In My Neighborhood in 90815>Question Details

lorisimon56, Home Owner in Sherman Oaks, CA

what are hoa condo fees based on in 90815?

Asked by lorisimon56, Sherman Oaks, CA Sat May 18, 2013

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As the others mentioned, HOA dues vary by association or building. If you want to know the HOA of a specific property, feel free to contact me at JamieTian@RodeoRE.com and I will find out for you.

Here is a blog I wrote with more information about HOA dues:
http://www.trulia.com/blog/jamietian/2013/02/pros_and_cons_o…

Best,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
DRE #01920120
Web Reference: http://www.JamieTian.com
1 vote Thank Flag Link Sat May 18, 2013
I would say that the fees or dues are specific to the development. Each development is different. I find the range to be from $200-$400 per month in complexes located in the 90815. I see that you are from out of town. Please feel free to contact me if you wish to schedule properties to view in the area.

All the best.
0 votes Thank Flag Link Sun Jun 2, 2013
HOA fees are different for each development. They can range from under 200.00 per month up to
over 400 per month.

Some HOA dues cover part of the utilities (water, Trash Cable), while others only cover the upkeep of the grounds.

If the development offers a gym or even house cleaning the fees can be on the higher end.

The best thing to do is ask what is covered within the fees, and make sure it is something you are willing to pay extra for.

If you are single, it may not be such a big deal if the HOA include water, because your usage will be much less than the family f four next door, yet you will be paying the same HOA fee they pay.

Best of Luck to You!!

Kawain Payne, Realtor
Prudential California Realty
0 votes Thank Flag Link Fri May 24, 2013
HOA fees are not based on a zip code. They are based on the needs of the complex. A new complex has higher dues as they have to save up for the replacement of future repairs. HOA dues are also higher in complexes that have amenities like elevators and pools,spas and clubhouses. As these need to be maintained and are costly amentities. If an older complex has not been able to save monies for repairs as they come up then often dues will be increased to cover these expenses so that special assessments do not have to be asked for from the owners in the complex.

With that being said did you have a particular complex in 90815 in mind. I have been selling real estate for over 30 years and have sold in most of the complexes in the Long Beach Area so if I can provide any additional information I would be happy to do that.

Regards,
Barbara Robbins-Olexa, Broker
L B Brokerage
DRE Lic#797560
bstrealtor@aol.com
714-296-7270
http://www.barbararobbinsolexa.com
0 votes Thank Flag Link Sat May 18, 2013
Look at HOA fees as a piggy bank to save for current and future maintenance costs. The bank is managed by the HOA - a sample of owners of the complex. The fees are set by the HOA and based on estimated future maintenance costs. Every condo complex has differing needs and fees vary accordingly. Complexes with recreational amenities like pools or tennis courts generally have higher fees than smaller complexes. With a condo purchase, the buyerl has opportunity to review the financial health of the HOA before proceeding.
0 votes Thank Flag Link Sat May 18, 2013
Hello Lori,

Association fees are not regulated and have no effect based on zip codes.

When you buy a condo, you and all your fellow owners pay monthly dues into an account that is to pay for things that are maintained by you and your fellow group of owners. A budget is proposed, voted on by all owners and then approved or denied. Based on that budget, the dues are set and it's decided how much each unit will pay into the account each month.

Dues cover community items inside your complex like BBQ's, pools, roofing, painting, railings, walkways, common area lighting, water bill, perhaps cable, elevators, yearly taxes and accounting, landscaping and gardening insurance and any other services that the complex uses.

I would be happy to answer all questions you might have regarding condos and associations.

Please give me a call direct or email me.

Mark Vinton
562-212-4595
http://www.markvinton.com
markallanvinton@gmail.com
DRE# 01322983
0 votes Thank Flag Link Sat May 18, 2013
Condo fees are determined by the association board, who are the owners of the complex. There is usually a hired property manager that helps guide them if it is a large complex. If you are considering a condo, please be aware very few condos are now approved by the fha. Whether or not you are using an fha loan for your purchase, the value will be lower if it the complex is not approved for fha loans because fewer people can buy it. There is also a reason they aren't approved. This is the fha condo approved website: https://entp.hud.gov/idapp/html/condlook.cfm .
It is not easy to locate the complex always on this website. The biggest reason it may no longer be fha approved is because the condo reserves (the cash accumulation of the fees) are not high enough because of defaults of the homeowners or the fees are too low. There could also be too high a percentage of renters in the complex.
That does NOT mean condos are a bad investment. Not being fha approved is NOT necessarily a deal breaker either. They can get reapproved. Lately only about 10% of the complexes are approved, but in the past, most complexes were approved. You can certainly buy any condo, you will just usually need a higher down payment. There are good values in non fha approved condos, but it is something to consider when you make an offer. In escrow you will be given the financial records and can decide if the association is strong. But the problem is that is deeper into escrow. Having the fha approval means it has been reviewed and is acceptable for fha financing,

A shorter answer, Yea! is that the fees are insurance and the normal things a single family owner should be fixing and repairing. In an association they are just put into one fund and then the board decides which repairs expenses to cover. There are very long and complicated rules for associations. They are fun somewhat like a business.
0 votes Thank Flag Link Sat May 18, 2013
Hello LorisIMom56, HOA fees are typically for any 'common' area shared typically in a condo complex...ie. outside maintenance, painting, termite treatments, yard up-keep, pools, spas, gyms, tennis courts, maybe earthquake insurance, could be countless things...just depending on the specific complex and what the CC&R's rules and regulations say...you would have to check on each complex as all will be different and unique.
0 votes Thank Flag Link Sat May 18, 2013
HOA fees are not based on Zip code. It is based on the cost to maintain the unit and community. When you purchase in an HOA community you should receive financial reports and budgets for two years. Review those and you will have a better understanding of that complex's financial stability.
Web Reference: http://www.TerriVellios.com
0 votes Thank Flag Link Sat May 18, 2013
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