The Rombro Lofts is the low cost option…
The estimated monthly cost of owning a condominium at the Rombro Lofts is over $400 less per month than owning a typical home in Baltimore city. The following table compares the monthly cost of owning a 2-bedroom/2 bathroom, 1,350 SF apartment at the Rombro Lofts to a similarly sized Baltimore city home, each with a purchase price of $400,000:
| Cost |
Rombro Lofts condo |
Typical home |
| Real Estate Tax (1) |
$ 129.75 |
$ 820.00 |
| Insurance (2) |
$ 30.00 |
$ 100.00 |
| Condominium Fee (3) |
$ 552.62 |
$ 0.00 |
| Utility Bill (4) |
$ 60.90 |
$ 218.40 |
| Total |
$ 773.27 |
$1,138.40 |
| 1 |
The real estate property tax in Baltimore city is 2.46%
(includes state and local tax) of the assessed value. The Rombro Lofts
has been approved for a 10-year historic tax abatement, which freezes the
annual property taxes at their current level for the entire building. There
will be a significant annual property tax savings for each unit. This tax
abatement will result in a savings of approximately $88,950
over a 10-year period for the owner of a 1,350 SF apartment relative
to the typical home.
|
| 2 |
The majority of the insurance cost for a condominium is
included in the condominium fee. The condominium association is required
by Maryland law to maintain property and liability insurance for the entire
building. Condominium owners may purchase additional insurance to insure
personal property within their own apartment.
|
| 3 |
The condominium fee includes the insurance mentioned above
as well as all common area expenses and maintenance costs including trash
removal, cleaning of the common areas, utilities for common area electric,
elevator operations and general building maintenance. The fee also includes
a reserve and repair fund for building upkeep. The water, sewer and gas
bills for the apartments is also included in the condominium fee.
|
| 4 |
Unlike some condominiums, this building has an energy efficient
central gas-fired boiler and cooling tower to provide heating and cooling
for the common areas as well as the apartments. This reduces the electric
and/or gas bill for each apartment. Although the condominium fee is higher,
the overall dollars spent by each owner on utilities is less because the
system is more energy efficient.
|
| 5 |
The estimated utility bills for an apartment in this building
is less than the estimate for a typical home, because the condominium will
cover approximately 66% of the owners utility cost. The electrical engineer
that was involved in the design of the building renovation prepared a utility
analysis based on typical heating and cooling patterns and other utility
usage in an apartment. In any home, the largest utility use is for heating
and cooling. Because the Rombro Lofts has such an energy efficient
central system, the condominium fee covers the majority of the apartment’s
utility expense. This utility study is available upon request.
|
|
 |
