A co-op building on Massachusetts Avenue NW
In this installment of UrbanTurf Reader Asks, a reader wants to know if he should be turned off at the thought of purchasing a one-bedroom co-op with monthly fees that top $1,000.
DC is filled with attractive co-op units that are often saddled with very high monthly fees which, on first impression, can be a big turn-off. However, I have wavered during my home search as to whether high co-op fees are in fact a reason not to buy a unit I otherwise love.
Here is an example. There is a 1,000-square-foot, one-bedroom plus den co-op on the market in a great central DC location for around $375,000. It comes out to $366 a square foot, which is well below market for the area. But, the unit has monthly fees of about $1,000.
The unit is quite large by one-bedroom standards in DC. The den is large enough that I could make it a second bedroom down the road.
As with many co-ops, the monthly fees include property taxes, heat and water, which I estimate at about $300 a month. If you subtract that amount, you are looking at $700 a month in fees. The building has a 24-hour concierge, which I value at about $200 a month (assuming $50,000 in concierge salary times three). So, my fees have now dropped to $500 for building reserves, insurance, trash, etc., which doesn't seem exorbitant for a gracious 1,000-square-foot place in one of DC's most desirable locations.
Curious to hear if UrbanTurf readers agree, and why or why not.
This article originally published at http://dc.urbanturf.com/articles/blog/ut_reader_is_a_coop_with_1000_a_month_fees_worth_it/7838
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