housetrained1978

Selling Town Home With High HOA Fees

housetrained1978
6 years ago
last modified: 6 years ago

Hello, long time lurker, first time poster.

My husband and I listed our 3 bedroom 2 bath town home 24 days ago. We have had 32 showings. The feedback has been excellent and many people say they really like it. We have received one low ball offer and we could not come to an agreement. We had another group trying to get qualified to buy it, but weren't able to.

The one constant concern we are hearing is the HOA fee is too high. We have heard this from probably 70% of the groups as to why they didn't make an offer. Our fee is $300 a month. I would say in this area, the average is around $200 a month. Our fees include water, sewer, trash, insurance, pool, clubhouse, tennis court, and cable. We have a nice little fenced-in front yard, a one car garage, and a backyard. It's also an older property with lots of mature trees and shrubbery. Landscaping is included.

We have a very healthy reserve fund and instead of piling on assessments, they decided to raise the fee about 2 1/2 years ago. We won't have an assessment for at least 5-6 years, if even then.

This year, three units have sold. We are priced right in line with the comps and are priced right, per square foot, according to my agent. I would love any suggestions about how to deal with his issue. We are willing to offer 5-6 months of fees paid, if we need to, but that doesn't change the fact the HOA will remain $300 a month.

I talked with my agent today, after he held an open house with 6 showings and three of the groups mentioning the high fee. He is going to put together a flier with all the things that are covered, as well as leave copies of the financials and reserve study.

Any other tips or suggestions to address this issue?

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