What is the average condo fee for a Boston high rise condo?
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What is the average condo fee for a Boston high rise condo?
- Luxury Amenities: Buildings offering amenities like 24-hour concierge, valet parking, on-site superintendents, pools, gyms, and spas have significantly higher fees to cover the operational costs and staff salaries.
- Square Footage: Fees are often calculated based on the square footage of the unit, meaning larger units will have higher monthly dues.
- Building Age and Maintenance: Boston’s older building stock often requires more maintenance, which can contribute to higher fees, even in non-luxury buildings.
- Included Services/Utilities: Fees typically cover common expenses such as master insurance, water/sewer, trash removal, and common area electricity. Some buildings also include heat and hot water for individual units, which can increase the fee but lower separate utility bills.
- Reserve Funds: A portion of the fee goes into a reserve fund for future capital improvements and major repairs (e.g., roof or facade work). Well-funded reserves help avoid large, unexpected special assessments.
- Per Square Foot: A common way to estimate is by the square foot. In full-service, luxury high-rises, fees typically range from $0.75 to $2.00 per square foot.
- Median for all Boston condos: Across all types of Boston condos, the median monthly fee was around $414 as of late 2024, a figure that is much lower than the high-rise range because it includes smaller, self-managed buildings with fewer amenities.
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The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
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