General Area in Sherman Oaks>Question Details

Teck Jin Lim, Home Buyer in Los Angeles, CA

What are the typical HOA fees in condos and townhomes in Sherman Oaks, CA in the 250,000 to 300,000 range?

Asked by Teck Jin Lim, Los Angeles, CA Wed Nov 24, 2010

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Catherine Bedrossian’s answer
Hello Teck,

Typical HOA is between $250-395 for your area and price range. There may be a few that are higher and even lower. Generally those have extra amenitites such as nice pools, great workout rooms and maybe even extra security. Aside from amenities it is the age of the building that determines what HOA dues are going to be. Some start real low and have lots of deferred menitenance that creep up on the owners in the later years, i.e. if the balconies were never maintained and the building is over 30 years old, at some point someone is going to have to pay to get those back into shape.

Make sure you not only pay attention to the interior of the unit you are looking to purchase, but pay very close attention to the outside and structural integrity of the whole complex.

Good luck finding the Right Condo at the Right Price.

Please feel free to visit my website and sign up to receive up to date home availability and market trends information for the areas you are interested in.

Best Regards,
Catherine Bedrossian
Home Sales Pro
(310) 383-4212
catherineb@socalhomefinds.com
0 votes Thank Flag Link Wed Nov 24, 2010
BEST ANSWER
Hi Teck Jin Lim, great answers below.

In the current market, with months of foreclosures in the pipeline, the general trend for HOA fees is UP! As more condo/TH are foreclosed on, more of the operating cost the must be placed on those that still remain. One important bit of information you may want to uncover as you review a project is the percentage of occupancy - the higher the better! Percentage of occupancy may also be an issue for your financing if it is too low.

Another heads-up:
As of 12/7/10, all condo projects FHA-approved PRIOR to 10/1/08 will EXPIRE. If you plan on using FHA financing your loan broker can order a "FHA case number" on any of currently approved projects prior to 12/7 and still close after the 12/7 expiration date (provided the project review required on each individual loan transaction is clean). All expired projects will have 6 months to get recertified, but no case numbers will be issued until they are. If the project fails to get recertified within the 6 month period, a full new approval package must be sent to HUD.

Condo projects approved PRIOR to 1/1/00 cannot be recertified and a full package project approval must be submitted to HUD as if they had never been approved. This process may take 8 weeks or longer depending on the volume of new project packages HUD receives.

Condo projects approved AFTER 10/1/08 will expire upon the 2 year anniversary of their last approval or last recertification.

You can search for FHA-Approved condo projects here: https://entp.hud.gov/idapp/html/condlook.cfm

Best, Steve
0 votes Thank Flag Link Wed Nov 24, 2010
There are many factors that go into the HOA fees and depends on the condition, the reserves the kind of amenities, if they have earthquake insurance etc... The prices are all over the place
0 votes Thank Flag Link Fri May 29, 2015
Hello Teck,

I live and work in Sherman Oaks. HOA fees really vary from complex to complex, but I would say that under $300,000 you would have slim pickings with probably a one bedroom condo north of the 101 and HOA fees could be anywhere from 250-400 on average. Hope this helps.

Best,

Best,

JoAnna Selby
JohnHart Real Estate Redefined
15125 Ventura Blvd
Sherman Oaks, CA 91403
888.965.6161 Fax
818.447.1024 Direct
JoAnna@VenturaBlvdRealty.com
http://www.VenturaBlvdRealty.com
BRE#01894146
0 votes Thank Flag Link Mon May 4, 2015
Hello Teck, there are currently as of 3-6-15 only three condo units available under 300k and the HOA fees are $299, $325 and $406 and they are all only 1bd 1ba condo's in Sherman Oaks. If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment Access program. You may consider 3% down conventional from a minimum 620 fico score.

It only takes a few dozen questions to qualify and go over rates and terms of loan program choices depending on your qualifications. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here are some links to study as well as web reference links to many loan program pages offered...

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0 votes Thank Flag Link Fri Mar 6, 2015
Unfortunately it is not an easy answer. Depends on the complex. It could go from $250 up to $500 +

Let me know if you have an specific complex and I would be happy to find the fees for you

Best regards,

Maggie Oreck
RE/MAX Showcase
818.906.8388
0 votes Thank Flag Link Fri Mar 6, 2015
In my experience they typically run $300-$500 per month.

Good luck to you! Let us know if we can be of any assistance.

Best wishes,
David Hitt & Susan Kim
Keller Williams Realty
(818)422-1702
Web Reference: http://www.DavidHitt.com
0 votes Thank Flag Link Fri Aug 9, 2013
Hi Mr. Lim,
HOA fees range from $200 to $500 depending on the amenities of the building. I had a listing on Addison St. and the fee was $328. There's a wide range of prices, however, this is something you know up front when looking for condos/townhomes.
Please let me know if I can be of help.
Regards,

Liliana Alfonso
Dilbeck Real Estate
Sherman Oaks
818-414-0396
liliana2sell@gmail.com
0 votes Thank Flag Link Wed Nov 24, 2010
Hello Teck Jin Lim,

The HOA Dues are usually going to run $250 to $500 a month. Factors that effect the HOA dues are if the property has a pool, earthquake insurance, amenities.

Best,

Monqiue Carrabba
The Carrabba Group
Keller WIlliams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Wed Nov 24, 2010
Hi Teck Jim Lim, I have just put a couple of properties into escrow that were listed for $210k and $380k. Both of these properties had an HOA of $395.00 and $350.00 respectively. From what I look at a common HOA fee is between $325.00 and $375.00.

Happy House Hunting. If there is anything I can do to help, let me know. I live and work in Sherman Oaks.

Regards,

Roger Jarnigan
John Aaroe Group
Sherman Oaks | Beverly Hills
818-453-9166
http://www.rhjhomes.com
Web Reference: http://www.rhjhomes.com
0 votes Thank Flag Link Wed Nov 24, 2010
Teck Jin Lim,
I took a quick scan and there are 32 condo's in that price range this morning. The HOA range from 152 for the unit on Burbank Blvd. to 592 for a unit on Moorpark.

One thing to be careful of when shopping for a condo. You might see the HOA fee but then you will see a plus sign and another number. That other number is a special assessment. This means that you have a larger amount to pay each month.

For example, if you take another unit on Moorpark, the HOA is listed at 495 plus 65. That means that the normal HOA is 495 but that they are also charging an addition 65 for a period of time. In this case you might want to find out how long the special assessment is going to be in place.

Usually a special assessment is to cover a major repair. Suppose the pool develops a leak and they have to have it repaired. They give everyone in the complex a special assessment for two or three years to pay for the repairs.

You also might want to ask when shopping for condo's if the HOA has been increased in recent times. Both how many time and how much are good to know. A final thought is to ask if they have reserves in their budget. This will help to cover unexpected repairs and will help avoid unnecessary special assessments.

Hope that helps. Let me know if you need assistance in your home search.

Tommy Lee
DRE #01723594
tommy.lee@dilbeck.com
323-821-2292
говорю порусскии
0 votes Thank Flag Link Wed Nov 24, 2010
Hi Teck,

The typical HOA fees for condos in this price range can vary anywhere from the $200's per month on the low end, to as high as $400 or more on the high end. Usually complexes that are newer and have more amenities will have higher monthly HOA fees. The majority of the condos in this range will be somewhere in the neighborhood of $250 to $300 per month or so. Hope this helps - good luck in your search!

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
0 votes Thank Flag Link Wed Nov 24, 2010
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