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Condo fees have to take care of updates and repairs…Improving your condo association pays dividends…

    A condo complex is like a community of people who may have different ideas and objectives.  The use of condo fees is important in improving the  future value of their condo.  You have to pay enough to keep up the complex and make improvements over time.  Having a pleasing environment is a must if you want to increase the value of your condo.  Having a top flight common area is one of those areas that can help you increase value.

    When you do not keep up the necessary repairs as things wear out the value of your place goes down.  Some complexes want their condo fees low and do not like to spend what is necessary to keep the association up.  It makes sense that the value continues to fall.  The condos in the association cannot compete on the market.  This often happens when their is a leadership vacuum within the condo association.  As a buyer or seller you need to be aware of these factors. 

    Lets use the Federal Fibre Mills Condos in the Warehouse District of New Orleans as an example of things that get done to improve the value of the complex.  Recent updates include new floors in the lobby which is already a show piece.  The windows are currently being rehabbed after 30 plus years. This is an expense of over $200,000.  It had to be done as they were looking very worn.  The rehabis taking months but the results look great.  The exercise gym was totally redone last years and now looks great. 

    Below you can see the courtyard that is always getting something new to make the complex even better than before.  This makes many people want to be part of a success.  It becomes more valuable when compared to other complexes.  The association has still over $200,000 in reserves for things that come up. The windows are a once in a lifetime update that will pay off right now as people see things going on and want to be a part of a A plus building.  

Federal Fibre Mills gets windows redone in Warehouse District of New Orleans

 Federal Fibre Mills Courtyard getss updated in New Orleans Warehouse District.

Federal Fibre Mills Condos, Windows

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA