05-19-2021, 04:33 PM
(05-19-2021, 12:47 PM)robert99 Wrote:(05-17-2021, 01:30 PM)taylortbb Wrote: Garment St (Tower 3) is 300 units, so a very expensive pool. But I suspect there's other amenities too, it may also just be a more realistic projection, condo fees are always estimated low.
Hmm. Excuse me inexperience as a FTHB. But with a huge lansdcaped terrace, a private pool, concierge, underground parking and other amenities, I would expect maintenance and insurance costs to jump sharply right? $0.48 seems to be on the low end for ~310 units regardless.
If the other towers don't have a concierge, then that will be the key difference. Maintenance costs for a terrace or parking garage will be fairly low. Liability insurance and maintenance for the pool may also be a factor.
That said, I think you can expect that the condo fees will jump at least 10% once the first reserve fund study is done. And this is generally true for just about any new condo building: the developers will tend to underestimate the long-term maintenance and replacement costs, and the first RFS will then bump the reserve contributions to a significantly higher level.