The condo fee includes heat, electricity, gas, air conditioning, water, and reserve fund contribution for future capital repairs and replacements, staffing costs for on-site management, three full-time engineers, full-time reception desk staffing from 7:00 a.m. to midnight, security from midnight to 7:00 a.m., extermination services, operating costs (building maintenance, landscaping, lifeguard, trash and snow removal, plumbing and electrical repairs, etc.).

 

Condo fee increases the last seven years have averaged 1.1%. Twenty-two percent of the condo fee covers utilities; thirty-three percent funds the reserves. Hyde Park has financed major capital repairs out of the reserves, which currently total approximately two million dollars. Consequently, Hyde Park has had only one special assessment, in 1993.

When comparing condo fees among associations, compare the monthly cost per square foot, whether or not utilities are included, the balance in the reserve fund, the history of special assessments, and additional monthly parking fees.

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There is a move-in fee of $250; there is no move-out fee.