The monthly Home Owner Association (HOA) dues vary, especially in Belltown . Below is our “best educated guess” (based off of sales data for the first 9 months of 2013) of the average HOA dues per square foot for the condos in Belltown.
Some interesting facts:
– There is not a direct correlation between the amount of amenities in a building and the HOA dues. Take Austin Bell (4th highest at $0.76 per sq/ft) for example, that community has ZERO amenities yet far higher dues per sq/ft than most. The Klee building has all the bells and whistles (concierge, fitness center, large resident deck), and they are at the low end of the scale with $0.42 per sq/ft.
– Only 7 of the 32 buildings had the same price per sq/ft as 2011.
The most notable change was at Bayview Vista with an over 31% increase in dues. Following closely behind was Harbor Heights with a 25% increase is dues. Rumor has it that Harbour Heights spent a large portion of their reserves to fund the extensive rooftop lounge remodel and are now facing a failing window situation that they are not prepared to fund. Sometimes a large increase in dues is an indicator of an upcoming special assessment.
Not all dues went up. The Bellora and the Klee saw reductions of over 6%, and The Grandview and Royal Crest also had notable drops in dues.
In conclusion, HOA dues are a big factor in purchasing a condo. By paying attention to the dues, what those dues pay for, and the overall financial health of the HOA, you can make an informed decision on what condo is best for you.