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HOME OWNERS ASSOCIATION question-- how do you set the fee amount?

By
Real Estate Agent with AM Real Estate Resources

I am part of a project with condos ranging from 300,000 to 3,000,000.... and I am supposed to set the association fees and was wondering if there is a formula I can go by??  I looked up some fees and they almost seem to be around 9% of the sales price?  SHould I go with asking price- sales price- or square footage?  Any help would be appreciated.  Thanks.

 

JJ Canull