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What Do Condo Fees Cover?
What Do Condo Fees Cover? Many first time real estate buyers tend to think of condo fees as an ”extra cost” of owning a condo. I know I did. Then I bought a house as my first home and quickly came to realize that home ownership inevitably had expenses associated with it. Condo fees started looking a lot more reasonable to me.
So what are the typical things that condo fees cover for condos in Cambridge and nearby towns?
The two expenses most often included in the fees:
Master insurance - this is the insurance policy that covers the building structure and common areas. Typically you’re responsible for insuring the interior of your unit and, if so, banks have started requiring you to purchase additional coverage, called HO-6 insurance, prior to your closing.
Water and sewer bills - Typically in Cambridge you’ll find just one water and sewer meter in the building. If that’s the case then those bills will be paid via the condo fees. Some condo docs will spell out a formula that prorates cost by number of residents per condo but more often, the bills are simply paid from the condo fees collected.
Other Expenses That May Be Paid Through Condo Fees
- Heat and / or hot water
- Snow removal
- Landscaping
- Exterior maintenance
- Professional management
- Elevator
- Concierge or security desk
- Swimming pool
- Common area cleaning
- Contribution to reserves
- Common utilities
Many of the expenses covered by condo fees are simply the cost of home ownership that’s shared by you and other members of the condo association. Some expenses may cover things that are less important to you – a pool, an elevator, a health club. Others are costs in lieu of doing it yourself – snow removal, professional management, etc. You have to decide if the benefits provided are worth the expense of higher fees.
High condo fees are not necessarily bad – they may be an indication that the condo association is budgeting with the long view in mind. Buildings cost money to maintain and an association that fails to budget for inevitable repairs and upgrades will suffer from deferred maintenance and the possibility of large assessments to cover overdue projects.
On the other hand, some associations prefer to keep fees on the low side while each association member banks their own money until such time the association decides to pay for a project by divvying up the cost among the members.
As a part of the homebuying process you’ll have the chance to review the condominium association’s financial documents. You’ll want to decide if you’re comfortable with the finances and the association’s financial style.
Cambridgeport Condos – Cambridge Real Estate Market Activity
CAMBRIDGEPORT is a popular neighborhood for Cambridge real estate buyers. Cambridgeport runs from Mass Ave in Central Square to the Charles River between River and Sidney Streets. Tree lined streets, parks, Victorians, lofts in converted industrial buildings, and turn-of-the-century multi-unit buildings make for an appealing neighborhood. There are a variety of transportation options in Cambridgeport including buses that run through the neighborhood, the Red Line T stop in Central Square, and the Green Line just over the B.U. Bridge at the far end of Cambridgeport. Three major universities are minutes away – MIT, Harvard and Boston University.
Cambridgeport Condos For Sale
Cambridge real estate buyers have 29 Cambridgeport condominiums to choose from today, with condos currently on the market priced from $319,000 to $1,495,000.
Average list price for Cambridgeport condos currently on the market: $599,566
Median asking price for Cambridgeport condos on the market: $559,000
Average price per square foot: $465. Prices per sq. ft. ranged from $312 to $690. That compares to an average price per square foot of $480 for all condos currently on the market in Cambridge.
Median price per square foot: $499
Average days on market: 121
Median days on market: 53
Cambridge real estate buyers will find condos in Cambridgeport for sale in vintage brick multi-unit buildings, in converted Victorian houses, in recently built townhouses, and in a converted school building. Three one-bedroom condos, fifteen two-bedroom condos, and eleven condos with three or more bedrooms are currently on the market in Cambridgeport.
Recent Cambridgeport Condominium Sales
Seventeen condos sold in the Cambridgeport neighborhood of Cambridge, MA in the last six months. Sale prices ranged from $320,000 to $779,000.
Average sale price: $512,676
Median sale price: $475,000
Average price per square foot: $375
Average days on market: 82
Cambridgeport condos sold included lofts, townhouses, and condos in triple deckers and in multi-unit Victorian houses.
Russell Place Condos – Arlington MA Condominiums
Russell Place is a condo development built in 2002-2003 (several units were completed in 2004) in Arlington, Massachusetts. Conveniently located in downtown Arlington on a side street that has some wonderful antique houses, Russell Place consists of forty condos in wood clad townhouse-style buildings. The popular Minuteman Bike Path runs alongside the complex.
