When determining how much money they can spend on a Manhattan luxury apartment, many buyers of Manhattan real estate tend to take maintenance fees for granted, at least when compared to similar costs like property taxes and mortgage payments. But the changing landscape of Manhattan now demands that potential buyers of condo and co-op apartments become aware of maintenance fees, because they aren’t what they used to be. According to the Council of New York Cooperatives and Condominiums, median maintenance fees for co-ops on the West Side of Manhattan rose 59% from 2000 to 2009, a change indicative of Manhattan as a whole. These changes are directly related to the increased tax rates levied by New York City and their increased assessments of property values; most owners of luxury apartments in Manhattan have seen their maintenance fees increase on a yearly basis due to these factors. These days, maintenance fees for condos and co-ops in Manhattan can range from a couple hundred to thousands of dollars per month, and high maintenance fees often lower property value; apartments with low maintenance fees usually sell for more than comperable apartments with high maintenance fees. Most importantly, all buyers should know that if they want to live in an apartment with low maintenance fees, they should look for a condo rather than a co-op.
