The condos fees are based on the expenses to carry the building and any up and coming capital improvements.
Any increases in the fees come from the cost to run the bulding going up or there is a capital improvement that the association does not have enough to cover.
Have you sat in on any of the Condo / HOA meetings? Have they talked about repairing or relacing anything?Have they talked about insurances going up?
You can always get a copy of the budget and go over the expenses to see where your fees are being spent and if there is room to cut costs. Your association is a fairly big one, I know they have a management company that runs the building. It would not hurt to suggest that the association shops for a better deal with the management company.If anything by shopping it , you might end up with a better deal from your present Management company. Get involved with the meetings. It's important to get involved with your association or you are just along for the ride when they make decisions.
Another thing to keep in mind is that you bought into an older building. The elevator,bulkhead,pool,decks and overall up keep increases with the age .
It looks like your fees are in the low to mid $500 range. That is a big number but where can you be on the bay and get a view like that in Ocean City without spending in the Millions.
It may not make you feel any better but the 500 Bay building has fees in the same range.
Edward ( Augie ) Augsberger
CAPE MAY COUNTY
Direct # 609-338-1189
If you would like to explore that possibility, please give me a call and I will be happy to assist you!
Joanne Bernardini, SFR, CSSA
Coldwell Banker Casa Bella Realtors