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Habtamu, Home Buyer in Seattle, WA

Hi there. is the HOD for this condo really $421?

Asked by Habtamu, Seattle, WA Tue Jan 6, 2009

Hi there. is the HOD for this condo really $421?
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This question is about this property: http://www.trulia.com/property/1067246090-9416-1st-Ave-Ne-41…

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The other unit below is considerably smaller (744 vs 1125). $421 per month works out to roughly the same price per square foot. The difference might be ownership of a parking space or some such thing.
2 votes Thank Flag Link Tue Jan 6, 2009
Here's the available units and corresponding HOD

#209 $179,000 1/1 HOD: $260
#415 $185,000 2/1.75 HOD: $421
#414 $189,950 2/1.75 HOD: $421
#106 $200,000 2/2 HOD: $348
1 vote Thank Flag Link Tue Jan 6, 2009
I deleted my first answer because I has an error in it.

The unit next door also indicates $421 per month. There is a lower unit that is about $260 a month, but as indicated, that is a considerably smaller unit.

So yes, it appears the dues are $421 a month.
1 vote Thank Flag Link Tue Jan 6, 2009
I show HOD as $260 a month. If ShopProp represents you on the purchase we will give you up to $3700 toward your closing costs
Web Reference: http://www.shopprop.com
1 vote Thank Flag Link Tue Jan 6, 2009
Good points, Kary--I do sometimes wonder if some of these hoas take it to extremes though--For instance, I saw MLS 28180562 ($856 per month) and thought that was kind of high--I mean how much work does the landscaper have to do here lol. But then I saw MLS 27201415 ($2752) and I guess anything under $500 a month isn't too bad, eh?
0 votes Thank Flag Link Thu Jan 8, 2009
Just to follow up, when you come across a situation like this, if you're otherwise interested in the building, it's important to determine why they are at the level that they are. I can think of at least four reasons a property would have higher than expected dues.

1. Some I've seen have had extensive grounds. Two in particular were somehow connected to a golf course area. In neither case did my client have enough interest in the property to investigate further (e.g. did golfing rights come with paying the dues).

2. In some instances an association will borrow rather than have a special assessment, and increase the dues for a period of time to cover the borrowing. In such cases it might be possible for the seller to pre-pay the increased amount at closing, but note that there is some risk there if other owners default.

3. Some older units cover heat and even hot water. I used to live in such a condo and I wouldn't be surprised if the dues are now over $260 for a one bedroom unit, and well over that for the largest units in the building.

4. Personnel. If there's a 24 hour doorman, someone has to pay for that, and it's the owners.
0 votes Thank Flag Link Thu Jan 8, 2009
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