Arlington Real Estate News has an interesting post about condo fees. It states that average condo fees in Arlington for a 1-bedroom (1BR) condo are currently in the mid-$300s (per month). The specific data underlying this calculation was not, sadly, made readily available. But real estate search tools allow you to look at condo fees for individual Arlington 1BR condos that are for sale or were recently sold. Condo fees depend on a variety of factors, and the selection of the sample from which an average condo fee is calculated can significantly effect the average. So the mid-$300s figure probably is best interpreted as a well-informed judgment of condo fees for a typical 1BR condo.
Condo fees for a 1BR condo at the majestic Westmoreland Terrace Condominiums are about $280 per per month. Condo fees this year rose 11.2%. At last year's annual meeting of the Condo Board, the Board stated that Westmoreland condo fees are expected to rise 10% a year for the next ten years. That would put the Westmoreland condo fee for a 1BR condo about $660 per month in 2019. If such condo fee increases actually occur, Westmoreland condo fees are likely to be significantly higher than those in other Arlington condominium communities.
how can we keep that from happening?
>10% increases year after year does seem pretty high...maybe they're going up more quickly than newer buildings due to the age of our buildings (more maintenance req'd)?
I was a little perplexed by the re-tiling of the laundry rooms...at least in 1322, the tiling looked pretty good before the replacement...but I have an untrained eye.
I think we all need get more involved in the decision making about how money is spent
As much as I like the WMT complex, I think the condo fees are excessively high considering we do not have many of the amenities that other condos have. If we had a pool, weight room, or other utilities were included, I think I might feel differently about this drastic increase.
How much is paid to a Property Manager that sits in an office part-time? Do we have any detailed accounts of what duties are performed by the Property Manager on a regular basis?
I'm just throwing out ideas...
According to the proposed (and adopted) budget sent to all owners this past April, $21,216 is budgeted to be spent this year for "site manager - 24 hrs/wk only". That's different from the Property Manager, Zalco, which is budgeted to receive $54,960 in management fees.
I looked over the budget when I received it. Some budget notes are here.
Participating in the management of what's probably your largest fungible asset is a good idea. Showing up to condo board meetings would be a good start. The next regularly condo board meeting is Oct. 31 at 7pm in the on-site manager's office.
CORRECTION: The next regularly scheduled condo board meeting is Monday, Oct. 25, at 7pm. Regularly scheduled condo board meetings occur the last Monday of every month.
My concern is resale. At some point I am going to move and when I do I don't want the condo fee to be a stumbling block for the sale. I understand that there is maintenance required for the buildings (re-pointing the brick and redoing the roofs, which as an architect I would honestly like to see the specifications for), but isn't that what the reserve is for? At least to minimize the impact of the increases. I would almost rather have a special assesment and pay for it rather than a monthly increase which is never coming down.
Might get to the meeting a little late...if they do indeed have one this month.
I would definitely encourage anyone to come to the monthly meetings but everyone should come to the annual meeting.
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