F@ck condo fees

[naplesE30]

My HOA fees for our condo are now $615 a month! We bought our condo for 220k in 2005, they are now selling for 50k. Over 70% of the complex is in foreclosure. Man what I could do with an extra $600 a month. Anyone else in a similar situation?

[westyat7000]

What do you get for $615?

[Jean]

LOL what a rip. Get a house w/o bs HOA fees.

[naplesE30]

What do you get for $615?

I get to pay for the dead beats who dont pay. Trash, basic cable and yard work. Since there are only about 80 out of 220 who are paying we get to foot the bill for everyone... Complete BS. I am so ready to walk away from this condo but we are trying to do the right thing. I would sell it in a heartbeat if we were not so upside down on it.

[bwanac]

you are paying for what others cant! that is complete bs... is that in your contract?

[Massive Lee]

So, you bought for $220k and it is only selling for $50k now? Fuck. That sucks.

Don't sell, as you'll be $170k in the ass. As for paying the fees of the other 70%, those fee should be paid by the banks that own the foreclosed condos, not by you. Who set the fees at $615? My guess is that your real share is only $250usd... Am I right? Get some legal expertise.

BTW The condo fees aren't just for mowing the lawn, or fixing the elevator. There's some money put aside for big repairs when time comes. That's why paying low condo fees is dangerous. If something needs major repair (such as a leaking roof), all the repairs that should have been subsidized by past owners, are now on the current owners' shoulders... All condos with low fees are time bombs. They are okay in the first few years after construction, but risks increase a lot after that.

[marakka]

David Hasselhof > Condo fees

My mother in law lives in a condo and her fees are insane like yours. She paid 150k for hers 3 years ago and now the things are selling for 90k all around her. Not nearly as bad as your situation.

Personally I couldn't live in a condo. I'd get kicked out in a month I bet.

[westyat7000]

My wife and I have a condo in a high rise building in Denver that we go to on weekends and holidays. Our monthly HOA fee is $297. It covers everything except our electricity and the insurance on the interior of our unit. Pool, workout room, heat, A/C, trash, snow removal, mowing the lawn, trimming the trees. It also includes 2 full time property managers who do all the bullshit work that I have to do on my primary residence.

Your condo association might be able to file a lien against any property owner that doesn't pay their mothly assessment. It won't do any good now, but at some point the owner, or bank, will want to sell the property and they will have to make good on all the back fees. Our building just collected $20,000 when a deadbeat unit sold.

You could always run for the HOA board and at least have a little more say in how things are run, although it may be less painfull to just pay the $615.

[Pudmunkie]

I hate condos! I'm renting one right now with a 2 car garage... 3 units down is an old betty who can't mind her own business. She's complained 6 times in 8 mos and called the police twice. All BS stuff. I pretty much get to pay an HOA fee to be harrassed by an old bitch, have the lawn care people shoot grass clippings all over the house / cars, and have a sprinkler system with HARD water leave spots over any car in the driveway.

lame as shit.

[naplesE30]

So, you bought for $220k and it is only selling for $50k now? Fuck. That sucks.

Don't sell, as you'll be $170k in the ass. As for paying the fees of the other 70%, those fee should be paid by the banks that own the foreclosed condos, not by you. Who set the fees at $615? My guess is that your real share is only $250usd... Am I right? Get some legal expertise.

BTW The condo fees aren't just for mowing the lawn, or fixing the elevator. There's some money put aside for big repairs when time comes. That's why paying low condo fees is dangerous. If something needs major repair (such as a leaking roof), all the repairs that should have been subsidized by past owners, are now on the current owners' shoulders... All condos with low fees are time bombs. They are okay in the first few years after construction, but risks increase a lot after that.

Yeah well right now the association has depleted all it reserves including capital expensses, so we are basically fucked and looking at huge assesments when we need repainting, roofing, sealcoat, etc. Banks only pay 6months in the rears or 1% of sales price whichever is less. Some condos have been sitting with squaters occupying them for over a year. Legaly we cant enforce anything because we are not the owner of record on the condos going through forclosure. Once they go through the foreclosure, then banks have to pay. Only prob is banks are not paying and the only way to make them pay is to hire an attorney and go through court leins and so forth. This all costs money and the association is so broke they cant afford a lawyer,,,,,, catch 22

[mrsleeve]

this is why you dont live in condos



also fuck their HOA fees, I would just pay the fee you were paying when you bought the place. Its not your fault that the idiots that bought around you bought more than they could afford and are now in default. Its not your job to or your responsibility to, hold up everyone else. and Yes the banks that own them should be paying the fees for the distressed properties they hold.

FUCK HOA's I will never live anywhere that has one, Township zoneing laws are bad enough.

[sharky]

Wow thats astronomical, around here going rate is 200-300 for decent places, highest I ever saw was 400 and that was a really nice condo on the water and was in the 650K range

[vlad]

Wow thats astronomical, around here going rate is 200-300 for decent places, highest I ever saw was 400 and that was a really nice condo on the water and was in the 650K range

where is 'around here' ?

[slow e30]

My HOA fees for our condo are now $615 a month! We bought our condo for 220k in 2005, they are now selling for 50k. Over 70% of the complex is in foreclosure. Man what I could do with an extra $600 a month. Anyone else in a similar situation?

sounds like life to me, suck it up bro. if you don't like it, move out. nobody is holding you down.

HOA should be optional, it isnt a law, therefor you should be able to tell them to cram their fee's up their ass. if that doesn't work, re-read first sentence in my post.

[Dave]

FL real estate sucks.

We bought ours in 2004 for 170k. In 2005 they were going for 260k. We wound up selling in early 2007 for 200k. Now, units in our complex are in the 50-60 range for bank owned ones, and well under 100 for ones in proper shape.

I am sure the HOA has been batshit since we sold as well. Glad I got out of that when I did. I was on the board in 2006 until I sold. Really is tough, as you have to be able to maintain and set aside for large cap projects.