This is the second post in a two-part blog series on the average condo fees you’ll find in Northern Virginia condominium communities. You can read Part 1 here. In this article, we’ll discuss why many communities have higher fees.
Average Condo Fees in Northern Virginia – Each Community is Different
Condominium fees that are higher than the high $400s and low $500s per month often include at least one utility (i.e. gas or electricity) in the monthly fee, or the community has a lot of amenities. I’ve seen some high rise communities with fees as high as $900 or over $1,000 per month, and when fees are that high, it feels like you’re paying for a second mortgage. Unless a condo community is a paragon of luxury, this is a bit of a red flag, and you have to wonder why the fees are that high.
Each condo community is different, and some are managed better and worse than others. When condo fees become exceptionally high, the market can’t sustain higher sales prices, since fewer buyers can qualify for such high monthly payments. So if you find condo communities that have sales prices that are a lot lower than most other communities in the area, don’t be surprised if they have much higher condo fees.
Are you wondering what average condo fees to expect in a certain condo community you like? Contact me and I’ll give you a range what of you should expect.