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Why it's difficult to compare assessment rates between condos in our market
This is a message sent recently (10/26/25) to Hinman House unit owners about whether we track our assessment rates in comparison with other condos/co-ops in our market:

We do not track what other condo buildings (or co-ops) in our vicinity charge for assessments.
  • Certainly older buildings like Hinman House charge more than the new high-rise buildings that use low assessments to get sales of all units before the developer turns over association control to the owners.  (What happens after the developer turns over ownership would be interesting to know.  My guess is that the boards of new units keep assessments low until things inevitably start breaking and the board has to choose between raising assessments to build reserves or relying on repeated special assessments that predictably will kill marketability of units.). 
  • Many associations elect not to build a reserve fund, which probably makes for lower monthly assessments, but certainly leaves unit owners at risk of special assessments for every major mechanical repair, building structure repair, or renovation project.  Repeated special assessments hurt current owners and, as said previously, kill marketability.  
  • Co-ops include a unit's property tax in their assessments, since technically the co-op "owns" the units, with individual owners as shareholders in the co-op.  Condo owners pay their property tax individually, separate from their assessments, which may make their assessments seem lower, but do not reflect the full ownership cost as co-op assessments do.
  • HInman House and the neighboring buildings in our immediate area are all "of a certain age." But Hinman House has three-, four-, and five-times as many units as any of our neighbors.  Their budget totals are fairly comparable with ours, but of course they have fewer owners to share the cost, so their assessments to individual owners are larger.
  • Some boards have greater expertise, and better advice from their property management company, than others.  Weaker boards, and boards with less-able property management, may have lower assessments, but pay far less attention to maintaining their property, which, or course, means more special assessments. 
For all these reasons, comparing assessments from one condo or co-op to another can be very misleading.  In our own immediate neighborhood, I meet with presidents of the nearby condos and co-ops, and my sense is that our per-unit monthly assessments are significantly LOWER than theirs, and in addition, we have had far fewer special assessments. . . .   

 
 
 

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