1 of 1- SpongeBob
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Offline - Registered: 9/14/2022
- Posts: 20
Why are our dues so high?
Why are our dues so high? How do they compare to other condos? Is our money being well used?
- notoffensive24
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- Registered: 10/20/2022
- Posts: 6
Re: Why are our dues so high?
The average for the area is $340 per month…$600-$700 in newer developments or expensive neighborhoods. I saw that the dues here are around $600 which makes no sense to me. Seems like gauging.
Does Waters Edge provide something special to justify such a high HOA?
- SpongeBob
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- Registered: 9/14/2022
- Posts: 20
Re: Why are our dues so high?
They pay for water but not real estate taxes. As far as I know, a condo association does not pay any real estate taxes on the common property. The unit owners pay real estate taxes on their units.
They have a small swimming pool but no club house.
The condo pays for trash collection three times per week.
The condo pays for snow plowing.
The condo has only one full-time maintenance man.
A lot of owners think managment is letting the place go. The roofs are over 20 years old and it shows.
- •
Thread Starter- Karen1952
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- Registered: 10/06/2022
- Posts: 21
Re: Why are our dues so high?
There are two additional reasons for the high cost of dues:
1. Lake Deck Maintenance - Decks around the lake must be replaced every 5-10 years to remain up to code. This is a costly endeavor and has required several multi-million dollar loans over the years. Even if you don't live directly on the lake, you are still responsible for upkeep of the luxury properties of those of us that do. This should have been explained to you by your realtor before you purchased a property at Water's Edge.
2. Embezzlement and legal fees - In the past, certain board members have embezzled association funds resulting in the loss of treasury dollars and the subsequent cost of legal counsel that was hired in an attempt to recoup those losses.