Condo and co-op fees could rise soon
Condominium buyers need to think carefully about the common charges associated with their purchases, not just in terms of getting in over their heads, but in terms of what the fee structure means for long term value, the New York Times said.
There have been marked increases in fees for condos and co-ops in the last decade, according to the Council of New York Cooperatives and Condominiums, which publishes annual data gathered from members. The council found that the median maintenance fees for co-ops on the West Side of Manhattan rose by 59 percent between 2000 and 2009.
And as much as condo and co-op owners have an interest in keeping fees down — even as amenities expand in many buildings — a lot of co-ops are facing increases, the Times said. This is because many ground-leases, signed in the 1980s, are now coming up for renewal and will be renegotiated at higher rates. “There will be a terrible jump up in cost,” said Steven Sladkus, a partner in the law firm Wolf Haldenstein Adler Freeman & Herz. [NYT]
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