This is my favorite annual data analysis! It’s so shocking to me how the HOA dues for the condo communities vary so wildly. Let’s start with looking at the data for 2016:
We have a low of $0.45 per square foot at the Matae and a high of $1.02 per square foot at Bay Vista. How on earth can there be such a swing in average HOA dues?
Let’s look at 2015 versus 2016:
*The Pomeroy did not have enough sales to get HOA data for 2016*
Why this is flawed data:
I’m sure one of you is thinking “HEY – I live in the Royal Crest and my dues are $0.48 per square foot, not the $0.61 you have on the graph!”. Let’s talk about how I compile this data each year:
– I take all the sales for the last 8 months (that weeds out any listings that may still have last years HOA dues listed) for each condo community in Belltown and use the condos square footage and the listed monthly HOA dues. From that I calculate the average HOA dues compared to the square footage for each building. Some buildings, like the Escalla, have a very consistent cost per square foot across all the condos that have sold:
Some buildings, like The Grandview, have a huge swing in HOA dues when you compare them on strictly a price per square foot comparison:
Since we calculate the data the same way each year, we can at least have a consistent model to use to calculate the average HOA dues. Even if it is an imperfect system :).
The HOA dues have a huge impact on your monthly payments. Let’s say you live in a 700 square foot condo in Belltown:
- If you lived in the Matae, your monthly HOA dues would be $315.
- If you lived in The Parc (the building with the Belltown average of $0.67 per square foot), your monthly dues would be $469.
- If you lived in Bay Vista, your monthly dues would be $714.
That’s a $399 difference EACH month between the lowest and the highest. Keep those monthly HOA dues in mind when looking to buy a condo!