Is there an association fee? If so, what is the set amount?

Asked by Pegagus2, Bloomington, MN Tue Jul 2, 2013

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This question was asked from this property: http://www.trulia.com/property/3058472341-6566-France-Ave-S-…

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3
Susan Hoffla…, Agent, Shoreview, MN
Thu Jul 4, 2013
Hi, Pegagus2!
I see that the association fees are over $1,500 a month. I know that seems on the high side, but it seems warranted with all of the amenities that it covers. There is a security staff, a hot tub, sauna, tennis courts, etc.

AND it looks like the association has a $13,000+ special assessment. I'm not sure what that's for, could be that the finances had been mis-managed in the past and the association needed to get caught up in their reserves and so forth. Or they may have had a large repair that needed doing that exceeded what they had in their reserves. Seems like a large amount, but that's why the MONTHLY fees are so high, so the owner can pay it off in smaller chunks rather than all at once.

I'd have to look in to how that would get handled at closing. I suspect the new owner would have to take that on. The same thing happened with a popular development in Hopkins and the buyers had to take on the assessment.

Good luck!!
Web Reference:  http://www.homestosellmn.com
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Kim Eisen, Agent, Twin Cities, MN
Wed Jul 3, 2013
Hi Pegagus2,

Here is the information listed for this 3,370 sq.ft. luxury condo:
Association Fee: $1,527 Monthly
Assoc Fee Includes: Heating, Air Conditioning, Sanitation, Snow/Lawn Care, Outside Maintenance, Hazard Insurance, Cable TV, Water/Sewer, Building Exterior, Security Staff, Professional Mgmt, Shared Amenities, Other

If you are interested in seeing this, please let me know.

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Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

http://www.QuickHomesSearch.com
0 votes
Rick Thram, Agent, Savage, MN
Wed Jul 3, 2013
Hi there,

The unit you're inquiring about does have an association fee that's currently just above $1500 per month. The building has some nice amenities and is a great place to build an active lifestyle. If you're not working with an agent, and would like to take a look, let me know!

Rick Thram
Re/Max Advantage Plus
952-451-2900
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