Warehouse District Condo at 760 Magazine Street #211, Corner of Julia St. Great Unit!June 20, 2019
French Quarter Condo for Sale 719 St. Ann #2, 2 blocks from Jackson Square, Between Royal & BourbonJuly 8, 2019
Buyers Always Ask What Condo Fees Cover
Basics and Then More Depending on Association
Lets Buyers Know waht the Condo Association
Has For Value Too, Common Areas
The basics are building insurance and upkeep of the building. Water and Trash pickup are included in the larger complexes. The owners pay their own taxes to the city and parishes. The management company and staff are paid to keep the complex up. If you have a lot of common areas like Gardens, Pools, Courtyards, Gyms, Meeting Rooms, Lobbies, Parking Lots, Garages, Elevators The Condo fees pay for all these up keeps. You also pay a % into the reserves which is used when something breaks. Lenders want to see 10% of the annual budget in the Reserves.
The Best things for Sellers to do is provide a budget so buyers can see line by line all the things that are done for the Condo Association Annually. Great for the agent to know what makes the condo association better for the buyers.
Very few supply other utilities like 1224 St. Charles which supplies electricity for all the units. The Federal Fibre Mills at 1107 S. Peters has the a/c system for all the units. This very rare.
Budget Tells All the Cost
Review Each Line
Always Great to Talk About the Condo Details
The Common Areas add value to the association and they get better when they are kept up with the management Team. The Condo Association votes on the updates and improvements. Always good to get the sellers to let you know what is being done so it will help the buyers.