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AVERAGE ASSESSMENTS
 QUESTION:
Where can I find the average monthly dues for common interest developments?
ANSWER: It
is difficult, if not impossible, to arrive at any meaningful "average"
monthly assessment because of significant differences from one association to the
next. The factors that impact assessments include:
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Age of the
Development: the older it is,
the more expensive it is to maintain it (also true with people);
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Utilities: some properties are master metered for water, gas
and/or electricity; others are not;
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Insurance: deductibles and levels of insurance may vary
significantly; in addition, some carry earthquake insurance and
others do not;
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Common Areas: pools, clubhouses, tennis
courts, streets, parking lots, lighting, type of roofing, type of structure,
quality of plumbing, etc. vary from property to property;
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Deferred
Maintenance: the longer
maintenance has been deferred, the more costly the repairs;
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Management
Philosophy: expectations by the membership for extra or
upgraded services for security, cable TV, concierge services, holiday parties,
etc. (owners in Beverly Hills condominiums probably have higher
service expectations than owners in Fresno); and
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Number of
Units: the more units, the lower
average cost per unit to maintain the common areas.
RECOMMENDATION: Each association as its own unique
blend of factors. As a result, each should establish its own budget
without regard for what other associations are doing.
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Sincerely
yours,
Adrian Adams, Esq.
Adams Kessler PLC |
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