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Sheryl, Home Buyer in Fenner, NY

Why are the condo fees so high? And in addition Maintenance?

Asked by Sheryl, Fenner, NY Mon Mar 5, 2012

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The condo fee is actually one of the lowest in the city.
0 votes Thank Flag Link Thu Mar 8, 2012
Hi Sheryl:

Although many of the answers you have received have merit, I do hope you are dealing with an agent that specializes in center city and can give you direction that is specific to Washington Square West if that is where you are hoping to live. It is a very beautiful community with many historic buildings and is close to downtown Center City and Jefferson, Old City,and is home to many wonderful shops and restaurants.

The condo unit that you have selected today is in a very old building, albeit an apparently well kept building, hence the high cost of fees. Any building of this period and age must be maintained and cared for continually by individuals well versed in restoration and care. The center hall is quite beautiful, the brick needs to be pointed, the windows maintained. It is as if you were buying a condo version of "This Old House." Additionally, and here is another significant issue, there is a swimming pool. Fees you pay will cover the insurance for common areas and common elements in addition to maintenance. The cost of covering maintenance and insurance especially for a community element such as a pool can be extremely expensive.

There are many units available in the Washington Square West neighborhood of Philadelphia. Please feel free to contact me via my email if you would like additional information about the community or have additional questions.

Ana Barlow, Coldwell Banker Preferred , Avenue of the Arts Office
anabarlow@gmail.com 215.701.9117
Web Reference: http://www.anabarlow.com
0 votes Thank Flag Link Mon Mar 5, 2012
Although the condo fees are high,they do a good job of maintaining the building and surrounding area, On the bright side you are looking at a great unit that will sell for $133.00 or less per square foot and I checked a couple of buildings in the area where prices range from $219.00 to $266.00 per square foot

Best Always,
C.Dennis Conwwell
Accredited Buyers' Representative
Prudential,Fox&Roach Society Hill Office
215-440-2085 office
215-272-0360 cell
0 votes Thank Flag Link Mon Mar 5, 2012
Sheryl,

Almost all condominiums have what many people think of as "high fees." Buildings are expensive to maintain, and the better Associations will budget for those issues that will inevitably arise. The simple bottom line is:

Condo living means you write fewer checks to fewer people, and just live your life. Basically, you are paying someone else to take care of the hassles of maintaining your property.

Ownership without an association is usually cheaper, but.... all the week to week, year to year responsibilities of ownership are yours to pay for indivicually or yourself perform.

Chose the lifestyle that best suits you....but that is the reason. Fees will vary widely. Usually the bigger the condo development, the less the fee, as there are more folks to spread (realtively) fixed costs between.

Don't like a fee, buy a house. Don't want to worry about maintenance, buy a condo. Hope this helps

John Leonard
Long & Foster Real Estate
610-742-9389
john.leonard@lnf.com
0 votes Thank Flag Link Mon Mar 5, 2012
Hello Sheryl, Condo fees vary from development to development. Not only the cost of maintaining the site is included.... sometimes there is a re-assessment to the members due to numerous reasons such as.... a major repair needed like a roof of drainage etc... Also check the assoc for any recent liable lawsuits that are pending against the Assoc Master Policy too.

Usually the older the condos than the higher the condo fee is base on repairs and claims.

Hope this helps in your decision making process

All the Best John Curci RE/MAX Properties 215-757-2889
Web Reference: http://www.HomeCatch.com
0 votes Thank Flag Link Mon Mar 5, 2012
Here's what's included in the association fee.

Assn Inc: Common Area Mainenancet, Exterior Buillding Maintenance, Trash Removal, Water Fee, Sewer Fee, Insurance Fee, Managemt Fee

Let me know if you'd like to see it. There are others with lower fees.
0 votes Thank Flag Link Mon Mar 5, 2012
Believe it or not, condo associations operate as non-profits.

But, the difference between a good and bad association is that the good ones save up for issues that will come in the future.

That's partly why.

The other reason is that there are many elevators that are expensive to run, some deferred maintenance to go along with the reserves.

If you have any other questions, please call me.

Fred
215-852-4469
Web Reference: http://fredglick.com
0 votes Thank Flag Link Mon Mar 5, 2012
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