Foreclosure in Sarasota>Question Details

Bill O'neill, Home Buyer in New Jersey

I'm noticing the monthly association fees are higher than expected.Is this a recent development?

Asked by Bill O'neill, New Jersey Mon Oct 8, 2007

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7
This is an excellent question. Antaeus had a very good answer too. I would like also to point out something that has happened very recently and that you should keep an eye on. There are some communities where there are a lot of properties going into foreclosures and the associations now have to raise the dues because there are less people contributing to the overall funding of all the things like maintenance, common grounds repairs, ... You might want to ask the association for a history of their fee increases and also ask your Realtor to give you some information about the number of properties in the communicity that are in financial trouble.
1 vote Thank Flag Link Wed Oct 10, 2007
Bill,

Do you have a specific development in mind when you are asking this question or are you just talking about association fees in general? Fees are generally based on the amenities available to residents and the services offered by the association such as security and maintaining landscaping. If you have a specific property in mind, feel free to contact me and I can provide you with more information.

Adam Hong

Team Manatee
Keller Williams Realty
(941) 447-4253
adam.hong@verizon.net
1 vote Thank Flag Link Mon Oct 8, 2007
Hi Bill,
You are asking all the right questions.
The monthly association fees are higher in some areas that others.
Yes, they have increases over the past few years due to increased insurance rates. Some communities offer more amenities than others, causing their fees to be higher.
0 votes Thank Flag Link Thu Jun 26, 2008
Bill,

HOA fees have increased over the past few years mainly because of the increase in "insurance" costs.

The "Eckler Team"
0 votes Thank Flag Link Sun Jun 22, 2008
Bill-

I find that most buyers seem to have this perception of condominium fees in Sarasota until they realize what they actually cover. If you are moving from a home in New Jersey, you can leave the lawnmower behind, as well as some utiliity bills and your home insurnace agent. All these items are usually covered in the fee.
Web Reference: http://www.drewrussell.com
0 votes Thank Flag Link Fri Jun 13, 2008
Monthly association fees in condos, townhouses, villas are higher because the insurance industry is trying to recoup and/or protect themseves from potential losses for past or future hurricanes (or so they say). Governor Crist has been working to make the industry buckle....and has had some past success.

My own insurance rates have decreased a bit this year. But associations that have to cover the 'public insurance' for the buildings (roof, structure) has had to follow suit.
0 votes Thank Flag Link Wed Jun 11, 2008
Monthly association fees can very greatly with each community. The association fee depends on the amenities provided. If it is a condominium, the association the fees may include insurance for the outside of the building, and water & sewerage as well.

For example in Tara preserve, a golf community, the association fees for a single family home are $425 per year + $102 per month for lawn and shrub maintenance. The $425 fee provides basic cable TV, common grounds, community pool and tennis courts maintenance.

In Whisper bend, a neighboring community, the association fee for a single family home is $337 per year. However there are no amenities there, and the fee is used to maintain the common grounds.

You should also know that the association fee is not static. Things like the cost of labor, replacement parts, and materials, taxes on common ground, and insurance will have an effect on what you pay. As a member of an association however, you have the right to vote on community improvements, expenditures, and fee increases.

If you have a specific community in mind, please drop me an email, and I will do my best to answerer your questions.
Antaeus
0 votes Thank Flag Link Tue Oct 9, 2007
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