I currently live in Oaklawn in a house/townhouse with no HOA that would most likely sell for $400k. I've been considering moving into a highrise condo because I enjoyed it when I rented one in the past. The piece that is holding me back are the steep HOA fees. Here are two examples of what I consider to be high HOA fees:
Mayfair $490k / 1730sqft / $687 HOA
Vendome $650k / 1941sqft / $1046 HOA
Even an older building like La Tour has high fees:
La Tour $400k / 1710sqft / $829 HOA
However there are some buildings that have "reasonable" HOA fees:
Renaissance $325k / 1391sqft / $367 HOA
Block 588 $450k / 2215sqft / $250 HOA
I fully realize that Mayfair / Vendome are nicer buildings than the others, but that is reflected in the price of the property. Are you getting that much more in services? I'd prefer to park my own car, and will most likely never use a concierge, but I'd still like a classy building.
I'd pull the trigger on the Mayfair property today if the HOA was in line, but with $11k in taxes per year, $687 HOA and probably $200 insurance you are hitting $1800 / month before you even begin to pay your mortgage.
Are these HOAs "for profit"? Also I've noticed that many properties of the same size and pretty much the same floor have big HOA differences. Is this a negotiation point? Lastly, I've looked at some of the newer buildings going up i.e. The House, Azure, W and really didn't see the value. Are there any under construction or pre-construction in the 450k - 650k range that don't have high HOA fees and aren't ultra-modern or loft types?