People looking to buy condos in Northern Virginia need to be aware of condo fees in the condo they choose to purchase. Condominiums have a condo association which sets the budget and the rules of the condominium. The fees for the maintenance of the building, including things like elevators, snow removal, janitor services, as well as the amenities a condo complex offers (i.e., pool, tennis court, gym) are divided among the condo owners in the form of a condo fee. In Alexandria, condo fees can vary widely from building to building depending upon the age of the condominium, the amenities, and the amount of money the condominium has in reserves for future repairs. Typically highrise buildings will have much higher condo fees than garden style or low-rise condiminiums, because of the cost of upkeep of elevators and the fact that most of the time the cost of utilities (heat, gas, water, electric) are often included in the condo fee. Condo fees are divided among the residents according to square footage of each owner's unit. Hence, owners of 2 bedroom condos pay more than owners of 1 bedroom condos. Here's some information about the average condo fees at some of the more popular condominium communities in Alexandria (based on units currently on the market): Condominium | 1 Bedroom Average Condo Fee | 2 Bedroom 2 Bath Average Condo Fee | 3 Bedroom Average Condo Fee | | Alexandria Knolls West | | $595/month | | | Carlyle Towers | $311/month | $455/month | $718/month | | Exchange at Van Dorn | $234/month | $300/month | | | Fountains | | | $721/month | | Marina Towers | $450/month | $674/month | $820/month | | Mayflower Square | $245/month | | | | Northampton Place | $335/month | $528/month | | | Old Town Greens | | $221/month | | | Olympus at Landmark | | $682/month | $726/month | | Park Fairfax | $250/month | | | | Park Place | $458/month | | | | Pavilion on the Park | $244/month | | $603/month | | Place One | $393/month | | | | Pointe at Park Center | $278/month | $280/month | | | Saxony Square | $404/month | | $587/month | | Watergate at Landmark | $469/month | $651/month | $838/month | | | | | | Garden Style Average | $282/month | $300/month | $587/month | | High-Rise Average | $437/month | $597/month | $737/month |
START YOUR ALEXANDRIA CONDO SEARCH TODAY Typically, unless the buyer is committed to condo living, I don't advise the purchase of a high-rise 3 bedroom condo. As you can see from the chart above, the condo fees are quite steep. If the potential buyer used that condo fee amount (on a mortgage monthly payment basis), it would provide them (at today's interest rates) with approximately $120K extra purchasing power. With the average 3 bedroom condo price in Alexandria approaching $500K, without a condo fee, the buyer could afford to purchase a townhouse or single family home in the $600K price range instead. |
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