Wow! What a weekend we have coming up. Just over 30 different events covering a very wide spectrum of things to do. This really covers all the bases so here it is:Bergen County
Why Are Condo & Coop Maintenance Fees So High ?
Dated: July 8 2026
Views: 63
Many people have asked me what's happened? Why are condo and coop fees so high? There has been a noticeable change over the past 2 years so let me explain this for you.
Do you remember how shocked everyone was when that high rise building in Florida collapsed? This was the 12 story Champlain Towers South that killed 98 people and injured another 35 on June 24, 2021 in a Miami suburb.
This was a wake up call to everyone including local Building Departments. We even had a building collapse in Hackensack years before when the parking garage at 300 Prospect Ave collapsed on July 16, 2010. While everyone was safe, residents had to find some place to live for 3-4 months as I recall while repairs were made.
The New Jersey Legislature became proactive and created a bill that Governor Murphy signed into law on January 8, 2024. This law is why maintenance fees known as HOA's have increased so much.
This new law had 2 major requirements for all "planned communities" (nearly all of our condos and co-ops):
1. The building had to have a structural integrity inspection
2. Capital Reserve Funds had to undergo a professional study of what they had now and what their future needs would be based on the structural study.
For existing, older buildings this had to be done within 2 years. In Bergen County, that includes almost all condos and co-ops.
NJ wanted to be sure that buildings were thoroughly inspected for structural integrity and that the funds would be there to pay for whatever structural work was needed now and in the future.
For older associations, Reserve Fund studies must be updated every 5 years and they must create a 30 year funding plan with funds reserved. Structural inspections are to be done again every 10 years unless the engineer recommends it sooner.
Because many buildings were underfunded for this, HOA fees went up significantly. While HOA fees are higher, this is the right way to go and a credit to the bi-partisan work done by the NJ Legislature.
Barbara Weismann
I’ve always worked hard because I know success isn’t easy. Success matters because success means I’ve achieved your goals. You need more than a door opener. You need an agent who und....
Latest Blog Posts
Apple picking season in New Jersey runs from the end of August through October although the best part of it is Labor Day Weekend through October 15th. I remember going to an orchard to pick
Labor Day is late this year giving all of us a few extra days of summer. Take some time off and relax if you can. Fall comes in just over 3 weeks. I don't know about you but for,
Now that we're at the end of August, you can see a noticeable decrease in the number of people around are because so many are away on vacation. The result is a drop in the number of events.
The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. and Weichert, Realtors® - Tenafly/Cresskill. Real estate listings held by other brokerage firms are marked as IDX listing. Information deemed reliable but not guaranteed. Copyright © 2026 Garden State Multiple Listing Service, L.L.C. All rights reserved. This information is being provided for Consumer's personal, non-commercial use and may not be used
The data relating to real estate for sale or rent on this web site comes in part from the IDX program of the Hudson County MLS. Real estate listings held by brokerage firms other than Weichert, Realtors® - Tenafly/Cresskill are marked with the HCIDX mark and the information about them includes the name of the listing broker. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties
The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Weichert, Realtors® - Tenafly/Cresskill are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website. All information deemed reliable but not guaranteed.
Last date updated: September 21, 2026 3:59 PM UTC Source: New Jersey Multiple Listing Service, Inc. "© 2026 New Jersey Multiple Listing Service, Inc. All rights reserved."
