How much are HOA fee's in Fort Lauderdale?
HOA, or Home Owners Association fees, will vary in Fort Lauderdale depending on the building. Typically HOA dues, or fees, will cover the costs of operating the building. It should go without saying that the more amenities a building has, the higher the fees. Front desk staff, security, and valet's all have their salary paid out of the buildings budget. Some buildings, such as Sole, will also have internet and cable included in the monthly HOA fees. HOA fee's in Fort Lauderdale can vary widely between buildings. It's very important to pay attention to HOA fee's as they can drastically alter your monthly expenditure.
I'd like to bring up a quick thought as to why buildings in Fort Lauderdale that are LEED certified, or GREEN, are excellent. Common area electric and water for the building are paid out of the buildings budget. Those buildings that have been constructed with efficiency and conservation in mind will have to spend less on electric and water. The savings is passed directly onto the unit owners in terms of lower HOA fee's. I'm a huge advocate of GREEN buildings and LEED certifications. I hope developers continue to see the advantage to building with minimal impact as it ultimately helps the buildings future unit owners.
Back to our discussion. Those that read my blog often know that I am constantly highlighting the price per square foot real estate is selling for. But how do you know if you're buying into a condominium building that is managing it's finances effectively? When you go through the purchase process you should request a copy of the condominium's HOA budget. We can figure out how to compare all buildings quickly and fairly be calculating the price per square foot unit owners are being charged. In order to get this we just have to know the square footage of the unit, and the monthly HOA dues. I use the adjusted square footage on my closed sale transactions. However, I'm going to use the total area of the unit, including balcony space, for the unit square footage in these calculations.
I'm going to take my data from MLS data as well as floor plans. I would like to once again stress that this really isn't apples to apples. The W Residences on Fort Lauderdale Beach has countless amenities. PineCrest Village has very few costly amenities and no covered garage that would require upkeep. As such you can't just look at the two side by side and conclude that because monthly dues at The W Residences on Fort Lauderdale Beach are high that the budget is not being run well. So please take all of this with a grain of salt. I'll take a look through 12 buildings today. We will use 2 units in each building in our calculation. This is by no means exhaustive, it's just a sample to give you an idea. If you'd like more information on a building not listed here please contact me.
The Las Olas Grand / 411 N New River Dr
- Unit square footage 2,440, HOA fees $1437. Unit square footage 3,580, HOA fees $2,175.
- $0.59 and $.061
- The size of the units offsets the high fee. On a per square foot basis this is a great deal considering the amenities of the building.
The WaterGarden / 347 N New River Dr
- Unit square footage 1,251, HOA fees $781. Unit square footage 1,615, HOA fees $1075.
- $0.62 and $0.67
The Las Olas River House / 333 E Las Olas Blvd
- Unit square footage 1,522, HOA fees $1014. Unit square footage 1869, HOA fees $1210.
- $0.67 and $0.65
The Waverly at Las Olas / 100 N Federal Highway and 110 N Federal Highway
- Unit square footage 1,225, HOA fees $690. Unit square footage 1212, HOA fees $600.
- $0.56 and $0.50
The Las Olas Beach Club / 101 S Fort Lauderdale Beach Blvd
- Unit square footage 2,678, HOA fees $1657. Unit square footage 2950, HOA fees $2029.
- $0.62 and $0.69
The W Residences / 3101 Bayshore Drive
- Unit square footage 953, HOA fees $1080. Unit square footage 1495, HOA fees $1545.
- $1.13 and $1.03
Nu River / 511 SE 5th Ave
- Unit square footage 1017, HOA fees $512. Unit square footage 1113, HOA fees $672.
- $0.50 and $0.60 (There should'nt be swings this large between units so there is some flawed data in this one somewhere)
Las Olas on the River / 520 SE 5th Ave
- Unit square footage 1150, HOA fees $544. Unit square footage 1462, HOA fees $668.
- $0.47 and $0.46
Sole / 533 NE 3rd Ave
- Unit square footage 960, HOA fees $359. Unit square footage 1240, HOA fees $441.
- $0.37 and $0.36 (Buiding is managing the budget very well based on these numbers and assuming they have a funded reserve account)
Strada 315 / 315 NE 3rd Ave
- Unit square footage 671, HOA fees $351. Unit square footage 1,488, HOA fees $696.
- $0.52 and 0.47
Foundry Lofts/ Mill Lofts / Avenue Lofts / 401-444 NW 1st Ave
- Unit square footage 1521, HOA fees $504. Unit square footage 975, HOA fees $323.
- $0.33 and $0.33 (I like loft spaces, I really like the design in Foundry Lofts and Mill Lofts. It appears they are managing their budget well)
PineCrest Village /1515 E Broward Boulevard / 151 16th Ave / 150 NE 15th Ave
- Unit square footage 1440, HOA fees $575. Unit square footage 960, HOA fees $384.
- $0.40 and $0.40
I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Harbor Beach, Lauderdale Harbors, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Seven Isles, Nurmi Isles, Idlewyld, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org. I am a Realtor that works on Saturdays to accommodate those with busy schedules.
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Written By Casey Prindle