The SF Business Times has a great article on why condo dues have gotten so high in the city and where those HOA dues go each month.

“Buyers used to think that $700 a month (in dues) was very expensive,” said Jim Jacobson, director of sales for the Mark Co., a real estate sales and consulting firm that represents such luxury highrises as the Beacon. “These days, buyers understand that the dues help maintain the value of the building for when they sell.”

Many people who have been looking at smaller buildings (2-5 units) are used to seeing $200-$400/month dues, and when they go to the newer high-rises they are shocked to see $700+/month in dues. This is entirely common for high-rises, and really needs to be considered in the purchase price of the property.

“For a little perspective, homeowners at 1001 California St., across from the Fairmont Hotel, pay $4,450 in monthly dues, plus $600 per month for parking. No pool. No concierge. No fitness center.”

Ouch…

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