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Beware of Condo Dues!

By September 29, 2008

The Seattle PI has a full page, above the fold, lengthy story on the danger of increasing condo dues for new construction projects. I guess people are tired of reading about the election and the bailout.

After moving into the building and forming their own homeowner association two years ago, 2200 residents were faced with a decision: Raise dues even more or give up on a 24-hour concierge. Another revelation for many owners was that residents pay most of the costs for the elevators, escalators and common areas that serve 2200’s commercial area, which includes a Whole Foods supermarket.

2200 dues have gone from a $.49/square foot projection to $.62.

Escala is expecting to come in at $.79 with an additional $250/month required for their club.

Don’t want to get burned? You’re making a major investment, spend some time and read the offering docs and ask questions about peculiar things. Don’t want to read through 200-300 pages of legalese? Make sure you have an experience agent on your side fighting for you. Don’t trust the site agent to be looking out for you on this one!