Monthly maintenance in co-ops and common charges in condominiums will continue to rise over the long term. But, Brick Underground reports, there are certain red flags that may indicate to residents and buyers that steep hikes are coming.
Monthly fees are up in both condos and co-ops, thanks to the rising costs of just about everything: energy, taxes, regulatory demands and higher staff wages recently awarded to members of the Service Employees International Union’s Local 32BJ under a new four-year collective bargaining agreement. Moreover, the COVID-19 pandemic has meant residents spending more time at home and in common spaces, which in turn means more wear-and-tear, and the need for costly repairs. As a result, on a national level, the monthly median condo fee increased by 19% from August 2020 to August 2021, according to Zillow. In New York, the past few turbulent years have upended the traditional math of budgeting.
About the Author
James Woods, Managing Partner of Woods Lonergan, holds more than 25 years of experience in corporate, real estate, and business legal matters. His expertise in handling negotiations, litigation, jury trials, and all forms of alternative dispute resolution spans multiple areas, including corporate, real estate, and commercial litigation. James actively represents dozens of Cooperative and Condominium Boards and serves as counsel to many Corporate Boards. Prior to founding the firm, James proudly served as an Assistant District Attorney for Nassau County and handled both jury and bench trials. With experience that also covers sophisticated transactions and complex acquisitions, James also serves as counsel to several domestic companies in a range of industries and commercial arenas, including real estate, insurance, banking, transportation, and construction. If you have any questions about this article you can contact attorney James Woods through his biography page.
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