As we have written before, one of most common questions asked by first time condo buyers — especially in Austin where the popularity of condos is rapidly on the rise — 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. On average, our research shows, condo unit owners can expect to pay $0.34 / SF / per month or $340 in monthly condo fees for a 1,000 SF unit. For more information on total condo costs, check out our detailed posting on condo cost of ownership.
Looking at detailed MLS records on more than 30 units on the market today, we recently calculated the rough fees for the major downtown condo buildings that currently have units on the market. Since then, we have received updated numbers from some of the projects and some additional data on two new projects. Almost universally, the fees seem to be calculated on a dollar-per-square foot basis that seems to remain relatively constant on all units throughout each building. So, 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.
In addition, the prices in the six new buildings that we have looked at our surprisingly constant — they vary from $0.28 / SF / Month to $0.40 / month — an amazingly tight range. If anyone has numbers for other buildings, send them to us and we will add them to the list.
Here are the building-by-building statistics:
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
Five Fifty Five Condos…….$0.40
All……………………..$0.34
As we get more information on additional building fees, we’ll keep updating this posting!
