after the condo association had raised the condo fees very high. The condo fee discouraged buyers and I had to sell for a much lower price because of that. Anyone buying a condo should think about this -- even if the place you buy has low fees they could be raised. I don't think I would buy a condominium again for this reason and several others.
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Old 08-01-2007, 09:06 PM
 
9 posts, read 26,183 times
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Quote:
Originally Posted by Aalbatr0ss View Post
If thats the case, why are the sale prices among the cheapest in the county?
Yes, that is many times the case -if the higher condo fees do not match higher services / amenities, then the sales prices are usually lower. The higher fees many times reveal the need for higher cash reserves -more anticipated repairs in the future. There is a condo complex in Gaithersburg that had high fees for years and went through a total reconstruction of the buildings recently - the high fees were banked up for years.

When looking for a condo, a buyer should look first at the fees and then the location / price range. There are some nice condos with reasonable fees - it really makes a difference in your total monthly payment, and will make a difference in your buying ability.
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Old 08-02-2007, 07:12 AM
 
222 posts, read 743,929 times
Reputation: 82
Quote:
Originally Posted by sundaze View Post
I recently sold a condo after the condo association had raised the condo fees very high. The condo fee discouraged buyers and I had to sell for a much lower price because of that. Anyone buying a condo should think about this -- even if the place you buy has low fees they could be raised. I don't think I would buy a condominium again for this reason and several others.
It is worth it to get on the board or at least attend meetings so you know where the $ is going to. ALWAYS look at the fees - they are a big selling point.
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Old 08-06-2007, 11:46 AM
 
Location: Maryland
3 posts, read 10,390 times
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Older Condos generally have higher fees. At around the 20 year mark they need expensive stuff like new roofs, parking lot resurfacing, landscaping, retaining walls, and the list goes on.

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Last edited by Trainwreck20; 08-06-2007 at 01:46 PM..
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Old 01-06-2014, 08:03 AM
 
2 posts, read 636 times
Reputation: 10
do owner have the right to Vote on special assessment or just the Board?, we just completed a special assessment in dec 2013 0n Dec 31 I got a notes under my door for special meeting for assessment for 2014 for the same problem we had last yearn and we did not get any documentation about the special assessment, what can I do?
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Old 01-06-2014, 08:10 AM
 
540 posts, read 430,727 times
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Condos everywhere in the DC area have $300-600/month fees. The townhouses are generally more reasonable. Mine (South Village Corp) is about $115 a month and covers trash, snow removal and grounds upkeep.
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