2023 Real Estate Observations (Quincy, Waltham, Malden: lease, realty, dining)

[robr2]

Originally Posted by yesmaybe

Says it's a Co-Op so property taxes are included. But still very high.

As noted, it’s a co-op. It underwent a major exterior renovation about 10 years ago so they may still be paying on that.

Market rent should be close to $2800/month.

[matrix5k]

Originally Posted by robr2

As noted, it’s a co-op. It underwent a major exterior renovation about 10 years ago so they may still be paying on that.

Market rent should be close to $2800/month.

What's the difference between condo and co-op? $1,028 HOA still sounds insane even if it includes property tax. Property tax for a condo this size is usually around $300/mo.

[yesmaybe]

Originally Posted by matrix5k

What's the difference between condo and co-op? $1,028 HOA still sounds insane even if it includes property tax. Property tax for a condo this size is usually around $300/mo.

If they did a major renovation, they may have opted to pay down the debt by jacking up the HOA as opposed to a big special assessment.

[robr2]

Originally Posted by matrix5k

What's the difference between condo and co-op? $1,028 HOA still sounds insane even if it includes property tax. Property tax for a condo this size is usually around $300/mo.

When you own a co-op, you own shares in the cooperative priced at the value of your unit. With a condo, you own your unit outright.

I did a quick calculation. The building is assessed at $74 million. At a rough $10 mill rate, that is $740K in taxes. There are 420 units and let’s assume taxes are split evenly so $1761 annually/$146 monthly.

If these were condos, they’d be priced much higher.

[matrix5k]

Originally Posted by robr2

When you own a co-op, you own shares in the cooperative priced at the value of your unit. With a condo, you own your unit outright.

I did a quick calculation. The building is assessed at $74 million. At a rough $10 mill rate, that is $740K in taxes. There are 420 units and let’s assume taxes are split evenly so $1761 annually/$146 monthly.

If these were condos, they’d be priced much higher.

So property tax is only $146/mo? Where is the other $882 going then? That sounds absurd. The HOA will only go up every year. I'd rather pay more for a condo with a normal HOA fee.

[GeoffD]

Originally Posted by matrix5k

So property tax is only $146/mo? Where is the other $882 going then? That sounds absurd. The HOA will only go up every year. I'd rather pay more for a condo with a normal HOA fee.

Says “Association fee includes everything but electric and cable”. So heat, domestic hot water, water/sewer.

Our Colorado condo is up to $600-something. It includes heat & hot water. Natural gas is way cheaper in Colorado than Massachusetts. Insurance there just shot up and caused a $100+ hike. With metro Boston labor costs, $882 doesn’t seem absurd. The capital budget for things like roofs, boilers, and siding is going to be significantly higher.

[matrix5k]

Originally Posted by GeoffD

Says “Association fee includes everything but electric and cable”. So heat, domestic hot water, water/sewer.

Our Colorado condo is up to $600-something. It includes heat & hot water. Natural gas is way cheaper in Colorado than Massachusetts. Insurance there just shot up and caused a $100+ hike. With metro Boston labor costs, $882 doesn’t seem absurd. The capital budget for things like roofs, boilers, and siding is going to be significantly higher.

$882 is absurd. A condo this size typically has HOA around $250-300. The highest heating bill in winter can't be more than $200/mo. That leaves $682/mo for 4 months out of the year, how often are they going to replace the roof, boiler and siding?

Assuming HOA never increases (and we all know it will), that's 370k in HOA fees over 30 years! You end up paying more for HOA than for the condo itself.

This forum is funny. "Housing prices are out of control" yet "$1028 HOA is reasonable".

[redplum33]

Originally Posted by redplum33

Even less than 10 years ago, normal people could afford to live in Boston.

Originally Posted by gf2020

Is that your impression or do you have data to support that?

It's a fact. Do some research as others have suggested.

[AtkinsonDan]

Originally Posted by matrix5k

$882 is absurd. A condo this size typically has HOA around $250-300. The highest heating bill in winter can't be more than $200/mo. That leaves $682/mo for 4 months out of the year, how often are they going to replace the roof, boiler and siding?

Assuming HOA never increases (and we all know it will), that's 370k in HOA fees over 30 years! You end up paying more for HOA than for the condo itself.

This forum is funny. "Housing prices are out of control" yet "$1028 HOA is reasonable".

First off, it is a coop, not a condo. Let's look at all the possible elements that may make up this $1,028 monthly fee.

• Real estate taxes on the unit
• All utilities excluding electric and cable for the unit
• Snow removal
• Landscaping
• Trash removal
• Common area lighting
• Common area heat
• Common area cleaning
• Municipal inspection fees
• Master insurance
• Management fee
• Reserves for major repairs to the building and parking lot

Plus we do not know the history of the building. They could have had a near catastrophic problem with the building that required remediation and is being paid off after the fact.

It is very possible for a HOA fee to get that high. It will certainly be a rare occurrence but not unrealistic.

[redplum33]

Originally Posted by msRB311

It was often wondered how some of the Sex and the City characters were able to afford where they lived

Carrie had some sort of rent control deal.

Miranda was a lawyer.

Charlotte had a wealthy family.

Samantha lived in a dump.