If you live in a condo or are thinking about buying a condo, HOA dues have a big impact on your monthly expenses. HOA dues can vary greatly between different condo communities. Here is a look at the HOA dues in Belltown:
Notice the large difference between the lowest and the highest?
The condo community with the lowest dues is Pomeroy, with HOA dues averaging just $0.35 per square foot. The biggest “offender” is the Grandview, with HOA dues averaging $0.98 per square foot. To demonstrate the impact that these dues would have on you:
Let’s imagine that you live in a one bedroom condo that is 650 square feet.
- If you live at the Pomeroy, you monthly HOA dues are $227.50 per month.
- If you live at the Grandview, your monthly HOA dues are $637 per month
- That’s a difference of $409.50 per month or $4,914 per year!
- On average, the HOA dues are $0.64 per square foot. In that same 650 square foot condo, your monthly dues would be $416 per month.
Want to see how the dues have changed over the years? Dig into the archives:
Wanna get nerdy with me and know how I compile the data?
I go into the NWMLS and pull up all active and sold properties within the last 180 days. I then take the square footage of each unit and the HOA dues for each unit and plug them into my spreadsheet. Then I take all the data from each building and average it together.
Why this isn’t an exact science:
Data in the NWMLS is all inputted by real estate brokers. As you can imagine, sometimes the data is outdated or straight up wrong. I just hope that by using several condos from the same building, the number of entries will help balance out any incorrect data.
Also, not all buildings divide the HOA dues by square footage alone. Some base it off of “desirability” (view from the unit, how high of a floor you are on etc.).
Let’s look at Escalla HOA dues:
We can pretty confident that HOA dues are based 100% off of square footage in this building.
Now let’s look at The Parc:
Those dues range from $0.54 to $0.78. So posting an average for this building isn’t nearly as accurate as it is for Escalla.
So there you have it. The good, the bad and the pricey.