A big factor in choosing condo living is the monthly HOA dues. Each year we take a look at the HOA dues for the condo communities in Belltown.
<as a disclaimer, these are estimated numbers. We take the most recent sales in the building and calculate the HOA dues based off of the amounts listed in the MLS>
Ladies and Gents, your 2014 Belltown HOA dues:
When compared to the 2013 numbers, we see the top 5 most expensive buildings have held strong in their places, as have the 5 least expensive.
Other items of note:
– The Vine had it’s first ever major increase, with dues going up 26%. This was also the largest increase in dues of any community in Belltown. The Vine is also an interesting example of how using the MLS data to calculate dues isn’t always accurate. I have a client in the building, and his dues only went up 17%. The Vine is a building that allocates HOA dues based off of more factors than just square footage. They calculate view and desirability of location (like having a corner or a top floor unit) into the HOA dues allocation process.
– Bellora (15%) and Trio (13%) also saw notable increases this year.
– Surprisingly, the dues at Mosler Lofts didn’t see a notable decrease. Since they won a MAJOR lawsuit, I had speculated that HOA dues would take a significant drop, but they stayed at about the same amount ($0.57 per square foot) as they were in 2013.
– The average price per square foot is up from the 2013 amount of $0.59 to $0.62 in 2014.
– Continental Place now has dues of almost $1.00 per square foot! That means if you lived in a 800 square foot 1 bedroom, your dues would $800 a month. Did you know that $800 a month in HOA dues has the same impact on your monthly payment as $200,000 on the purchase price?!?! As an example, if you paid $400,000 for the 800 square foot condo at the Continental, you would have about the same monthly payment as someone that bought a $600,000 house in Ballard. Just food for thought…