HOA fees create buyer sticker shock

BY NICK MANES

Any Zillow addict in Detroit has all but assuredly gotten sticker shock when looking at the HOA fees for some condos in the city. Communities such as the Harbortown condos, 1300 Lafayette building and other options along the east riverfront and in Detroit’s central business district can require homeowner association fees that in some cases exceed the monthly mortgage payment. at creates something of a twofold problem, experts say.

INSIDE: The city’s wide-ranging condo market slows. PAGE 17 upgrades in their units with the hope of seeing a return with a sale.

In short, purchasing a condo can be a “buyer beware” situation, experts say.

First, the HOA fees serve as an obvious deterrent to many buyers who might be attracted to some of the amenities and relatively carefree living many of the developments o er, but are turned o by the additional fees. Secondly, that creates a challenging market for sellers, many of whom invested in