At what cost per month are condo dues are too high?
Over the last couple decades many high-rise communities (Concord, Cristalla, 1521, Escala, Bravern, Bellevue Towers, 5th and Madison, Cosmopolitan and others) have favored amenities which ultimately requires higher dues. Some of it is to be expected and of course you can’t please everyone. In my experience, especially in the last 12 months prospective owners are looking for projects with lower dues and are willing to give up some if not all the fancy amenities. In fact, many of the Baby Boomers that were expected to purchase these high rise units are favoring a “wait and see” approach to see if both HOA dues and prices will continue to come down. From my frequent conversations with this demographic, they can’t imagine paying the higher monthly dues plus taxes after they own the condo in full.
Of course, not everyone shares this opinion. There are boomers, many young professionals and urbanites that see dues as just a part of urban ownership. They enjoy the pools, media centers, gyms and the 24 hour concierge. So where is the breaking point?
I think it would be interesting to start a discussion on what we think is fair and acceptable. When do dues get to be too high? More importantly, are you willing to pay for these expensive amenities on a month basis? I would love to hear your thoughts.