What kind of $$$ should I expect to see for HOA fees for condos. Are they monthly?

Asked by brenda_elbertson, Orlando, FL Fri Jul 5, 2013

We are from NJ and looking to purchase a condo in Naples in a few years. We are looking to stay under $150,000, 3 bedroom, 2 bath. We are currently in a single family home and we don't know much about condo living. Any suggestions for what to look for? Our child is grown, so we are looking for a spot that would be quiet, but we are not in retirement age yet (late 40's).

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Marie Kambur…, Agent, Bonita Springs, FL
Mon Jul 8, 2013
Hi Brenda,

There is a difference between an HOA and a Condo Association. Generally, the maintenance, repair and replacement responsibilities are what really separate the two. A condo association will be responsible for maintenance, repair and replacement of the general common areas while you would be responsible for the unit itself. The expenses and assessments associated with these expenses vary and are determined annually by the Board of Directors. You are assessed your share of the common elements based on your percentage of ownership, so the larger your unit, the larger your proportional share.

A condo could have both HOA and condo fees or simply a condo fee. Some simply do not have an HOA fee. The most important thing you will want to find out is whether the fees are going to increase and you can accomplish this by looking that the last three years of financial statements of the condo association. You should establish a pattern and also realize what exactly the expenses are covering. Reserves are key here. Some associations deliberately keep the fees lower but a yearly special assessment is not uncommon. You just need to find out how often this special assessment takes place by looking at the financials when you are in your period of reading your condo docs before purchasing the condo. Also check out all the condo or HOA docs and look for limits on these assessments.

As of this writing there are less than 80 condos between $140,000 and $150,000 in Naples Florida. Condo fees in this price range range from $200 monthly all the way to $3,000 yearly, depending on amenities and other factors, such as golfing. If HOA fees are imposed, then you usually will not find a condo fee in this price range. HOA fees in your price range range from $160 quarterly to $1,100 per quarter, so condos with HOA fees only can sometimes be less than those with condo fees.

It is best to work with a knowledgeable realtor who understands the various Naples communities. If you need further information or help, please contact me directly below. You can also find much information on the type of condo you are looking for under the below listed website under Naples condos.

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Marc Comisar, Agent, Bonita Springs, FL
Sat Jul 6, 2013

Varies on amenities and communities and location as that influences insurance along with age etc.
Condos should average around 400 per month though.....if we can help in any way let us know.

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Justine Will…, Agent, Naples, FL
Fri Jul 5, 2013
Hello Brenda,

There is no way to predict what condos will be available in 2 years under $150,000. The fees vary greatly from community to community. My suggestion would be to use online resources to really get to know the Naples area, that way in 2 years when you are ready, you will have done all your homework in advance.

My website http://www.Napleslisted.com has lots of info about the Naples area, maps, guides, events & news. Oh yeah...you can also search homes/condos for sale too! LOL

Please contact me directly if I can help you in ANY way!

Justine Williams
Realtor - Amerivest Realty

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Claudette Lo…, Agent, Naples, FL
Fri Jul 5, 2013
These are all great answers, condo fee's do vary depending on the amenities. I understand you wanting to wait, however, I must share with you some information on what is available at present within the price range you requested.. Condo's that have 1-3 floors, (286 Listed) at present. 4-7 floors (called a mid rise 102) 8 or more floors, (75) are listed. We are moving towards a shortage of housing due to demand. One of the agents below is spot on. In the next two years, who knows? Condo's that are listed at a price range of $150,000 as you can see by the number of availability, is limited.
The time is now if you want to try an capitalize on what you are willing to pay.
I would be happy to assist, as would any of the agents on this site. I specialize as a buyers agent.
Claudette Looker
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Kevin Rathbu…, Agent, Naples, FL
Fri Jul 5, 2013
Hello Brenda,

HOA/Condo Fees vary Greatly. There is not definite number as they all cover different items, such as Utilities, Cable, Security, Landscape, Insurance, Management etc. They will range usually from $250-$500 monthly.

Is Golfing important there are many options and areas. Feel free to contact me directly more information.

Kind Regards, Kevin

Kevin Rathburn, Realtor
239-269-4575 Direct Line

KevinRathburn.com Integrity-Diligence-Innovation
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Beverly Zinn, , Naples, FL
Fri Jul 5, 2013

In response to what type of condo to look for depends upon your interests. Do you want to be in a golf community, tennis, beach club, social activities, etc.,,? So that is up to you to decide. I will tell you, that's a hard price range to be in because anything decent in that $150,000 range goes quick and in a few years from now, who knows.

HOA fees are roughly around $300/month in that price range. It generally will include, cable, Lawn/Land Maint, Pest Control Exterior, Reserve, Security, Street Lights, Street Maintenance

I am from NJ as well, the Bergen/Morris county areas.

Let me know if you need more information.

Beverly Zinn, Realtor Florida Home Realty
1575 Pine Ridge Road, Suite 16
Naples, Fl 34109
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Kirsten Priz…, Agent, Naples, FL
Fri Jul 5, 2013
Hello Brenda,
Condo fees are around $ 300 / monthly, sometimes a little less and sometimes a little more.
Some HOA fees include Water or sometimes even basic TV or even internet. It is always diffenrent.
The fees depend also on the amenities, if you're looking for example for a golf course community, expect higher fees.

Best regards,
Kirsten S. Prizzi
FL Lic Real Estate Broker Associate / Realtor
Immobilienfachwirt / Immobilienmakler
Telephone: 239.248.1667
Residential & Commercial Real Estate
TMB Realty, Inc.
Email: Kirsten@RealEstateFloridaUSA.com
Location is just the beginning
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