High HOA fees (Silver Spring, Fairland, Adelphi: apartments, condos, credit)

[tankhead]

Is it just me or are HOA fees really high? I've been seeing condos listed on Zillow with listed monthly HOA fees over $500 a month. Some are even over $800 a month. Compared to most of Florida, this is really high. Is this normal for this area?

[goldenage1]

Originally Posted by tankhead

Is it just me or are HOA fees really high? I've been seeing condos listed on Zillow with listed monthly HOA fees over $500 a month. Some are even over $800 a month. Compared to most of Florida, this is really high. Is this normal for this area?

I depends on the services the condo offers. Some apartments in Leisure World are high because the condo has access to an indoor swimming pool and gym, as well as security and repair services. Some may also include utilities in the condo fee because there are not separate meters.

Tell us what you have been looking at, and people can probably suggest better alternatives.

[tankhead]

Originally Posted by goldenage1

I depends on the services the condo offers. Some apartments in Leisure World are high because the condo has access to an indoor swimming pool and gym, as well as security and repair services. Some may also include utilities in the condo fee because there are not separate meters.

Tell us what you have been looking at, and people can probably suggest better alternatives.

I've mostly looked at areas in and around Silver Spring.

[masssachoicetts]

new condo in ct for the 'rents is $480 a month.

HOA's seem like they spiraled out of control for older (<1990) buildings and complexes.

IIRC the HOAs in Florida for their house were $100 a month and there were 4x as many things. But the board was smaller, so less payroll.

[goldenage1]

I looked at places I am familiar with, and the fees have gone up a lot. Some of it is due to fancy renovations. Other places charge more if they are "close to Metro".

If you shop around you can find bargains. Otherwise, save your money and buy a house. One place in the Fairland area of Silver Spring: https://www.zillow.com/homedetails/1...37144066_zpid/

Another place on Mezerott Rd in Adelphi: https://www.zillow.com/homedetails/1...37526143_zpid/

[North Beach Person]

You pay for exclusivity and being upscale.

We have HOAs down here where there are no amenities but grounds keeping and the fees are close to $1000/month.

[jmking]

Originally Posted by North Beach Person

You pay for exclusivity and being upscale.

We have HOAs down here where there are no amenities but grounds keeping and the fees are close to $1000/month.

That is crazy. Sounds crooked to me. My sister inlaw payed $400 a month in an HOA in Sterling, VA 15 years ago. They had a pool, I think...I payed $500 a year in Springfield, Va in a nice area. It had a pool, playground etc, but you had to pay dues to access the pool, maintain your own lawn, property.

[North Beach Person]

Originally Posted by jmking

That is crazy. Sounds crooked to me. My sister inlaw payed $400 a month in an HOA in Sterling, VA 15 years ago. They had a pool, I think...I payed $500 a year in Springfield, Va in a nice area. It had a pool, playground etc, but you had to pay dues to access the pool, maintain your own lawn, property.

Not crooked at all. People didn't have to buy but they did for the cachet of a self-proclaimed "upscale and exclusive luxury community".

The property values still haven't recovered to their pre-2008 levels, still at about 75% of them. The newest units (completed two years ago) are going for around $325K. The first buyers in 2006 paid between $550K and $600K (depended on whether or not they got an elevator).

[tankhead]

Originally Posted by goldenage1

I looked at places I am familiar with, and the fees have gone up a lot. Some of it is due to fancy renovations. Other places charge more if they are "close to Metro".

If you shop around you can find bargains. Otherwise, save your money and buy a house. One place in the Fairland area of Silver Spring: https://www.zillow.com/homedetails/1...37144066_zpid/

Another place on Mezerott Rd in Adelphi: https://www.zillow.com/homedetails/1...37526143_zpid/

Thanks. These are some interesting options.

[bufflove]

There are plenty of factors when it comes to fee size: building age, amenities, and whether or not utilities are included being the three largest. Low fees aren't inherently good if it just means maintenance is being deferred or bills are paid with lines of credit. What matters is the quality of the building and the quality of the building's financial reserves.