Aquarius Condo. HOA Cost Comparison: Are we paying too much? Is the maintenance quota enough?

aquarius51Aquarius Condominium    HOA Quote Cost Comparison:  Are we paying too much?            Is the maintenance quota enough?       April 2015

 

Some owners may wonder if the maintenance monthly fee that is due to the Aquarius Condominium Association is comparable to what neighbor HOA’s charge.  Here is a table extracted from a sample of Apartments for sale  in April 3, 2015. Among the several buildings in the sample there are great variations. The age of the buildings (older building require more maintenance), services offered (such as Beach Boy, water, towels, etc.), size of the building (greater number of households allow for better cost support) and many other very relevant variables have not been considered.

The variables considered were location: (1) – only very near Condominium Associations were included in the sample.  (2) Cost per square feet from the offer “for sale” available at this date (April 2015) and  (3) the cost per square feet charged per month by the HOAs.

Even lacking sophistication and precision that a larger sample could offer and the absence of a time series that could prevent peaks and valleys that a single observation my yield the chart is interesting to observe. If a new list is prepared, let’s say, six months from now and then repeated a few times the question “are Aquarius owners paying too much of HOA fees” could be answered with more accuracy.

In this table the price of sale of Aquarius square foot is close to the average of the neighbors. The monthly cost of maintenance (HOA) is about 70% of the average. Aquarius pay about forty six cents per square feet every month while some neighbors pay about eighty cents. How is that possible?

20150402_HOA_Cost_Comp

 

 

The table may be not accurate on the real cost of the HOAs. Very often the “for sale” adds present outdated HOA fees. So, if errors are found they are like to  increase the maintenance cost of the neighbors. Aquarius cost was presented using the actual charges.

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