6/02/2011

Condo Update

So, two days ago, I posted pictures about a condo. unit we looked at and are considering. The price was okay, the HOA's were high, and there was no garage space assigned for the unit.
Price:  Henry figured to offer the seller a little over $10,000 less than what he's asking.
HOA:  The HOA's here are pretty high compared to many other states, and with this building there has been a special assessment just added on top of the existing dues, bringing the monthly HOA cost up significantly. The special assessment is to cover the cost of replacing all windows, exterior doors and balconies - which is a good thing, but the increased cost remains in place for the next 44 months. Our thought is to ask the seller to payoff the special assessment in full at closing as part of the offer.
Garage space: No assigned parking in the garage is a deal breaker. We need at a minimum ONE spot in the garage to protect the car from the sun, hail, etc. -However, if necessary, and if we could get the unit for a good price, we would accept. You can always buy a spot from another resident, one that may have two and only needs one. (wishy washy I know. That's how it's been...back and forth, indecisive)
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Fast forward to today. The seller has dropped between $20,000 and $29,000 off the price, and has now acquired (I believe he bought) two parking spaces in the garage. The reason for the spread in price reduction has to do with the HOA special assessment. He would agree to drop the price $20k and pay $9,000 towards the special assessment, OR, drop the price $29,000 and we deal with the special assessment.
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The frustration for us came as we talk more about HOA's in general. Are they really what they're cracked up to be? Do you get your money's worth from the dues? I'm not talking $150/month here, I'm talking between $250-1,000/month, depending on unit size and the building. So, guess what I'm doing today, besides waiting for the dude from Minneapolis that was supposed to come look at the motor home?** (yeah, haven't heard a peep from him....no surprise) - I am looking at houses again. :) or (: ?? I am not sure.

**guess I should have mentioned the couple from MN. were originally flying in Friday, then he called Tuesday evening to say he would be in Wednesday......Later in the evening, yet another call to say they were on standby and didn't make the flight.....so it will be Thursday.   ----Of course, Thursday came and went with nary a call from him. Typical, typical.

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