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hey folks... i'm curious as to how much upkeep one could expect to pay for various pieces of real estate in manhattan. this includes everything like property taxes, condo association dues, and insurance. and of course i know it will vary from building to building (especially association dues), but i'm just looking for a rough annual estimate, so +/- 3k would be more than accurate enough.
how much annually would it cost to pay applicable taxes and fees on:
- a $500,000 1br condo in Manhattan, especially in the "young" or "hip" neighborhoods, like The Village, Chelsea, Union Square areas.
- a $750,000 1br condo in Manhattan, especially in the "young" or "hip" neighborhoods, like The Village, Chelsea, Union Square areas.
- a $1,000,000 2br condo in Manhattan, especially in the "young" or "hip" neighborhoods, like The Village, Chelsea, Union Square areas.
Your monthly fee will depend on the building. It varies greatly. The taxes also will vary, depending on the size of the apartment. It's not called "association dues" either. It's called a "common charge." Check on the NY Times Real Estate Search facility.
As for insurance, that depends on the neighborhood, how much you're insuring (if you've got valuables, such as art or antiques), the building and how much your building requires you to carry. My coop requires we have at least $1,000,000 in liability insurance, as well.
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