HOA Fees (2016)
*HOA Fees are based on 2016 data
✔ Controlled-Access Security System
✔ 24-Hour Manned Security Staff
Ownership Share Calculation Methods
This table shows the Average HOA Fees for each of the major Downtown Orlando Condominiums in 2016, expressed as dollars per square-foot (SF). Per Chapter 718 of Florida Statutes, all condominiums created after April 1, 1992, must use square footage as the basis for calculating the residential unit ownership share of the common elements. This share is then used to determine the unit-owner’s maintenance or association fees. Prior to this rule change, condominiums typically assigned ownership rights based on the type of unit. 530 East Central Condominiums and Reeves House fall into this category as they were constructed in 1985. Their HOA Fees are structured differently. All 1-Bedroom units, regardless of size have the same monthly condo fees. The same goes for 2-Bedroom units, 3-Bedroom units, and so forth. 530 East Central Condominiums HOA Fees actually range from $0.50/SF to $0.60/SF. Reeves House HOA Fees range from $0.27/SF to $0.31/SF.
Comparison of What’s Included
In addition to showing you what the HOA Fees are for all of the Downtown Orlando Condos, this chart also shows them color-coded by the services that are included. Most associations include water, sewer, and trash as a common expense since units aren’t typically metered separately. A condominium that has amenities such as a pool and fitness center would incur additional expenses to maintain these facilities. So it would be reasonable to assume the HOA dues at these residences would be slightly higher than those with limited amenities. Having a full-time security guard or doorman is another hefty expense for the condominium association. The staffing cost for these services is far greater than the costs associated with maintaining a controlled access security system. 530 East Central Condos, Star Tower, and The Sanctuary all include basic cable in their HOA Fees. Depending on your service provider, this could be $60/month value, or $0.02 – $0.06/SF in terms of HOA Fees value. The Metropolitan at Lake Eola has a very unique situation when it comes to shared utilities. This building was originally converted from a hotel to a condominium in 2004. During the conversion the Developer opted to keep the hotel’s mechanical and plumbing configuration as they were. To this day, the air-conditioning system and heated water are both master metered at The Metropolitan, and the charges are rolled into the monthly HOA Fees.
Condos with the Highest and Lowest HOA Fees
530 East Central Condominiums has the highest HOA Fees in all of Downtown Orlando. Even if you factor in the value of the basic cable that’s included in their HOA Fees, you’re still 10-20% more than every other condo in Downtown Orlando. Reeves House was built during the same time and their HOA Fees are among the lowest. So the building’s age can’t be entirely to blame for the costly dues. It turns out the main reason for 530 East Central Condo’s financial trouble was due to the Developer going bankrupt and not adequately funding the Condo Association Reserves. And with no reserves, the condo owners were stuck footing the bill for everything. In lieu of having a bunch of unscheduled assessments, the HOA continued raising the rates for the monthly condo association fees to cover the building expenses.
If you don’t like the idea of paying over $500/month for a pool that you’ll never use, or a security guard that you don’t need, then begin your search at Osceola Brownstones. This townhome community has the lowest HOA Fees in Downtown Orlando. And just a few blocks away, units at the soon-to-be completed Thornton Park Brownstones are selling fast. The HOA Fees that are being advertised are less than $0.10/SF! We’ll keep an eye on these HOA Fees in the coming months to see if they get bumped up once the Developer relinquishes control to the homeowner’s association.
Looking at the buildings that have controlled access security systems instead of manned security personnel, Eola South ($0.23/SF) and Reeves House ($0.28/SF) have below-average HOA Fees. At $0.31/SF, The Grande is a better value than The Jackson and Thornton Park Central at $0.33/SF, due to its added amenities. Paramount and The Sanctuary have the lowest HOA Fees for the services they include at $0.41/SF. The Vue, 101 Eola, Solaire, The Metropolitan, The Waverly, and Star Tower are all right in line at $0.44/SF.
HOA Fees Over Time
Since 2012, the Consumer Price Index for Housing has increased 1.93% a year. So it’s safe to assume that your HOA Fees will go up as well. Before you buy that condo of your dreams, make sure you do a little research to ensure the homeowner’s association is financially stable. By comparing the consumer price index increase of 1.93% to the HOA Fee growth rate over the same period of time, you can get a quick idea of what to expect for the future from these Condominiums.