Laura Mehl Sugarman, partner in Benesch’s Real Estate Practice Group, provides insights in a New York Times article, explaining how developers have flexibility, within legal guidelines, to determine a condominium unit's percentage of common interest—and, in turn, its HOA fees.
The article explains that homeowners' association fees for condominiums are determined by a unit's percentage of common interest, outlined in Schedule A of the offering plan. This percentage is influenced by factors such as unit size and floor level and remains unchanged unless the unit owner’s consent.
Laura added that developers have flexibility within legal parameters. “There are four methods for setting this percentage under the law,” she explained, highlighting that factors like unit size and floor level typically play a role. Laura further noted, “The condominium’s documents will describe which method was used.”
To read the full article, click here: How Do Condos Set Monthly Fees — and Why Is Yours So High? - The New York Times