Why are SW DC condo/co-op HOA fees so exponentially expensive

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in one of the SW co-ops and I used to hate the high fees, but I've come around. As others have pointed out they include taxes, utilities, internet, cable, most maintenance, gym, indoor pool, reception to handle packages and, yes, acres of lovely green space. My kids have about half a football field in the "backyard," plus trees and fountains. It's great.

We live in a townhouse, which feels like any other fee-simple townhouse, but the instant something needs repairs I just notify management and it's taken care of, often the next day, and usually without a fee. If there's follow-on repairs, like the time a pipe burst damaging the walls and floor, management arranges and covers those fixes as well. There's definitely some premium over handling everything yourself, but once you add it all up, it's not that much, and at this point my time and sanity are more valuable to me. If it's not for you, and you want to handle everything on your own, good for you.

Yup, the convenience of having maintenance come by right away when you find the neighbors upstairs have a leak on the afternoon of Christmas eve is really worth it. Plus, it's really pretty and uncrowded waterfront greenspace is very nice right now. https://www.harboursquare.coop/

I was interested till I saw the crime stats.

I've lived down here and never been impacted by crime.

Sorry, that should be I've lived in SW in one of the coops for 20 years and never been impacted by crime.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is special about city life that's worth $1200 per month in wasted money down the drain? I'd get fed up, leave and move to a low cost of living state/suburb. $1200 per mo. is ridiculous. You could easily use that to help max out your retirement accounts instead.

Communities with higher fees usually have lower sales prices. I look at it from an overall payment perspective. I'm paying $2500/month total for my mortgage, co-op, and all related costs for a massive co-op unit that's way more spacious than any new construction in a top-maintained building with excellent financials and maintenance. I can walk to the metro or 3 buses in 3 minutes and SW is so easy to get to any part of the city. Yes, the monthly fee is high but where else could I live in such a prime location and get 1000 sqf. for only $2500 a month?

Name your building please! I’m looking.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've lived in a couple SW co-ops. I loved paying one fee to the building each month and no other bills. No tax bill, no water bill, no electric bill, no cable bill, etc. I'm paying almost $1200/month and I feel like I get my money's worth.

Add that all up and it doesn’t come close to $1200.

I didn't list it all. I get elevators, underground parking, acres of landscaped grounds, 24 hour front desk service, package delivery, in-unit maintenance, swimming pool, all utilities, cable, and internet. A big chunk of the fees goes into reserves which are very high. Put it all together and I think I get what I pay for.

what sort of in unit maintenance does it cover?

Depends on the building. I lived in a coop that basically covered maintenance of everything in your unit that was either original or still at "original standard." The coop I live in now only covers original elements and not elective replacements (e.g. if you replace your floor, it becomes your responsibility to maintain), but it does cover pipes, mechanical, HVAC, and some electric. However, even for stuff the coop doesn't cover, the in-house staff can usually do the work for a nominal charge. Instead of having to find and hire a contractor, all I have to do is put in a ticket in BuildingLink.

wow ... that is really convenient!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is special about city life that's worth $1200 per month in wasted money down the drain? I'd get fed up, leave and move to a low cost of living state/suburb. $1200 per mo. is ridiculous. You could easily use that to help max out your retirement accounts instead.

Communities with higher fees usually have lower sales prices. I look at it from an overall payment perspective. I'm paying $2500/month total for my mortgage, co-op, and all related costs for a massive co-op unit that's way more spacious than any new construction in a top-maintained building with excellent financials and maintenance. I can walk to the metro or 3 buses in 3 minutes and SW is so easy to get to any part of the city. Yes, the monthly fee is high but where else could I live in such a prime location and get 1000 sqf. for only $2500 a month?

Name your building please! I’m looking.

This one would come in at about $2600/mo. (You have to readjust the redfin calculator because its estimating property tax,which is already in the coop fee.) https://www.redfin.com/DC/Washington/560-N-St-SW-20024/unit-N215/home/81839284

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've lived in a couple SW co-ops. I loved paying one fee to the building each month and no other bills. No tax bill, no water bill, no electric bill, no cable bill, etc. I'm paying almost $1200/month and I feel like I get my money's worth.

Add that all up and it doesn’t come close to $1200.

I didn't list it all. I get elevators, underground parking, acres of landscaped grounds, 24 hour front desk service, package delivery, in-unit maintenance, swimming pool, all utilities, cable, and internet. A big chunk of the fees goes into reserves which are very high. Put it all together and I think I get what I pay for.

what sort of in unit maintenance does it cover?

Depends on the building. I lived in a coop that basically covered maintenance of everything in your unit that was either original or still at "original standard." The coop I live in now only covers original elements and not elective replacements (e.g. if you replace your floor, it becomes your responsibility to maintain), but it does cover pipes, mechanical, HVAC, and some electric. However, even for stuff the coop doesn't cover, the in-house staff can usually do the work for a nominal charge. Instead of having to find and hire a contractor, all I have to do is put in a ticket in BuildingLink.

The time savings is pretty significant. Being able to put in a ticket and have maintenance come around and see what's going on without having to take off work is really helpful. Our building has long term staff which is, I think, important to being comfortable with people having access to your unit.(And also makes for a high level of vigilance vis a vis other contractors, delivery guys, etc on site during the day.)

wow ... that is really convenient!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've lived in a couple SW co-ops. I loved paying one fee to the building each month and no other bills. No tax bill, no water bill, no electric bill, no cable bill, etc. I'm paying almost $1200/month and I feel like I get my money's worth.

Add that all up and it doesn’t come close to $1200.

I didn't list it all. I get elevators, underground parking, acres of landscaped grounds, 24 hour front desk service, package delivery, in-unit maintenance, swimming pool, all utilities, cable, and internet. A big chunk of the fees goes into reserves which are very high. Put it all together and I think I get what I pay for.

what sort of in unit maintenance does it cover?

Depends on the building. I lived in a coop that basically covered maintenance of everything in your unit that was either original or still at "original standard." The coop I live in now only covers original elements and not elective replacements (e.g. if you replace your floor, it becomes your responsibility to maintain), but it does cover pipes, mechanical, HVAC, and some electric. However, even for stuff the coop doesn't cover, the in-house staff can usually do the work for a nominal charge. Instead of having to find and hire a contractor, all I have to do is put in a ticket in BuildingLink.

Sorry, open [] in previous post.

The time savings is pretty significant. Being able to put in a ticket and have maintenance come around and see what's going on without having to take off work is really helpful. Our building has long term staff which is, I think, important to being comfortable with people having access to your unit.(And also makes for a high level of vigilance vis a vis other contractors, delivery guys, etc on site during the day.) I loved it when my kid was young and I had zero extra leave.