Condo Fees and The New Condominium Market

By
Managing Real Estate Broker with RE/MAX Executive Realty

The new condominium market is a very strong, active market in our marketplace of Franklin, Ma.  We have a variety of condo communities from which to choose in this town.  So we, the marketing agents, need to make sure that the features of our inventory are competitive with the other condominiums.  Most of them have similar amenities, and the sizes are quite comparable.  We find granite, hardwood and open floor plans to be the norm in all of the condominium subdivisions.  The major difference is becoming evident, especially if the condo community is an extremely large one.  The condo fees are adjusted every year to reflect the new bids for maintenance of the lawns, snow plowing, etc.  There is one community that also has a waste-water treatment plant to maintain.  

The condo fees for the new condominium communities in the town of Franklin vary from $90/month to $378/month and rising.  The lowest is in Palladini Village because the homeowner is responsible for the maintenance of their detached condo.  The highest is a new condo community with a waste water treatment plant.  Meadowbrook Heights and The Villas at Eagles Nest boast a condo fee of $233.00 and $200.00, respectively.  The latter are fees that are the norm for condominiums in our area.  

Town sewer is a wonderful amenity, and the condo fees in those communities that offer that improvement are significantly lower.  The condo fee component of the condominium package is having a significant effect on the number of sales that the various communities are experiencing, at this time.  The higher the fee, the number of transactions is fewer.  The future value of condominium units will be greatly influenced by the stability of the condo fee.

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Barbara Todaro

"New Franklin MA Homes"
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