Home Buying in Dupont Circle>Question Details

SAIFEEX, Home Buyer in Washington, DC

what is condo fee?

Asked by SAIFEEX, Washington, DC Thu Mar 14, 2013

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This question was asked from this property: http://www.trulia.com/property/3025415171-1701-16th-St-NW-63…

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Hey SAIFEEX,

Currently, there are four units available in that building. Out of them, 1701 16TH ST NW #109 has the lower coop fees which are $626.30 per month (http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=304…).

Let's check them out this weekend. My number is (202) 670-6677.

Talk to you soon,
Ericka
0 votes Thank Flag Link Fri Mar 22, 2013
Hi,

I am a Realtor and I live in this building. I can provide you good insight to anything you want to know about the building, association, and help you with this particular home.

Don't let the total Coop fee scare you. Part of the list price is already financed for you by the association. So in the case of this home, if you paid the list price of $419,000, then you would subtract $92,000 from that, and you would only need to finance $327,000. And your down payment would only need to be $32,700 at a minimum.

The Coop fee also includes basic cable and internet. So the only utility paid at The Chastleton is electricity.

We have 24/7 front desk security guards. On-site management. A gym. A party room. Rental storage. Bike storage. An amazing roof deck with great DC views. Parking is available for purchase, or you can often rent from another owner. There is a great party room used for alot of events.

Let me know how I can help you.
0 votes Thank Flag Link Fri Mar 15, 2013
Hi

This building is actually a co-op and not a condo. Not every lender does co-op loans, so make sure your lender does. A co-op is a little different in its structure than a condo, where you own the 4 walls that make up the condo, a co-op you own the shares that represent that unit in the building. The co-op fee also includes your taxes.

Condo/Coop Fee: $1,321.89/ Monthly
HOA/Condo/Coop Amenities: Comm Lndry Rm, Elevator, Exercise Room, Party Room, Laundry Facilities
HOA/Condo/Coop Rules: Credit/Board Appr, Elevator Use
HOA/Condo/Coop Fee Includes: Cable TV, Broadband, CAM, Master Ins Policy, Reserve Funds, Security, Sewer, Snow Removal, Taxes, Trash Removal, Underlying Mort, Water

Please let me know if you have any additional questions.

Melissa
mbarkalow@comcast.net
0 votes Thank Flag Link Fri Mar 15, 2013
Hi SAIFEEX,

Good question!

A condo fee is a monthly payment to the condo association, which is made up of all the owners. The fee is determined by the board of directors and management company to meet the budget of costs to operate the association. Fees typically include the master insurance policy (like homeowner's insurance, but not as comprehensive) which covers each unit, the reserve fund to cover expenses such as roof repair and replacement or parking lot resurfacing, maintenance for the heating and cooling systems, maintaining the landscaping/pool/playground, and in a lot of associations the condo fee also covers utilities.

The main difference between a condo fee and a co-op fee is that, with a co-op, the funds are paying for the entire building, including a possible underlying mortgage, and property taxes because you are a business partner with the other owners and don't actually own your unit, but have the privilege of living there. With a condo you own the actual unit, but you have to pay separate property taxes. A co-op can also be very restrictive in even allowing someone to purchase or sell, because the board gets to approve everything. But that can have its advantages too. Not all co-ops prevent investors either, even in DC, but they can discourage it. I've seen it done by preventing any owner from renting out their unit until after they have owned - and lived in - the unit for two consecutive years and even then there is a wait list to be able to even do that, plus an additional fee added to their co-op fee to be able to do so. And title insurance is a minimal cost to worry about saving if you're debating between the two.
0 votes Thank Flag Link Thu Mar 14, 2013
Thank you for your interest. I am the listing agent for this particular property which is a coop

The monthly fee of $1,321 includes taxes, the amount for the monthly payment of the underlying mortgage of $92,000...you deduct this amount from the sales price and the rest you finance. So included in the monthly payment is already part of your financing and it is tax deductible just like your mortgage interest payment....it also includes all of your utilities except electricity which is a small amount.

This coop has washer/dryer inside the unit which is great and it is very well priced at $419,000.

The advantage of buying a coop is that you save money on the title insurance and there are no investors allowed.

Please let me know if you wish to see this unit.

Thank you

Traudel Lange
Washington Fine Properties

240 463 6918
0 votes Thank Flag Link Thu Mar 14, 2013
Hi SAIFEEX, the fees vary between different units. Unit 636 is not listed as active in the MLS. Generally the fees included for this building are: Cable TV, CAM, Ext Bldg Maint, Lawn Maintenance, Management, Master Ins Policy, Reserve Funds, Security, Sewer, Snow Removal, Taxes, Trash Removal, Underlying Mort, Water, Exercise Room. Would you like to schedule a showing?

Miekeba Jones
Heymann Realty, LLC
office 301.439.1180
direct 240.715.8284
0 votes Thank Flag Link Thu Mar 14, 2013
Hi SAIFEEX,

This is actually a coop - The Chastleton. The monthly coop fee is $1,321.89 and includes Cable TV, Broadband, CAM, Master Ins Policy, Reserve Funds, Security, Sewer, Snow Removal, Taxes, Trash.

I would welcome the opportunity to show it to you or send you other listing in that area if you send me your email. You can contact me at waynej@kw.com

Best regards,

Wayne Johnson
REALTOR
0 votes Thank Flag Link Thu Mar 14, 2013
Is a monthly fee you pay to the building's association. Typically the amount to be paid is determined by the size of your unit. The money is used to cover projected expenses for the building maintenance, repair and other expenses. In this particular coop (which I really like!), the listing agent breaks it down as follows: $821 goes to the operating account, $439.46 to cover underlying mortgage and $60.82 for taxes, water and cable. Electricity is not included. I love that building. Not so in love with the fee, though. :) I hope that it answers your question.
0 votes Thank Flag Link Thu Mar 14, 2013
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