One might think a headline like this would appear somewhere written by an overly emotional, uninformed lifestyle reporter or a hobby opinion writer, but it recently appeared in the Wall Street Journal.
If you read this article please note the following:
1. Yes, condo fees have gone up. More in some than others. For obvious reasons.
2. And yes, maintaining and repairing a condo is expensive. Has the cost to maintain a single-family home gone down? Do single-family homes not need repairs, sometimes really big, (not shared) expensive ones too?
3. Do all single-family home owners keep a big reserve fund for emergencies or do they 'assess' themselves knowing the cost for most capital improvements can be deducted off your cost basis?
4. Not all condos are alike. Some are very old, others less old, and others brand new. Some are well built, others not-so-much. Some are well managed with healthy financial management and others are not.
5. Surely the city/town/suburb this condo is located in matters? What about its location within that area. Things can differ notably block-to-block.
6. Condos within the same building are valued differently too. Often dramatically so. Views, condition, renovation, etc all impact valuation and desirability notably.
I could go on. Real estate is hyper-specific. Each property has its own unique characteristics and specifics and these need to be evaluated individually, not averaged!
