This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!
Question: We are finalizing our condo budget for 2022 and wondering if you can share information on what condo fees are elsewhere in Arlington.
Answer: For those unfamiliar with how condo fees are set, they’re a calculation of the next years projected budget (operating costs, savings contributions, etc) divided by each unit based on a pre-determined ownership percentage (usually based on square footage or bedroom count). The budget is set by the Board, which is made up of condo owners, not by the property management company.
Many condo owners/potential owners have a hard time wrapping their head around paying condo fees and see it as a loss compared to other property types, but it’s important to understand some of the benefits of condo fees, which I wrote about here in 2018. With that said, condo fees that climb too high have a negative impact on property values, which I detailed here in 2017.
So let’s take a look at what average condo fees look like around Arlington! Please note the following about the data:
- I don’t include amenities in these numbers because there isn’t a reliable source for amenities in each building and the data that’s in the MLS suffers from a lot of human error (missing or incorrect info).
- The source for the condo fees is property sales data in the MLS so it is limited to what has been sold/offered for sale, not published condo fee data from each building (that doesn’t exist). While this isn’t a 100% accurate picture, it’s a big enough sample size that we can consider these numbers pretty close.
- I limited the data set to one and two bedroom condos and also did not include cooperatives.
- My reference to “buildings” in the 2nd and 3rd cross-sections refers to condo buildings with 5+ floors and “low rise” refers to buildings with four or fewer floors.
- In some cases you will see a year-to-year decrease in condo fees. It’s unlikely that condo fees dropped in Arlington in those years, rather it’s a result of shifts within the data (more sales of condos with lower fees or fewer sales of condos with high fees).
Fee/SqFt refers to the average monthly condo fee divided by the finished square footage of the unit. It’s a good way to compare the relative value of a building’s fees.
Hopefully these numbers help Boards and condo owners understand where they fall relative to the rest of the market. Keep in mind that there are several factors that cause buildings to be above or below average including amenities, staffing, historical management of reserves, unit mix (buildings with larger units have fewer owners to spread costs across) and many more.
It’s important for each Board to understand how their fees compare to comparable buildings and take a good look at each budget line-item to ensure smart spending with proper savings (primarily driven by the Reserve Study). The budget drives fees, fees should not drive the budget.
If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].
If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.
Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.
In loving memory of James Stuart Edmonds, who passed away in 2023 at the age of 84.
A man was shot in front of a lounge on Columbia Pike early this morning, continuing a string of violent incidents. The shooting happened just before 1 a.m. in front…
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A march against drugs drew a large crowd of parents and community members to Wakefield High School, where a student died this week.
The Arlington-Aachen High School exchange is returning this summer and currently accepting applicants.
The sister-city partnership started in 1993 by the Arlington Sister Cities Association, which seeks to promote Arlington’s international profile through a variety of exchanges in education, commerce, culture and the arts. The exchange, scheduled June 17th to July 4th, includes a two-week homestay in Aachen plus three days in Berlin. Knowledge of the German language is not required for the trip.
Former participants have this to say:
_”The Aachen exchange was an eye-opening experience where I was fully immersed in the life of a German student. I loved biking through the countryside to Belgium, having gelato and picnics in the town square, and hanging out with my German host student’s friends. My first time out of the country, the Aachen exchange taught me to keep an open mind, because you never know what could be a life changing experience.” – Kelly M._
Learn about the new assessment of Arlington’s urban tree canopy and the many ecological and social benefits trees provide. Staff from the Green Infrastructure Center (GIC) will share study results and compare canopy cover for different areas of Arlington.The webinar will include assessments of ecosystem services such as stormwater mitigation, air quality, carbon uptake, and urban heat islands. For background on Arlington trees see the “Tree Benefits: Growing Arlington’s Urban Forest” presentation at http://www.gicinc.org/PDFs/Presentation_TreeBenefits_Arlington.pdf.
Please register in advance to assure your place at the webinar, https://attendee.gotowebinar.com/register/29543206508863839.
About the Arlington County Civic Federation: The Arlington County Civic Federation (“ACCF”) is a not-for-profit corporation which provides a forum for civic groups to discuss, debate, inform, advocate and provide oversight on important community issues, on a non-partisan basis. Its members include over ninety civic groups representing a broad cross-section of the community. Communications, resolutions and feedback are regularly provided to the Arlington County Government.
The next meeting is on Tuesday, February 21,2023 at 7 pm. This meeting is open to the public and will be hybrid, in-person and virtually through Zoom. Part of the agenda will be a discussion and vote on a resolution “To Restore Public Confidence in Arlington County’s Governance”. For more information on ACCF and this meeting, go to https://www.civfed.org/.
Valentine gifts for someone special or for yourself are here at George Mason University from noon -4pm on February 14, 2023. Satisfy your sweet tooth with Kingsbury Chocolates, find a handmade bag from Karina Gaull, pick up treats from Village