Each week, “Just Sold Condos” spotlights condos in Arlington that have sold over the previous week. The market summary is crafted by Rick Bosl, the Arlington Condo Expert, founder of ArlingtonCondo.com, and an agent with KW Metro Center. Contact Rick and make your next move the right move.
Welcome to Just Sold Condos in Arlington!
Last week, August 5-8 and 11, we had 21 condos and co-ops that went to settlement, ranging in price from $135,000 to $1,100,000. Price is one thing to consider when buying a condo, but don’t forget about the condo fee. The important number to look at is the total monthly payment, which is the mortgage + condo fee + taxes + insurance.
The condo fees for the units that sold last week ranged from:
- $361/month for a 2 BR/1 BA unit at Palisade Garden
- $2,132/month for a 3 BR/3 BA unit at the Waterford House
And the Median condo fee for units that sold last week was:
- $501/month for a 2 BR/1 BA unit at Rosslyn Heights
Another way to compare condo fees is by condo fee per square foot. That is a more consistent approach when you are dealing with condos of various sizes. Calculating it this way gives a range of:
- $0.39 per sq. ft. for a 941 sq. ft. condo at West Village of Shirlington (4179 S Four-Mile Run Drive # 401)
- $1.20 per sq. ft. for 3 BR/3 BA unit at the Waterford House (1200 Crystal Drive # 1513)
Why such a discrepancy? Read below on what the condo fee covers.
For a complete list of sales, visit ArlingtonCondo.com Just Sold Condos page.
What Didn’t Sell?
If you are following the real estate market, while it is important to watch what sells, it is also important to watch what doesn’t sell. Last week there were 8 condos removed from the market. Six were withdrawn, 1 expired and 1 cancelled. When a listing is removed, it can have one of three status’:
- Expired – The listing term has reached its end and the listing agreement is over.
- Cancelled – The listing term hasn’t reached its end, but the seller decided to cancel the agreement with the agent.
- Withdrawn – There is still a listing agreement in place but the seller has decided to take it off the market. A number of listings will be withdrawn in December around the holidays and then put back on the market a few months later.
For a complete list of what didn’t sell last week, visit ArlingtonCondo.com Just Expired Condos page.
What do you get for your condo fee?
As the stats above show, the range of monthly condo fees can be substantial, from a few hundred dollars per month to a couple thousand dollars per month. The number of units in a building, the type of building and the age of the building have a big impact on the fee. What also has an impact is what is covered by the fee.
The main factors that determine the condo fees for a particular building are:
- Size of the Unit: Larger units typically have higher fees since they represent a greater ownership share in the building. Most buildings will base it on the number of bedrooms, so all one bedrooms pay one amount and all two bedrooms pay another amount. There are some variations to the formula, though.
- Building Amenities: Buildings with extensive amenities like pools, gyms, and concierge services usually have higher fees to cover maintenance and operation costs. Pools and 24 hour front desk concierge service are two of the more expensive amenities.
- Maintenance Costs: Fees are used to cover both interior and exterior maintenance of the building, including common areas, which can vary widely depending on the building’s age, condition, and type.
- Utilities: Some condo fees include utilities like water, sewer, and sometimes even heat or electricity, affecting the overall cost. A few buildings even provide basic cable and internet access.
- Master Insurance Policy: This covers insurance for the entire building, which can vary based on location and building type.
- Reserve Fund Contributions: Part of the fee may go into a reserve fund for future major repairs or unexpected expenses. An association that has been poorly run and neglected routine maintenance might see a big jump in reserve contributions.
One way to compare buildings is to use a condo fee per square foot ratio. The square feet is the size of the unit. Using the condo fee per square foot metric when comparing buildings can be beneficial for several reasons:
- Standardized Comparison: It provides a standardized way to compare costs across different buildings, especially when units vary significantly in size. This makes it easier to evaluate the relative cost-efficiency of different buildings.
- Insight into Value: By breaking down the fees per square foot, you can assess whether a building’s amenities, maintenance, and other services justify the cost. This is particularly useful when comparing buildings with similar features.
- Market Comparison: It helps potential buyers or investors compare the ongoing costs of ownership between buildings in the same area, providing a clearer picture of long-term affordability.
How do condo buildings in Arlington compare?
For each condo listing in the past 12 months, the condo fee per square foot was calculated. Then, if there were multiple listings in the same building, an average was calculated. While the Waterford House that was mentioned above was near the top of the list, it didn’t have the highest average in all of Arlington. The top of the list might surprise you.
To see the complete list, visit ArlingtonCondo.com Condo Fee Per Square Feet.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
