Condos that cost less than cars

[momopi]

The high-rise condos in my area (Irvine, CA) has monthly HOA of $850 to $1,300. They typically cost $500k to $1+ million and are considered luxury living. There's staff on site 24/7 catering to your needs, open the door for you, maid service, car wash, etc. For those in OC area, go eat at "Fukoda To Go" restaurant in Irvine, then walk across the street to the sales office and you can check the prices yourself. They cater to a very different type of clientèle -- the ones who keep extra toy cars at an air conditioned, high security multi-story garage 10 mins away that doesn't advertise.

I was in an upscale condo complex in Taoyuan, Taiwan last year to deliver a suitcase to my friend's mother. The services offered by on-site staff was a little inferior to what you get from those in Irvine, but they only charge about $300 USD per month for their "HOA". Thing about Taiwanese home owners is that they're cheap and would prefer to get the HOA down as much as possible, so other luxury developments around Taipei would look great with grand entrance halls when the construction company paid the bills. But as soon as the home owners took over, the front desk staff is reduced down to a lone security guard and the beautiful grand hall's lights are off.

There's another kind of condos with very high HOA's in my area, in the city of Laguna Woods, 90% of the homes belong to the Laguna Woods Village retirement community, formally known as Leisure World (aka seizure world). The median age is 78 (!). The HOA there is like >$500/month at minimum, or $1,600+/month at the high-rise units.

http://www.lagunawoodsvillage.com/

The lowest HOA in my city that I can think of would be the SFR's in north Irvine, my buddy's sister is only paying $50/month but they don't have swimming pool. I pay about $200/month HOA for my condo in Irvine, vs. my house in Temecula is only $40/month HOA. The more expensive HOA offers a lot of goodies like 5 swimming pools, tennis, volleyball, several private parks, BBQ, club house, day care center, elementary school (we have our own elementary school in Oak Park), after-hours security/patrol, gates, small gym, and so on. But it's only worth it if you use it. The Temecula house HOA only maintains 1 park and roads inside the community. Generally speaking the walls and gates at a HOA complex is just for looks, unless if they actually have a living security guard at the gates (like Northpark HOA).

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Speaking of lower-cost condos, if anyone is a first time buyer, you really should check with your local area's first time buyer and affordable housing programs. Many cities offer subsidized housing purchase. I.e. in Murreita you could buy a $85,000 condo for $50,000 under the affordable housing program, but it must be owner-occupied and there are some restrictions when you sell. Normally you can't even get a loan for something that low, but the city has special arrangements with lenders. Heck, the mortgage is <$300/month with 5% down and it's a lot cheaper to buy than rent ($800-$850/month).