Belltown HOA Dues – 2018 Edition

My Favorite Blog of the Year!

Let’s combine data AND being a nosy neighbor.   Let’s see how each of the condo buildings in Belltown compare to each other when we compare the HOA dues on a price per square foot basis:

That’s a heck of swing… We have a low of $0.50 per sq/ft, all the way up to $1.12 at Bay Vista.  To put that into perspective:

Let’s say you had a lovely 650 square foot one bedroom condo. If you lived at the Pomeroy, where dues are only $0.50 per square foot, your monthly HOA dues would be $325. Our Belltown average this year was $0.72 per square foot. If you lived at Gallery (which has the average of $0.72), that same condo would cost you $468 in monthly HOA dues. If you lived at Bay Vista, which tops the carts at $1.12 per square foot, your monthly HOA dues would be $728.

Let’s also look at the raw data so we can see the changes over the last 6 years. Notice that HOA dues almost always go UP, and almost never go down:

Community Name HOA dues per sq/ft   2012 2013 2014 2015 2016 2017 2018
Alexandria 0.7   0.50 0.54 0.52 0.55 0.57 61 0.7
Arbor Place 0.79   0.72 0.72 0.76 0.80 0.81 83 0.79
Austin Bell 0.81   0.74 0.76 0.76 0.83 0.78 79 0.81
Avenue One 0.85   0.53 0.54 0.59 0.63 0.62 78 0.85
Banner Building 0.52   0.34 0.34 0.36 0.63 0.63 59 0.52
Bay Vista 1.12   0.64 0.84 0.87 0.88 1.02 98 1.12
Bellora 0.73   0.59 0.55 0.65 0.74 0.71 72 0.73
Belltown Court 0.74   0.61 0.63 0.60 0.62 0.63 66 0.74
Continental Place 1.03   0.93 0.93 0.99 0.98 0.99 99 1.03
Belltown Lofts 0.67   0.58 0.58 0.60 0.60 0.60 62 0.67
Concord 0.74   0.56 0.57 0.62 0.66 0.70 65 0.74
Ellington 0.61   0.50 0.49 0.48 0.54 0.54 56 0.61
Escalla 0.79   0.57 0.63 0.68 0.70 0.76 75 0.79
Gallery 0.72   0.53 0.53 0.60 0.61 0.64 67 0.72
Grandview 1.05   0.88 0.86 0.97 0.98 1.01 107 1.05
Harbor Heights 0.68   0.52 0.65 0.69 0.54 0.70 68 0.68
Insignia 0.74         NEW     0.74
Klee 0.56   0.45 0.42 0.45 0.48 .050 0.53 0.56
Market Place North 0.79   0.55 0.57 0.54 0.64 0.63 0.75 0.79
Matae 0.54   0.43 0.47 0.45 0.48 0.45 0.45 0.54
Montreux 0.75   0.55 0.60 0.61 0.61 0.65 0.69 0.75
Mosler Lofts 0.6   0.53 0.58 0.57 0.59 0.55 0.57 0.6
Olive 8 0.69   0.47 0.50 0.54 0.56 0.59 0.59 0.69
Pomeroy 0.5   0.33 0.33 0.33 0.35 0.40 0.47 0.5
Royal Crest 0.64   0.63 0.60 0.66 0.61 0.61 0.64 0.64
Seattle Heights 0.76   0.65 0.64 0.70 0.71 0.72 0.73 0.76
Site 17 0.59   0.50 0.50 0.55 0.59 0.60 0.62 0.59
The Parc 0.7   0.59 0.66 0.68 0.63 0.67 0.66 0.7
Trio 0.66   0.47 0.51 0.59 0.61 0.64 0.67 0.66
Vine 0.68   0.55 0.53 0.72 0.58 0.61 0.61 0.68

The Average over the years keeps going UP:

Why this is flawed data:

I’m sure one of you is thinking “HEY – I live at the Grandview and my dues are $0.89 per square foot, not the $1.04 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:

Sq/ft HOA dues Price per sf
910 $719 0.79
1607 $1,269 0.79
952 $753 0.79
2442 $1,931 0.79

Other buildings, the HOA dues vary wildly when compared on a per sq/ft basis:

Sq/ft HOA dues Price per sf
502 $491 0.98
1254 $1,365 1.09
470 $495 1.05
470 $520 1.11
572 $597 1.04
988 $883 0.89
1254 $1,390 1.11
470 $520 1.11

 We also need to take into account that real estate agents are the ones that add the data, and we are human and can make mistakes. The condos with the least number of annual sales are the ones most likely to have incorrect data since there are less sources to derive a pattern from. Some condos also allocate HOA dues in a less formal way, making units with more desirable features (views, extra parking spaces, large patio) carry more of the burden to of the total HOA dues. That is tough to translate on a price per square foot basis.

Dig into the archives here:

2017

2016

2015

2014

2013

2012

 

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