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halatch1008, Home Owner in Ocean City, NJ

i bought a bay side condo last year in ocean city, nj. The condo fees have gone up so high- i don't know whether it will be affordable to stay there.

Asked by halatch1008, Ocean City, NJ Sun Dec 16, 2012

How would i go about disputing these condo fees

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8
Edward ( AUGIE ) Augsberger’s answer
Heidi,

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
WEICHERT REALTORS
CAPE MAY COUNTY
Direct # 609-338-1189
1 vote Thank Flag Link Sun Dec 16, 2012
Great answer! Thumbs up from me!
Flag Sun Dec 16, 2012
Heidi,

I have a Bank Owned Townhouse coming in town
if you are giving thought to selling the bayfront.

Augie

Edward Augsberger
WEICHERT COASTAL
Cell 609-338-1189
0 votes Thank Flag Link Sun Dec 23, 2012
Go to your Board meeting and get involved. Best ways to keep Condo fees low is to reduce expenses and have residents help out in the up keep of the community.
0 votes Thank Flag Link Mon Dec 17, 2012
Definitely get involved in the condo Association. Make your voice heard! What are the fees for? Are there upcoming repairs that are needed to the common areas? Are there repairs and updating needed to the electric or plumbing in the building?There really isn't anything you can do about that. If you feel you can no longer afford the condo fees you might want to consider moving to a condo that is in a newer building, one that has lower fees or even to a single where you would not have any condo fees. If you put the condo fee amount into a monthly mortgage you will be surprised at how much more home you could be enjoying! Mortgage rates are at historic lows!
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
Sales Associate
Coldwell Banker Casa Bella Realtors
C 609-947-2451
Office 609-601-1009
0 votes Thank Flag Link Sun Dec 16, 2012
You can't really "dispute" them - but you can go to open board meetings, ask questions, and see what the budget looks like for the coming year, and how they arrived at those numbers.......don't they mail out a copy of the projected budget to all residents?

Best wishes............
0 votes Thank Flag Link Sun Dec 16, 2012
Call the condo association to check the date when the condo owner's received notification about the increase. If it was before your settlement date the seller should have disclosed that info to you. Other then that, call the president of the association and ask what charges warrant the increase and what possibly you can do about it.
0 votes Thank Flag Link Sun Dec 16, 2012
Call me and I will be happy to help you with your options. I live in Ocean City and have owned properties here for over 25 years.
Ken Fowser
RE/MAX at the Shore
609-412-8258
http://www.kenfowser.com
0 votes Thank Flag Link Sun Dec 16, 2012
First I would start with the condo board...you must have one of those. Demand to see how the money is being spent/dispersed. Make sure the fee is being spent efficiently. Special assessments could also play a part in the fee spike. Any assessments taking place? If that doesn’t work I would suggest seeking counsel. I could help point you in some direction if hiring an attorney is an option. What property is in question here? Feel free to shoot me an email. -Leo
0 votes Thank Flag Link Sun Dec 16, 2012
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