For purchasers of condominiums, the ever-present condo fees weigh heavily on their minds in making the decision about which condo to choose and whether to purchase a condo at all or avoid the fee by buying a townhouse or single family home. Condominiums have condo associations which set budgets and rules for the condo. Fees for maintenance of the building or buildings within the complex often include such items as elevators, janitorial services, snow and trash removal, security systems, and amenities (pool, tennis court, gym, party room, etc.).
These fees are typically divided between the owners based on the square footage of the unit. People looking to buy a condo in Northern Virginia should take notice of the condo fees in each condo community they consider to purchase as these fees can vary widely from building to building. Usually highrise buildings will have higher fees than garden style and low rise condos because the upkeep costs are higher and typically utilities (heat, gas, water, and electric) are wrapped in to the condo fee.
ALEXANDRIA VIRGINIA AVERAGE CONDO FEES
Here's some information about the 2009 average condo fees at some of the more popular condominium communities in Alexandria (based on units currently on the market):
|
Condominium |
1 Bedroom Average Condo Fee |
2 Bedroom Average Condo Fee |
3 Bedroom Average Condo Fee |
| Alexandria House | $474/month | $543/month | $654/month |
| Alexandria Knolls | $600/month | ||
| Cameron Station | $285/month | $322/month | $282/month |
| Carlyle Towers | $379/month | $493/month | $782/month |
| EOS 21 | $316/month | $605/month | $709/month |
| Fountains | $311/month | $611/month | |
| Greenhouse | $445/month | $555/month | |
| Marina Towers | $476/month | $727/month | $855/month |
| Olympus at Landmark | $400/month | $725/month | $798/month |
| Parkfairfax | $248/month | $304/month | |
| Pavilion on the Park | $434/month | $569/month | $638/month |
| Pointe at Park Center | $264/month | $340/month | |
| Porto Vechhio | $649/month | $1,031/month | $1,217/month |
| Preston | $258/month | $409/month | |
| Royalton | $342/month | $407/month | |
| Saxony Square | $463/month | $589/month | $633/month |
| Watergate at Landmak | $502/month | $752/month | $967/month |
| Garden Style Average | $297/month | $398/month | $451/month |
| High-Rise Average | $446/month | $631/month | $742/month |
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Typically, unless the buyer is committed to condo living, I don't advise the purchase of a high-rise 3 bedroom condo. As you can see from the chart above, the condo fees are quite steep. If the potential buyer used that condo fee amount (on a mortgage monthly payment basis), it would provide them (at today's interest rates) with a whole lot extra purchasing power. With the average 3 bedroom condo price in Alexandria, the buyer could afford to purchase a townhouse or single family home in a higher price range instead.
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Condo fees and subsequent special assessments some times tell a story of a complex. In some areas in Atlanta....condos fees and assessments doubled because there was at least a 50% no pay! 50% of the unit owners were behind in their monthly obligations...causing the hugh increase in all fees.
Condo budgets are one to watch closely in this market. Underfunded budgets due to foreclosures is an issue. However in many of the more established communities there isn't a problem but in some of the newer buildings and conversions from 2002-2006 you can see the impact.
This is a great chart! It is always amazing how much more you are paying in High-Rises. But I suppose if you actually USE the amenities they offer - it's not a bad deal!
Brian, I think you have to look beyond the dollar amount and consider what the fee includes. Also, does the complex have a good reserve fund, or do they tend to pass the hat for special assessments when a large project comes up.