The price of a condo is only one component of the final cost. In addition, you’ll need to think about monthly condo fees, property taxes, utilities, etc. The good news is that the price is relatively fixed: unlike owning a single family house, you won’t need to worry about surprise maintenance projects like a new roof or new AC that can cost thousands of dollars.
Here are cost estimates for three size condo units in a new downtown high-rise development:
Typical 1-Bedroom Unit
Square Feet: 750
Price: $281,250
Monthly Payments:
Mortgage: $1517
Condo Fees: $255
Taxes: $592
Total: $2,364 / Month
Typical 2-Bedroom Unit
Square Feet: 1500
Price: $562,500
Monthly Payments:
Mortgage: $2,995
Condo Fees: $510
Taxes: $1,184
Total: $4,689 / Month
Typical 3-Bedroom Unit
Square Feet: 2,200
Price: $825,000
Monthly Payments:
Mortgage: $4,392
Condo Fees: $748
Taxes: $1,736
Total: $6,876 / Month
All of these cases assume a standard 30-year mortgage with 10-percent down and the balance financed. The cost assumes an average purchase price of $375 / SF and the monthly condo fees are calculated at $0.34 / sf. What does it add up to? Plan on spending about $3.15 / month per square foot to live in a typical downtown condo building.
