Google always assumes a dirth-like pace for walking directions.

As for $1300 / month for a 1br, I’d have to see the unit, but my guess is that the tenant didn’t do a good job shopping around / negotiating if they’re paying that much. Hopefully it has a more functional kitchen than this unit.

You are correct that taxes are relatively low, and you are correct that maintenance of a multifamily building is not the same as a private house – you don’t have an elevator or on-site building superintendant to do maintenance of your own private home. My point was that the fee isn’t arbitrary, it is based on the minimum cost of managing the building. It’s not a stretch to assume that people aren’t going to CHARGE THEMSELVES more than they have to – we set the monthly fee to JUST cover the costs.

But I’m not trying to get into a coops vs. condos vs. single-family-home argument. I’m merely trying to answer the question as to why coop fees may SEEM higher than similar condo fees. [short answer: it's all the stuff of a condo fee plus property tax and blanket mortgage] I was also pointing out the double standard that people look at coop fees and say “ooh, that’s $$$ that could be spent on a mortgage for a house” but I’ve never heard anyone say that about a condo. Why is that?

You can definitely find cheaper rentals in Petworth but those are real rental prices, one apartment went for $1300 in August. I don’t set the rental rates, it’s between the unit’s owner and the renter

Also lookinng on Craiglist I found some 1brs in the area for 800-900 / month, like this one:

http://washingtondc.craigslist.org/doc/apa/1439091045.html

Maybe this building is nicer, though, I’m not sure

#1 Our board is relatively old but I am 27 and in general I would say we are easy to deal with. The community as a pretty good mix of old and young, about 35-40% of the residents are retired or of retirement age. About 80% of all of our buyers within the last 5 years were under 35.

#2 Coop fee is a little I primarily because our heating costs are astronomical. There is no underlying mortgage as of today but we anticipate taking one out in the very near future and have budgeted the annual cost into the fee right now, so that accounts for some of the reasons why it is so high.

#3 There are 14 units in this building, 9 buildings in the coop and 102 units overall.

#4 1 bed rentals o for between $1100 and $1300, but we are very strict towards allowing owners to rent their units. (honestly at some of these prices you are stupid not to just buy)

#5 Our taxes are included in the fee, but the are extremely low.

#6 Plenty of residents walk to metro, some take the bus to Ft Toten

#7 Renovations require board approval, but it is easy to do. The board just wants to make sure you are using licensed contractors and to make sure you are aware of the rules (hours of renovation, cleanliness etc.)

#8 I realize I’m biased but this was a steal, if you look at the comps over the last 3 years it was priced about $40-$60K below average per sq foot, even considering the work that was needed.

#9 Its true we are about to add new windows and spruce the place up.

#10 If you like this unit, the one next it is going to be on the market within a few weeks (newly renovated)

“it is in their best interest to set the fee at the lowest amount possible” — that’s a REALLY big assumption. You are paying for a lot of things that you usually don’t pay for in a house, like fixing elevators, legal fees, maintenance and infrastructure upgrades that require huge one-time expenses.

As I said before, taking out the $30 per month that goes to taxes out of the $500 condo fee, you’re left with $470.

Are there any homeowners out there who can honestly say they’ve spent ANYWHERE NEAR $6000 a year on maintenance of their home, on average?

I have about $6K a year on my home in the last 4 years. BUT I’VE BEEN RENOVATING IT TOP TO BOTTOM!