Profile picture for sunylu

High condo fees in DC

I am looking into a 450 K one bed condo unit in Dupont Circle in DC. The property is reasonably priced but the condo fee is about $700 for a 70's building with a tiny roof swimming pool and no gym or parking. I was just wondering what would be the impact of high condo fees on the selling price when I decide to sell the unit in a couple of years from now? Reversely, because of the high condo fees, how much leverage do I have to negotiate down the asking price?
  • June 05 2012 - US
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Answers (2)

Profile picture for Ofe Polack
Ask your buyer agent to do a search on comparable condo fees in the area.  
  • June 05 2012
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Are the condo fees out of line with other buildings in that area? Condo fees are based on maintenance/repair costs but can also be affected by other owners not paying their share because of default or foreclosure. If other buildings in the area are similar then it is mostly upkeep and should not affect resale. Many owners in default will affect resale. I see the condo fee as more of a symptom than the cause. Your real estate agent should be able to tell you how many of the recent sales were short sales or foreclosures. You can also call the property management office and ask them.
  • June 05 2012
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