Mbogg44184, Home Buyer in Virginia Beach, VA

what are condo fees?

Asked by Mbogg44184, Virginia Beach, VA Fri May 25, 2012

This question is about this property: http://www.trulia.com/property/3076626282-600-Ocean-Lakes-Dr…

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I see the other agents answered your question. Did you have any other questions about any other properties? I'm available this weekend if you care to look at homes. If you're interested email me at: sharonshomes@gmail.com


Sharon Milligan
All Pro's Realty
0 votes Thank Flag Link Wed Jun 27, 2012
I listed the condo upstairs, 606 Ocean Lakes, and we closed it in February this year. There is a condo fee of $160 a month (went up Jan 2012) and the POA (property owners association) is paid twice yearly, but averaged out on a monthly basis it comes to approximately $22 a month.
There was a special assessment recorded on January 1 for these smaller units of $340, to cover the cost of new roofs. That building was slated to be first for roof replacement, because 606 had a couple of ceiling leaks.
Condo fees and POA fees vary as to what they cover. For the condos in Ocean Lakes, they cover water, sewer, trash pick-up, exterior shaking, roofs, grounds maintenance and community pool maintenance, but that they had to make a "special assessment" means what they had collected in condo fees didn't quite cover the cost. So...that is always an important question to ask when contemplating a condo purchase. That said, the condo management and POA management seemed to be quite good and they were pro-active in renewing their FHA certification, which makes it much easier for an owner to re-sell in the future.
If I can help you with more information about this particular condo, or buying a condo in general, please contact me at kkgerman@gmail.com.
Best, KK German, Wainwright Real Estate, 757-714-2335
0 votes Thank Flag Link Sat May 26, 2012
Condominium is a type of Owership, not a type of construction. It is possible to buy a completely detached Condo. Example: I just showed someone a rental in a gated community of Detached Condos. My guess is that everyone takes care of their own property inside and out. The rent just happened to include, water, sewage, trash pickup and groundskeeping in the rent for free. Since the condo owner is paying the condo fee out of the rent, we might assume that those condos included water, sewage, trash pickup and lawn work . I have seen free cox cable and a telephone. More typically these things are not covered because the condo is set up in a townhouse situation and in such instances you would most likely find everyone takes care of everything inside their condo-townhome and the condos association essentially owns the exterior of of all of the buildings, including all grounds and community swimming pool, etc. How they go about maintaining all of that is spelled out in the Condo Assocation Documents and that differs from each assoc to each assoc.

What the Condo fees cover is determined on how each Condo assoc is legally constituted.

This may help: http://www.brianblock.com/public/object/182972

If you are working with an agent, you might want to ask them to supply you with the pertinent info. As your would guess, had I been working with you, I already would have supplied you with the pertinent info. You'd be calling me to ask me this, since if you were my client it would be part of my job.

Did you know that working with an agent to help you make a purchase costs you nothing? The Buyer's Agent is compensated through a portion of the total commission paid by the seller of the property which is set aside for a Buyer's Agent to bring the seller a ready, willing, and able buyer and to guide them through the entire buying process.

Additonally, your search process works is infinitely easier. If you are now working with an agent, you are scouring real estate websites on your own. With me I set you up with an automated search that delivers the exact listings you are looking for based on your description to me of what you are looking. The sites you are looking at likely get a "feed" from the MLS. I am a member of the MLS and the search engine I use, as a result, provided lots of very specific searchable operators. Also I am not restricted to only those homes that William E Wood has as listings. I can assist you in the purchase of any home listed by any broker in Southside Hampton Roads.

Let me know how I might assist you. Jonathan O'Connor, William E Wood and Associates, 757-373-9355 joconnor@williamewood.com
0 votes Thank Flag Link Sat May 26, 2012
Fees paid to live in an area zoned condominium. Condo is a zoning type so the unit can be single family, town home, or apartment style. What the fees cover depends on the unit. All buyers get a chance to review condo bylaws, rules, and fee info before closing. Ocean Lakes has community rec centers, pools, and park like amenities.......
0 votes Thank Flag Link Fri May 25, 2012
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