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September 29, 2015

What do Condo fees include and what are they based upon?

Filed under: Center City Real Estate,For Buyers,For Sellers — Center City Philadelphia Real Estate Agent @ 11:30 am

Condo fees are based upon ONE thing- Square footage. The larger your condo, the more fees you have to pay.  However- there is going to be a HUGE variation in the amount of fees you pay from building to building. For instance, condo fees at the Philadelphian (2401 Pennsylvania Ave.) are going to be hugely different from say the identical sized unit at say Roberts Quay condos at 1035 Spruce St.

The reasoning is simple- The Philadelphian is an all-inclusive condo building…meaning the doorman, the heat, electric, and the shuttle bus are all included in your monthly fees. You pay for none of those items if you buy at 1035 Spruce. ¬†The amount of services the building offers is the weighted factor that accounts for the varying fees from building to building. I know of no elevators that run on magic pixie dust, nor am I familiar with any doorman who works for free. If you want those amenities in your condo building- you have to pay for them. Period.

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