HOA fee question (square footage, agent, fees, condos) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

jaindow · 07-07-2009, 05:33 PM

I was recently looking at a mixed condo and townhouse community and I noticed the listed HOA fees varied quite a bit from one condo to another (I did not view the townhome HOA fees). The different condo fees I looked at varied anywhere from a low of $250/month to a high of $398/month. I am just wondering if anyone can explain how the fees are set and why they differ from one condo to another rather than be the same rate for everyone. Is it common for HOA fees to differ by hunderds of dollars in the same community? Thanks.

jdhall1 · 07-07-2009, 06:24 PM

Yes. The larger units in communities typically have higher common charges compared to the smaller units.

Lake Conroe resident · 07-07-2009, 06:25 PM

Quote:

Originally Posted by jdhall1

Yes. The larger units in communities typically have higher common charges compared to the smaller units.

Exactly

srnyong · 07-07-2009, 07:57 PM

Yes, the condo buildings I have shopped charge HOA by the square foot. Condo units could range anywhere from below 700 sq ft. to over 1500 sq ft. A lot of the condos I have looked at are about $0.40/sq. ft.

middle-aged mom · 07-08-2009, 08:53 AM

Just like property taxes, HOA fees are often set to the square footage of the specific property.

jaindow · 07-08-2009, 09:40 AM

Thanks everyone. I didn't know they were often set by square footage.

lmchan · 07-10-2009, 04:59 PM

Hi all, this brings up another question. I am shopping for a condo and interestingly, I have noticed that on same sized units, their HOA fees differ. Can anyone shine some light on this?

chet everett · 07-10-2009, 05:05 PM

Quote:

Originally Posted by lmchan

Hi all, this brings up another question. I am shopping for a condo and interestingly, I have noticed that on same sized units, their HOA fees differ. Can anyone shine some light on this?

I have seen covenants that dictate the assessment based on percentage of selling price, those that vary by floor, those that vary by sq ft, those that are uniform for all. Really up to state / local laws.

Generally means that you have to do some extra digging so the you are comparing apple to apples, and the funny thing is that MANY buyers do not then get all upset when they find out some other condo owners are getting a bargain. To my way of thinking you cannot be upset about your own lack of research!

Dee2e · 07-10-2009, 07:34 PM

Quote:

Originally Posted by middle-aged mom

Just like property taxes, HOA fees are often set to the square footage of the specific property.

Additionally, many subdivisions have subdivisions within them. If a subneighborhood is gated or has a pool and others don't the fees are different.

Also, sometimes the HOA fees rise after the initial listing and the agent is not aware of this and it does not get changed in the MLS.

rubytue · 07-10-2009, 07:40 PM

I've seen some listings in the same complex where one lists the fees as $400/month and another as $378/month. Thats for the same sq ft. I had just made the assumption that the first agent rounded while the second was exact.