Are Condo and Homeowners Fees Too High?
I found a great article at www.blog.askjerryboutcher.com, concerning condo fees. Someone was inquiring whether or not his condo fees were too high, with respect to other associations in the area.
Jerry had made a number of good comment, about condo fees, by saying " I always consider them relative, that they are in direct proportion to the amenities and services given in exchange."
I couldn’t agree more. Many potential condo buyers believe that condo fees magically evaporate into thin air. Generally speaking, they do not. You get what you pay for, and in a lot of cases, the fees for different associations (at least here in Philadelphia) vary due to the varying master insurance policy rates that a particular assocation carries.
In addition, a high rise condo fees, in say Rittenhouse Square, are going to be a lot higer than a low rise, regardless of the neighborhood, because high rise condos and loft buildings offer services such as doormen, elevators, possibly pools, and grounds. And none of those amenities are free!
I welcome your questions, comments, or concerns about my posts.
Prudential Fox and Roach Realtors
Philadelphia, Pa. 19106