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idroveazamboni

Downtown Orlando Tallest Buildings (Meters/Feet)

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28 minutes ago, orange87 said:

I've never understood why condos have HOAs. There's basically no exterior of condos to be maintained, and the common areas are just basically gyms. So $400/month to make sure people wipe down the gym equipment when they're done or make sure people don't hang towels on their balconies? I don't get it.

Also, pools.  Parking Garages. 

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1 hour ago, jrs2 said:

roof of the building; modernization; security; liability insurance; window washing; painting the building exterior/ hallways; changing out carpet in common areas; etc., etc.

All kinds of repairs that need doing. And if your condo has grass, trees, shrubbery and planter areas, there's the groundskeeping and maintenance. Pest control. The list could go on and on.

Did anyone mention security?

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On top of what everyone else said, many condos also include water in the HOA, plumbing to your unit from outside of the unit is often covered along with sewage anywhere beyond the walls of your unit, fire sprinklers along with fire inspections tend to be very expensive, trash for condos is typically HOA and not in property taxes (or at least you don't get anything for the "trash" property tax you pay), elevators along with their maintenance, electricity and maintenance of lighting inside and around the building including any pumps, etc. Generally a condo owner is responsible from their bordering drywall to their bordering drywall, once you get outside of that, its the HOA.

As far as the loans, new construction of not super expensive luxury condos is rare and near impossible for developers since the Obama mortgage reform went into place. While they can still give FHA loans for single family, for condos, in order to qualify for FHA and its reduced down payments, (from memory so some percentages might be slightly off) they need to sell over half the units before anyone can buy with the reduced down payment, 50% of the units must be sold with a owner occupancy requirement, and no more then 10% can be owned by anybody, including any investor or the developer, and the project must be substantially completed now (instead of just needing to be completed to close). So if you're looking at buying a new $300,000 condo downtown, you need to put down $60,000 but if you're buying a $300,000 new home you only need $10,500 (and if you're further out like much of Lake County, they have the 0% down loans). This is why we typically don't see any large condo projects anymore that aren't super-luxury where they're getting bought by the super-wealthy or investment groups (like much of Miami). They either need to end the FHA (and USDA) loan subsidies or make them work for condos again so they're on a fair playing field.

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$400/m, try north of $950 for the what is considered the two top condos in downtown, more if you are the penthouse. But then again nobody feels bad for the penthouse owner eh? lol. There is so much more than just common areas. A condo building is basically a business and has to be run as such. It's very time consuming for the board to balance the budget.

Edited by Jvest55
typo

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Our HOA  fees also cover the boiler for the entire community (i.e. both hot and cold water included) and OUC's chilled water (for cooling individual units) -- their rates are not cheap. I believe HOA fees at Star Tower are around 900+ month for regular non-penthouse units. They also have a concierge service that is capable of handling out of the ordinary requests (so I've heard).

On average, I'd say HOA fees are around 0.45 cents/sq ft.

Edited by nite owℓ
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