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

[Anonymous]

Check this sh1t out

Harbor Square $1200
https://www.redfin.com/DC/Washington/1435-4th-St-SW-20024/unit-B511/home/9882822

River Park $1245
https://www.redfin.com/DC/Washington/1311-Delaware-Ave-SW-20024/unit-538/home/171557986

Condo fees in other parts of the city can be around $500 per month. Why are condo fees so expensive in SW DC?

[Anonymous]

I was looking at a shit condo in Rockville and the HOA was $945. Seems about right for DC considering.

[Anonymous]

They are about $1 per square foot on older buildings. One is a coop, so taxes are should be in the fee.

[Anonymous]

Most of the buildings in SW are co-ops, those fees cover EVERYTHING. When you do the math and add up all the costs, it's comparable to similar condos elsewhere.

[Anonymous]

Thetly are playing catch-up on deffered maintenance in high-rise building. Avoid the towers and the fees will likely be a lot lower. Upper NW condo fees are equally high.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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?

[Anonymous]

It includes your share of property taxes. That right there easily explains $400-600.

I’ve also been told that the SW condos has full service maintenance and it basically covers everything - plumbing, HVaC, Windows, doors, walls, electrical, etc.

[Anonymous]

It includes your share of property taxes. That right there easily explains $400-600.

I’ve also been told that the SW condos has full service maintenance and it basically covers everything - plumbing, HVaC, Windows, doors, walls, electrical, etc.

[Anonymous]

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?

[Anonymous]

Anonymous wrote:It includes your share of property taxes. That right there easily explains $400-600.

I’ve also been told that the SW condos has full service maintenance and it basically covers everything - plumbing, HVaC, Windows, doors, walls, electrical, etc.

No way, $400-600 a month in taxes is ridiculous for a $300K condo!

[Anonymous]

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.

“wasted money down the drain”


Cool cool another person who does not understand how real estate investment works. (Hint: forcing an investment in a single asset is sometimes fine but it’s surely NOT a slam dunk; especially now the mortgage deduction has changed to screw workers and average people.)