Appeal High HOA to board based on data
I currently have a large 1300 sq ft+ 1 / 1 condo that has a very high HOA in general but after analyzing the data it's also high for the building. There are approximately 80 units in the building, and I pulled my data (HOA and sq footage) from MLS listings in the past few years and the unit's ownership percentage of common expenses from the master deed. I was able to obtain data on 10 comparable units over 1000 sq ft.
My HOA fee: $979
My HOA fee per 1% of common expenses / ownership: $421.22
Average HOA per 1% common expenses / ownership: $344.02
Lowest HOA per 1% in sample: $216.83
2 out of the 9 other units were in line with my fees.
If my fee was based on the average of these units it would be $799, a significant monthly savings. Based on the 3 lowest units, it would be $504.
I'm currently trying to flip the property and people love everything about the unit other than the HOA fee. It's been prohibitive and I believe based on the there are legitimate grounds to appeal my fee. I was told by the property manager we can write a letter to the Association that will be given to counsel. How do you suggest I appeal the monthly HOA fee for my unit? Should my first approach be with a letter written by me or by a real estate attorney? Does anyone have advice or experience dealing with this issue?