There are a variety of floorplans available in units at Russell Place. Large three-level townhouses have garage bays underneath with additional driveway spaces, some units are primarily on one level with loft-style rooms above, other flats have finished lower level space. Features available in some units include fireplaces, skylights, cathedral ceilings, and decks or porches. The units have central air conditioning and varying levels of finishes in the kitchens. Some have hardwood floors throughout, others have a combination of wood floors and carpet.
Recent Sales at Russell Place Condominiums
There have been a number of resales at Russell Place since the majority of the condos were first sold in 2003. Condominium sales since 2005 have ranged from $350,000 to over $600,000.
Information about recent sales at Russell Place follows. Data includes asking price, sale price, original price when the unit was first sold, and date of sale. Garage parking is noted by a “G” and a plus sign indicates that there is additional driveway parking.
Sales data is gathered from MLSpin.
The French School Condominiums – 69 Harvey Street, Cambridge MA 02140
The French School Condos at 69 Harvey Street in Cambridge Massachusetts occupy a handsome brick building constructed in 1900. The building was converted to condominiums in 1989. There are sixteen condos in the association – four units on each of the four floors. A wide staircase with shallow steps rises through the building – there is no elevator. Condos at the French School range in size from 989 sq.ft. to 1390 sq.ft.
Condo layouts vary but are open and loft-like. Most have exposed brick walls. The windows are large and ceilings high – appealing features often found in schoolhouse conversions. The condominiums have in-unit laundry and off street parking.
History of the French School
69 Harvey Street was built by the French Canadian community in North Cambridge in 1900. Built to house the Notre Dame de Pitie School, the building became a convent in 1916 when the school moved to a new facility at Rindge and Sargent Streets. The building was once again converted in 1961 when it became a manufacturing facility.
The French School Neighborhood and Location
French School - Facade Detail
Harvey Street is a one-way street running west off Mass Ave in North Cambridge. Harvey Street intersects Massachusetts Avenue at the point where the bike path to Davis Square crosses the Avenue. Davis Square is just a short walk away via the bike path. There you’ll find the Davis Square T stop, the Somerville Theatre, and a variety of shops, cafes, pubs and restaurants. More shops and restaurants line Mass Ave all the way into Arlington or towards Porter Square and Harvard Square.
In the other direction, the Alewife T station – the first (or last!) stop on the Red Line T is not far since Harvey Street ends at Russell Field across from the T station. One of several cohousing communities in Cambridge, Cornerstone Cohousing, built in 2000-2001, is at 175 Harvey Street. In spring you can meet your neighbors at the North Cambridge open studios tour.
Recent Real Estate Sales at the French School Condominiums
Sales information from MLSpin.
Condos, Condos Everywhere – Arlington Condominiums
Arlington, MA Condominium Buildings and Styles
New residents of Arlington, MA are drawn to the town for its restaurants and shops, the parks, the Minuteman Bike Path, the proximity to Boston and more. Not quite the suburbs – not quite the city – just right for many. And if you’re in the market for a condo, Arlington has a wide variety of choices. Here’s an idea of some of the condominiums you’ll find in Arlington, Massachusetts.
Classic Brick Buildings
The Irvington Condominiums
The Irvington on Pleasant Street and the condos at 230 Massachusetts Avenue are two examples of classic early 1900s buildings that were converted to condominiums. The units are charming with high ceilings, hardwood floors, period detail and even, at the Irvington, fireplaces. A one-bedroom unit was recently listed at 230 Mass Ave for $229,900. The most recent sale at the Irvington was five-room, two-bedroom condo that sold for $400,900 in 2006.
Arlington also has two old brick school buildings that have been converted to condominiums – the Cutter School on School Street and the Locke School on Park Avenue. The Cutter School was converted to condos in the 1980s and many of the units have interesting layouts. A two-bedroom at the Cutter School closed for $380,000 in Fall 2008. Many of the units at the Locke School have super high ceilings and those amazing, large schoolhouse windows. A one-bedroom condo with renovated kitchen sold for $315,000 in 2008.
