Lowbrow Posted January 13, 2005 Share Posted January 13, 2005 I've been perusing the HAR high-rise listings in this area and I'm trying to figure what the Maintenance Fees are going to look like. Is 1/4 of the mortgage a good estimate? Any way to find out without calling each agent or building manager?These are the buildings I've been looking at so far:661 Bering = Woodway Place Atrium, 1980651 Bering = Woodway Place II, 19835001 Woodway = The Woodway, 19755100/5110 San Felipe = Four Leaf Towers, 19813505 Sage Road = The Mark, 20015150 Hidalgo = The Oxford, 19815555 Del Monte Dr. = St. James, 19755050 Woodway = Executive House, 19651616 Fountainview = The Tanglewood, 20019333 Memorial = The Memorial, 1981150 Gessner = The Tealstone, 198349 Briar Hollow = Park Square, 19812200 Willowick = The Willowick, 1963Any advise on my search would be helpful to. Looking for 2 bedroom under 250k.Cheers. Link to comment Share on other sites More sharing options...
jtmbin Posted January 13, 2005 Share Posted January 13, 2005 I've been perusing the HAR high-rise listings in this area and I'm trying to figure what the Maintenance Fees are going to look like. Is 1/4 of the mortgage a good estimate? Any way to find out without calling each agent or building manager?These are the buildings I've been looking at so far:661 Bering = Woodway Place Atrium, 1980651 Bering = Woodway Place II, 19835001 Woodway = The Woodway, 19755100/5110 San Felipe = Four Leaf Towers, 19813505 Sage Road = The Mark, 20015150 Hidalgo = The Oxford, 19815555 Del Monte Dr. = St. James, 19755050 Woodway = Executive House, 19651616 Fountainview = The Tanglewood, 20019333 Memorial = The Memorial, 1981150 Gessner = The Tealstone, 198349 Briar Hollow = Park Square, 19812200 Willowick = The Willowick, 1963Any advise on my search would be helpful to. Looking for 2 bedroom under 250k.Cheers.<{POST_SNAPBACK}>1/4 of the mortgage? That should have nothing to do with the amount of the fee. Maintenance fees can vary widely and wildly. You must know what's included. In most buildings the fee includes some utilities, usually water, gas, basic cable, sometimes hvac, building insurance and public area electricity. Some older buildings include all electricity and hvac. The fee usually also includes security, public area housekeeping and maintenance, landscaping, etc. In luxury buildings, the fee can include swimming pool, tennis courts, and gym and sometimes staffing for those facilities, doormen, porters, valet parking, planned activities (catered holiday parties), guest suites, ...the list can go on and on.Obviously, the more amenities that a property offers, the higher the maintenance fee will be. Most fees are based on the square footage of the unit. Fifty cents per sq. ft. is a common rate for a typical building.Beware the "special assesments". Most well-managed buildings (they are often controlled by a board of homeowners) use a significant part of the fees to stash away for major maintenance projects; roof replacements, pool refinishing, public area renovations, etc. Some buildings prefer to have lower monthly fees and to assess a special fee that can run into the thousands when necessary to pay for special projects.You should know what the fee includes and review the history of special assessments, especially in older buildings in order to compare, and understand what you may be getting into. Link to comment Share on other sites More sharing options...
Lowbrow Posted January 14, 2005 Author Share Posted January 14, 2005 Thank you. That is very useful information. Sounds like this little research project just became a big one. Link to comment Share on other sites More sharing options...
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