The Back Bay is home to some of the highest condominium fees in the city, with one unit charging more than $10,000 a month in fees.
That particular unit, an 8,000-square foot unit in the Mandarin, went on the market recently and is advertising monthly condo fees of $10,246.00. This is the most expensive in Boston to date.
Several factors help determine the condo fees. The size and number of units in the building, whether there are common area utilities that need to be shared, the amount of insurance, whether there is off-street parking and a doorman all factor into the expense.
Condo fees are an important asset to the condo association, with the money collected being responsible for the upkeep and maintenance of the building and grounds, insurance costs, staffing and utilities of the common areas. Left unpaid, the building would certainly suffer from neglect.