One of the most common questions asked by first time condo buyers is how much individual buildings charge in monthly condo fees.
Condo fees fund the daily operations and maintenance of most condo buildings. They cover security, landscaping, cleaning of common area, common area energy use, maintenance, and other key building functions. In addition — and this is very important — a portion of condo fees are held by the building as reserves to fund major maintenance projects. On average, our research shows, condo unit owners can expect to pay $0.41 / SF / per month or $410 in monthly condo fees for a 1,000 SF unit.
Looking at detailed MLS records on a broad range of units and through tips from buyers, we’ve calculated the rough fees for most of the major downtown condo buildings. The fees are universally calculated on a dollar-per-square foot basis that typically, but not always, remains constant throughout each building. Generally, condo fees are not higher for more expensive units, or units with more bedrooms, or units on higher floors compared to less desirable units of the same size in the same building.
The prices in new buildings that we have looked at are surprisingly varied — they range from $0.28 / SF / Month to $0.64 / month — an amazingly broad range. If anyone has numbers for other buildings, send them to us and we will add them to the list. Apprearing for the time on the list is Barton Place with monthly condos fees of $0.38 per square foot and Austin City Lofts with condo fees of $0.48 per square foot.
Here is our updated list of condo fees by project:
Fee by Building – – – – – $ / SF / Month
Avenue Lofts……………..$0.28
Milago…………………..$0.31
The Sabine……………….$0.33
360……………………..$0.33
Plaza Lofts………………$0.33
The Shore………………..$0.36
Spring…………………. $0.38
Barton Place……………. $0.38
Five Fifty Five Condos…….$0.40
Austin City Lofts…………$0.48
W Hotel & Residences………$0.61
Four Seasons Residences……$0.61
Austonian…. . . . . . . . .$0.64
Average………………….$0.41
