HOA fees in Wilmette

Asked by Mark, Minnesota Wed Jul 24, 2013

I am from out of state, but looking at condo's in Wilmette, IL. I have a question; the cost of the condo's is cheap (less then $200K for a 3 Bds), but the HOA fees are HIGH (I know taxes are included) . Why is that?

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Sarah Rothschild’s answer
Sarah Rothsc…, Agent, Winnetka, IL
Fri Nov 8, 2013
Hello

The condos that are long the lake across from Plaza del Lago on Sheridan Road have these higher fees but there is actually a range within those buildings. You will see the rates can differ by several hundred dollars depending on which building and floor you are looking at. The buildings' are large, have several elevators, full-time staff, pools, indoor garages, beaches and beautiful landscaping that explain those fees. Often your HOA fee there is approximately 1% of your home's current value which studies have shown is a smart % for any homeowner to spend annually on upkeep of their home.

That being said, Wilmette has several other buildings in different neighborhoods with HOA fees at a fraction of those lake buildings'. I would be glad to show you several with fees around $300-$500/month. These other buildings are lovely and I have toured each of the ones as they have come on the market.

Sarah Rothschild
Coldwell Banker
847/361.9057
sarah.rothschild@cbexchange.com
0 votes
Michele Wils…, Agent, Lake Forest, IL
Sun Jul 28, 2013
The condos are cheap because the monthly fees are high. People only want to spend so much a month for housing. Over time the monthly fees actually hinder appreciation in the value of the housing
unit. Aside for that, the condos you are looking at have many amenities ( pool, doorman 24 hrs, valet parking, etc) that are in addition to lawn care, exterior maintenance, snow removal, etc.the monthly assessments usually include.
0 votes
Alan May, Agent, Evanston, IL
Thu Jul 25, 2013
Each building and each association has it's own expenses, and ideas on how to address them. Some buildings have lots of expenses, (pool, 24-hour doorman, underground garage, lots of landscaping).... and others have less.

The listing will tell you what the assessment pays for.

And unless you're looking at a co-op, the taxes are NOT typically included!
0 votes
Dayle Lively, Agent, Winnetka, IL
Wed Jul 24, 2013
Hello,

Currently there are three 3 bedroom condos listed for sale in Wilmette under $200,000. They are all in the 1616 Sheridan Rd. building. The monthly assessment includes most of the utilities as well as a doorman and other amenities, which is why the fee is so high.. It doesn't include taxes--there are 2 buildings on that strip (1410 Sheridan and 1630 Sheridan) that are co-ops instead of condos, which means that their taxes are included in the monthly assessments.

i'm very familiar with this area, so please let me know if you have more questions or would like help finding a place that fits your needs.

Regards,

Dayle Lively.
0 votes
Okhee Choi, Agent, Northbrook, IL
Wed Jul 24, 2013
Each association has different policies. In general, HOA (Homeowner Association) fees cover lawn care, snow removal, Maintenance and Repairs to the Outside of the Building. Some times it also covers heating or/and cooling. If the complex has a large common area or many amenities HOA fees will be even higher due to the maintenance and Insurance ( ex. if they have swimng pools ). You should check with association to find out what is included.
By the way, Property taxes are not included in HOA fees. You have to pay pay property taxes.
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