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New Orleans Condo Fees, Always going up, maybe not?

     Condo fees seem to always be increasing and since Hurricane Katrina that has been the case as insurance companies rushed to raise rates — doubling the insurance on the buildings and in some cases even more.      Since Insurance is a major, major part of your condo fees, your condo fees had to go up.  Now we are beginning to see quotes being lowered which means the insurance rates are coming down.  This may not lower your monthly fee as other costs will continue to go up. 

     Many condo associations may opt to build up the reserves that may have been used for any number of reasons.  Its always good to have a reserve as every insurance policy has a deductible.  The trend has been to have a higher deductible.  Conforming loans want no more than a 5% deductible on the insurance policy.

     Its always good to check the latest business statements of your condo association to see what is being spent.  If you use a lender they are sure to look to make sure certain conditions are meet.  The lending rules have tightened up in the last couple of months and the rules seem to change monthly.   

     This is a Mardi Gras Bead Tree that tends to bloom the week of Carnival and can bloom all summer.  May need fresh beads every now and then.

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