Why are HOA fees so high in Manhattan?

It also includes the salaries of any staff your building employs, such as a doorman or superintendent. These charges also represent utility costs for common areas, such as the lobby and hallways. The more luxurious your building’s amenities are, the higher your monthly fees will be.

Why are co-op maintenance fees so high?

Size of the Building or Community Smaller condo or co-op buildings usually have larger monthly costs as they are shared with fewer people. More elaborate amenities that may be included in an HOA, such as a pool, concierge service or even country club access, can also increase the total cost of regular dues.

Why are condo HOAS so expensive?

Condo fees are typically higher than standard homeowners’ association (HOA) fees because condo fees include the building’s master insurance policy and building maintenance, and may include some utilities, in addition to other amenities not typically included in an HOA, according to Amanda Griffin of Long & Foster real …

Why is monthly maintenance so high in NYC?

Mark explained that the reason the maintenance is so high is that the building doesn’t own the land it sits on – it’s rented for $2.5 million per year. Negotiations are underway to purchase the land for $50 million. The maintenance might not come down, but a much bigger portion of it will be tax deductible.

Why are NYC condo fees so high?

Fees for co ops: Coops have higher maintenance fees than condos. It is because when you buy a coop, you are not buying a property instead of buying shares in a corporation that owns the property. The size of your apartment depends on the number of shares you own in the apartment.

Can you negotiate maintenance fees?

Typically, you can’t negotiate HOA fees. That is to ask the seller to cover a few months of fees on your behalf. This negotiation tactic only works in a buyer’s market.

Are co ops worth buying?

The main advantage of buying a co-op is that they are more affordable and cheaper to buy than a condo. This is one reason this type of housing is popular in cities with a high cost of living. What’s more is that you typically get better square footage for your money.