08-04-2024, 08:36 AM
(08-04-2024, 01:17 AM)Momo26 Wrote:(08-03-2024, 08:21 PM)tomh009 Wrote: I feel for your troubles, but the condo fee issue is far from unique to Garment. Most new condo developments advertise very optimistic condo fees in the first place, and then you add 2-3 years of construction inflation on top of that. Under $0.50 would be very good these days, and that's assuming you're not paying for a concierge or 24x7 security.
Went from about 0.51 to 0.87/sqft. Fired the concierge and it still went up that much. Management changed and did not get any clear Answer justifying the jump.
$0.87! The reserve contributions were probably much too low initially, was this after a reserve fund study was done? The budget should answer a lot of questions, did you get a copy of that?
Looking at my condo fee data, $0.87 is definitely high end locally, and, without a concierge, it's not clear to me why it should be. Kaufman Lofts is higher, but they are dealing with a lot of maintenance issues. Roughly speaking, you should expect the condo corporation to spend maybe 20-25% for each of operations, maintenance and utilities, and probably 25-30% for reserve fund contributions.
(I was a bit out of date on my initial fee comment, I don't see any building below $0.50 any more, ours is now almost $0.60.)