Arlington Condo Buildings from the 1960s to the 1980s
Arlington has a number of good-sized condominium complexes in buildings that date from the 1960s to the 1990s. Many of the buildings have elevators, most have parking. Some can seem a bit dated but are still on the modern end of the spectrum of Massachusetts housing. In Massachusetts “modern” can often mean the 1970s when compared to much of the housing stock. Some of the choices include:
Colonial Village was built as apartments in the early 1960s and is close to Arlington’s swimming hole -the Arlington Reservoir or “Res”. There are 144 one and two-bedroom condos spread out in a dozen buildings (12 x 12 – a gross!). A two-bedroom with the original kitchen and bath sold quickly – it closed 20 days after it was listed - for $158,000 in 2009. Looks like that was a bargain – other units on the second or third floor have sold for more. The complex has an outdoor pool and parking.
The Brentwood in Arlington Center was built in the 1970s and has more than 100 units. A 4th floor one-bedroom condo at the Brentwood is currently listed for $199,000. The lobby has a retro feel and there’s an elevator in the building.
The Millbrook Condominiums were built in 1971 and are on Mass Ave not far from the Blue Ribbon Diner. The association consists of two buildings – one in front with traditional layouts and balconies and another set back from the street with loft-style units. These condos have a two-story living room and stairs to a balcony bedroom with adjacent bath. I’ll never forget my first visit to the Millbrook Condominiums. It was spring and though the sliders were all closed the sound of the rushing water from the brook was mesmerizing. It reminded me of one of my favorite stream-side camping sites from childhood and I was sold – someday I’ll sell all my stuff and retire to a one-bedroom at the Millbrook. A brook-side unit sold for $235,000 in 2008.
Spy Pond Condos
The Spy Pond Condominiums on Hamilton Road were built in the 1980s. The condo buildings are flanked by the bike path on one side and Spy Pond on the other. Pond-side units have beautiful views of the lake and picnic tables for residents sit by the shore. The most recent sale was a one-bedroom on the bike-path side that sold for $207,000 in 2008. The last pond-side penthouse two-bedroom to come on the market sold for $535,000 in 2005.
Watermill Place was built in 1988 and has over 100 units. These condos have central air conditioning, in-unit laundry, garage parking for many units, and a fitness room with exercise equipment. Two Watermill Place condominiums are currently on the market – a one-bedroom for $259,000 and a two-bedroom for $319,900.
Condominiums in Multi-Family Buildings
Many of Arlington’s condominiums have been created by converting multi-families into condos. Condo buyers will find varying levels of quality in these units – some will be close to rental quality, some have undergone modest renovations, and others have been gutted and renovated with quality finishes. These buildings were usually constructed between the mid to late 1800s through the 1930s but renovations can transform them into units that will meet the standards of buyers who prefer more modern condos styles and amenities. Condos in two and three unit wood frame buildings typically have between two and four bedrooms, with the larger units usually found on the second and third floors of two-families. The diversity of quality and size is reflected in the sales prices which ranged in 2008 from $193,500 to $725,000.
New Construction – Arlington Adds to the Condo Inventory
The real estate boom of the last few years meant that a number of new condo developments were built in Arlington. New condo complexes include:
Russell Place is a forty-unit development built in 2002 in Arlington Center near the bike path. There’s a variety of styles among the units – townhouses, flats and lofts. A two-bedroom, 2.5 bath townhouse sold in 2008 for $530,000.
Avenue 264, a 27-unit condo building, was built on Massachusetts Avenue near the Capitol Theatre in 2005. The building has an elevator and the condos have central a/c, hardwood floors, in-unit washer/dryer, and garage parking. A two-bedroom, two-bath condo sold in 2008 for $415,000.
A few blocks further down Mass Ave at the corner of Mill Street a development of 19 free standing townhouse condos, Heritage Square, was built in 2004. A three-bedroom townhouse on Mass Ave sold for $610,000 in 2008 and earlier in the year a larger unit on Mill Street sold for $675,000.
There’s something for every condo buyer in Arlington, including many more buildings than you see here. If you would like more information about Arlington condominiums remember – I’m just a phone call or email away!
Arlington Condos – Just The Facts
The Condo Market in Arlington, MA
- In 2008: 226
- In 2005: 303
- In 2000: 159
- In 1998: 133
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