Originally Posted by Nords
I don't want to defend the $400 condo fees as that does seem high but a couple of points:
- That $400, if it is for one of the $325,000 units, reflects that higher condo price. There were decent 1 bedroom units in there in the 750 sq. ft. range for $100K less. So I would assume condo fees are also reflective of square footage and whether you have a parking spot. For a 700 square foot unit it is probably only $300 condo fees. The bachelor units in the building don't have parking spaces so they are likely less too. They can reflect the size, it's true. And the parking fees are generally rather low; buildings that I account for have monthly parking fees of $10-$15 each... not too much.
- I think this building only has like 36 units so it is smaller, may you could argue more "exclusive" which has some arbitrary value. At the very least, having fewer units means less people to share in the condo fees which means more money per unit. That is very true; # of units does make an impact, but mostly for older buildings where raising large capital is hard (often through assessments).
- One of my relatives bought in this building but she first looked at resale condos throughout downtown, durand, etc. and even though there are lots of cheaper units to be found, many in the $200K range or even less, often they are dated (both internal and external) and condo fees are much much higher then even $400. Look on MLS for what condo fees for example in the Pigott building are. Crazy huge. It's like an extra mortgage payment.
- I think in the past too many condos had too low condo fees and that's caused big problems when there are major fixes needed to boilers, roofs, parking garages, etc. So starting the fees at a higher level may seem expensive now but it is better then an emergency levee of $10,000 or more (didn't the core lofts recently have this?). This might be the best reasoning for the "high" fees; preemptive measures. I totally agree with this possibility.
- Yes, Kirkendall south is technically more desirable then durand (speaking only of selling prices). Sure Durand has more million dollar mansions, but once you get north of say Markland, you are in a real mix of 60s and 70s high rises, care facilities and a real mixed bag of property maintenance. Kirkendall south does not have this as much. Most single homes now on MLS south of Aberdeen at least are now pushing $500,000 easy and even homes on Homewood, Stanley, etc. are mostly $400,000 plus. Being close to Locke, Dundurn commercial, highway access, Innovation Park, McMaster, etc. is a big plus for young professionals maybe even more then downtown proximity is for Durand. Yes... I'd way, way, way rather live in Kirkendall South than Durand... I'm, actually looking that area right now. Once I find out the possible care facility distribution, that is...
Just a few thoughts. Sorry for rambling!
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