Reply to Is it worth it to buy at the Watergate?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I've considered the Watergate, as have my friends. The prices are really attractive. The issue that has stopped all of us is the HOA fees. They're really high compared to similar square-foot condos/coops in the area. I don't personally care about rats in the Safeway, because I imagine every Safeway in the DMV has rats. But the high HOA fees would impact resale values, and they're probably going to stay high given the building's ongoing needs. Also, if you're over about age 25, the Kennedy Center is obviously appealing, but a lot of the area is focussed on GW undergrads. The views from the balconies are fabulous, though.[/quote]

There are not HOA fees. It is a coop.

I owned a coop 7 years and I did like it. The maintenance includes so much more than a condo so not apples to apples to a condo. My coop maintenance included property taxes, water, gas, heat that in my condo I all pay separately. Also condo handled water heater, gas related repairs. My condo I have a new gas water heater etc.

I also liked greater control of neighbors, less investors, more long term neighbors. It was just so much easier to pay one monthly maintenance bill. In DC unlike NY people are less familiar with coops. It has to do with when you leave NYC you become less worldly and sophisticated. OK just kidding. But in NY buildings like the Dakota where the super rich are coops. [b]The board keeps the rift raft out.[/b]  [/quote]

You mean like the people who don’t know the term is “riff raff?”  :lol:  [/quote]

This is one of the reasons I hate co-op and HOA boards. A lot of times, who counts as “riff-raff” is based on skin colour, xenophobia, and other prejudices but somehow the standards always fall by the wayside for people like management’s criminal cousin or the board president’s uncouth children with debt up to their eyeballs.[/quote]

This is absolutely untrue in DC. Local law is extremely clear about protected classes (pretty much everyone) you can't discriminate against and coop application review criteria have to be clear and fair - basically, that applicants meet financing terms. [/quote]

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