UT Reader Asks: Is a Co-op With $1,000 a Month Fees Worth It?
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.
Readers, what do you think? Post your thoughts in the comments section. If you would like to submit a question for UrbanTurf Reader Asks, send an email to email@example.com.
See other articles related to: co-op fees, co-ops, dclofts, urbanturf reader asks
This article originally published at https://dc.urbanturf.com/articles/blog/ut_reader_is_a_coop_with_1000_a_month_fees_worth_it/7838.
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