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Re: Hoa fees in jsq condos
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Home away from home
 
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This sounds like it makes more sense for the price.
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Posted on: 2017/10/27 3:38
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Re: Hoa fees in jsq condos
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Newbie
 
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Its not just water/electricity bills - the biggest expense is insurance. If in a designated flood zone, then the flood insurance premium can be astronomical!
Posted on: 2017/10/26 21:46
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Re: Hoa fees in jsq condos
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Just can't stay away
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Is there in-living super or other employees like porters, security etc? If it is just paying for hot water/water, sewer & garbage then that does seem a bit high for the sqft with no amenities. For comparison I have a 1050 sqft 2bd in St John's condos in the area and pay $578. In addition to hot water, heat, AC includes 24hr doorman, security guard, package room and onsite supers. Extras are fios/comcast, parking, gym & pool.
Posted on: 2017/10/26 3:43
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Re: Hoa fees in jsq condos
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Home away from home
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We don't know that it's $5000k/month for the entire building. It could be the unit mentioned by the OP has the largest percentage of the voting rights in the HOA and therefore the highest monthly maintenance, so the total could be well below that. We also don't know anything about the operating budget, special assessments, etc. either. He did say water and heat were included. While water shouldn't be a major strain on the budget, heat can be. I know that when it's included in maintenance (or rent) rather than separately billed based on usage, people tend to be rather wasteful. All I'm saying is based on my knowledge of the range of fees for a condo in JC, $500-ish for a 3-bdrm isn't unreasonable, even without amenities and especially if its a historic building where something is ALWAYS breaking. Anyway, at $200 a month and fully funded capital improvements, I know I'd hire you to manage my building!
Posted on: 2017/10/9 14:24
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Re: Hoa fees in jsq condos
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Home away from home
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While you raise some good points, you still have to realize that a 10 unit building pulling in $5000 per month in maintenance is still a lot of money even with having a management company and holding a healthy reserve. In the buildings I've managed, We hired management companies and found that they basically did nothing other than pay the bills for $300 per month.
The reserve account at $200.00 per month always allowed the bulilding to make capital improvements (new roof, new brickace on front exterior) without special assessments. 60K per year on a 10 unit building is high for the level of ammenities. Quote:
I managed the HOA in my first JC condo as well. My maintenance for a 2-bdrdm was $250 in a small building, and this was 15 years ago. That amount allowed us to run a small reserve of about $5,000 - easily wiped out by a major emergency, which always seemed to happen every couple of years. If the building mentioned by the OP has a management company overseeing things and at least a part-time super/handyman to haul garbage, clean the common areas and clear snow, then the maintenance sounds fairly reasonable. For a small building that actually is an amenity (and probably a sensible route to go) - unless you have one or two owners willing to take on what essentially amounts to a second, unpaid job taking care of the building. It's been my experience living in small, self-managed buildings that as much as all the owners agree to share chores/responsibilities the reality is one or two people end up doing all the work. In my first building, we looked into hiring a management company and part-time handyman for the tasks I mentioned - that easily would've added $100/month to everyone's maintenance.[/quote]
Posted on: 2017/10/9 5:14
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Re: Hoa fees in jsq condos
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Home away from home
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Quote:
I managed the HOA in my first JC condo as well. My maintenance for a 2-bdrdm was $250 in a small building, and this was 15 years ago. That amount allowed us to run a small reserve of about $5,000 - easily wiped out by a major emergency, which always seemed to happen every couple of years. If the building mentioned by the OP has a management company overseeing things and at least a part-time super/handyman to haul garbage, clean the common areas and clear snow, then the maintenance sounds fairly reasonable. For a small building that actually is an amenity (and probably a sensible route to go) - unless you have one or two owners willing to take on what essentially amounts to a second, unpaid job taking care of the building. It's been my experience living in small, self-managed buildings that as much as all the owners agree to share chores/responsibilities the reality is one or two people end up doing all the work. In my first building, we looked into hiring a management company and part-time handyman for the tasks I mentioned - that easily would've added $100/month to everyone's maintenance.
Posted on: 2017/10/9 4:09
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Re: Hoa fees in jsq condos
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Home away from home
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I am well aware of what it takes to manage a small association. I have managed two different small associations. We always ran with a reserve of $6000 minimum. It was always more than enough (200 per month) to pay all of the bills and add to the reserve account. It all depends on what someone is looking for. The OP stated that there where no additional ammenities for the money. I simply stated that $500.00 per month with no ammenities was a little high.
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Posted on: 2017/10/9 3:31
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Re: Hoa fees in jsq condos
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Home away from home
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And $200 sounds ridiculously low - you wouldn't have much after paying insurance for the building. Let me guess, you have to corral the all the owners to cough up money every time you have a major repair bill such as a roof leak or a plumbing issue, right? A financially sound building would calculate maintenance fees to take into account major replacement projects - such as the hallway carpeting or the roof - on a set schedule every X number of years. The fees should also allow the HOA to build enough of a reserve fund to handle emergencies without having to hit up the owners. It avoids the headache of one or two owners who are unwilling or unable to suddenly come up extra money for these issues.
Posted on: 2017/10/8 23:21
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Re: Hoa fees in jsq condos
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Not too shy to talk
Joined:
2015/10/26 23:53 Last Login : 2018/5/27 10:36 From jersey city
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It's about 950 Sq ft
Posted on: 2017/10/8 21:36
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Re: Hoa fees in jsq condos
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Home away from home
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That sounds a little high to me for the size of the building. I lived in a 7 unit and the maintenance was $200 per month. I hardly think you would have a heating/hot water bill of $3600 per year.
Maybe that figure includes a special assessment for a capital improvement. I would want to see what their budget looked like before going into contract.
Posted on: 2017/10/8 20:24
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Re: Hoa fees in jsq condos
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Home away from home
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I agree with Jaded that sounds reasonable for a 3 br what is the overall sq ft for that unit, if it is 1200-1500 sq ft it's a good deal.
Posted on: 2017/10/8 18:21
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Re: Hoa fees in jsq condos
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Home away from home
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For a 3-bdrm, that sounds generally right - probably on the low end of the range. I don't think neighborhoods matter that much in the calculation of monthly maintenance fees. A building that's downtown will have the same overhead as one in JSQ. The biggest expense for the building is likely the master insurance policy, followed by the heat/hot water if it's common expense rather than billed separately to each unit owner. A 10-unit building is a small one, so it's not going to get the same economies of scale as, say, a 200-unit building that would make having a gym or hiring a doorman feasible.
Posted on: 2017/10/8 16:34
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Hoa fees in jsq condos
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Not too shy to talk
Joined:
2015/10/26 23:53 Last Login : 2018/5/27 10:36 From jersey city
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Registered Users
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I recently came across a condo with fees of almost 500 dollars per month. It includes heat and hot water but no amenities like door men fitness rooms and the like. It's for a10 unit building. About a half mile from the path if that matters
This seems very high to me. It's for a 3 bedroom, will this fee make this condo hard to sell or is that the fees are around jsq? It
Posted on: 2017/10/8 16:23
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