Along with your mortgage and taxes, the monthly maintenance fee is the third major expense involved with Hoboken condo ownership. Hoboken buyers frequently ask me , “What is included in the monthly fee?”
How Maintenance Fees are Calculated on Hoboken Condos
In a condominium the owner owns the interior of their unit and a “percentage of common ownership” in the entire building. Overall, this “percentage of common ownership” is based off of the square footage of their Hoboken condo, in comparison to the total square footage of the entire condo building. A 1 bedroom 700 sq.ft. condo is going to pay less monthly maintenance fees than a 2 bedroom 1,200 sq.ft. condo in the same building.
Hoboken Condo Fees: What They Pay For.
I have had some Hoboken condo buyers ask if these fees are just a way for the condo association to make money. The fees bring in money to pay for the common expenses for the condo association. These expenses include:
- Common water to the building. Water is supplied by most condo associations. Many times each condo has their own hot water tank so each owner would be responsibly for heating the water which many times is done by natural gas.
- Common hallway electric. This also includes any exterior lighting the building has.
- The master insurance policy and flood insurance policy, if the building needs a flood insurance policy. In a condominium, the association has a master insurance policy which covers the structure of the building as well liability protection. Each condo owner would need to insure the interior of the condo and any personal belongings inside. This is commonly referred to has condominium insurance.
- A management company to oversee the building.The management company handles the the payment of the common bills, collection of maintenance fees and overall maintenance of the common areas (hallway cleaning, snow removal, etc.) Some smaller Hoboken condo buildings sometimes choose to self-manage to save some money. The larger buildings like Maxwell Place, the Hudson Tea Building, and Harborside Lofts have on-site management to handle maintenance.
- Funds to build reserve account. As Hoboken condo buildings get older, issues may arise and repairs may need to be addressed like roof repair or replacement. Many associations will reserve part of the monthly fees to build the reserve account to address these issues.
- Heat & hot water.Some of the older condo buildings in Hoboken like 1015 Washington St. & 1000 Hudson St. do not have separate boilers for each unit, so the maintenance fees include heat & hot water. Most modern construction buildings like the Hudson Tea Building have separate heating units for each condo.
- Building amenities like a on-site fitness center, resident’s lounge, pool, concierge, and shuttle to and from the PATH. Many of the Hoboken waterfront luxury condo buildings like Maxwell Place, Harborside Lofts, and Hudson Tea include these amenities. The cost of these amenities are paid from the maintenance fees.
Examples of Hoboken Waterfront Condo Maintenance Fees
- Hudson Tea Building: 1 bedroom, 1 bath, monthly fee of $406 per month includes water, hot water, concierge, fitness center, community room, and shuttle to and from the PATH.
- Harborside Lofts: 2 bedrooms, 2 baths, 1,812 sq.ft., monthly fee of $1,100 per month includes heat & air conditioning, hot water, water, gas, Internet, concierge, fitness center, common roof deck, and shuttle to and from the PATH.
- Maxwell Place: 1 bedroom + Den, 2 full baths, 1,298 sq.ft, monthly fee of $736 per month includes basic cable, Internet, water, gas, 24 hour concierge, fitness center, pool, resident’s lounge, and shuttle to and from the PATH during morning & evening rush hour.
- 2 Constitution Court: 2 bedrooms, 2 baths, 1,164 sq.ft. monthly fee of $719 includes water, concierge, fitness center, pool, & children’s play area.
- The Residences at the W Hotel: 3 bedrooms, 3.5 baths, 2,367 sq.ft., monthly fee of $1,682 includes water, hot water, heat, air conditioning, 24 hour concierge, doorman, valet parking, fitness center & business center.