Monthly maintenance fees in Manhattan have soared to an average of $1.70 per square foot, meaning that a 1,200 square foot condo will cost $2,000 a month in maintenance fees, on top of mortgage, utilities and (usually) property taxes, reports CNBC.
Maintenance fees have continued to climb throughout the recession even as prices dipped. Average maintenance fees have risen 30 percent since 2008, according to Jonathan Miller at Miller Samuel, the New York appraisal firm. That's more than twice the rate of growth in the CPI.
CNBC says, the increase has been driven mostly by higher costs of building insurance, underlying mortgages, fuel and building staff, like doormen and supers.
But deep behind it all, is this guy.