Hydraulic fracturing is a common way to improve productivity of gas-condensate wells. Previous simulation studies have predicted much larger increases in well productivity than have been actually observed in the field. This paper shows the large impact of non- Darcy flow and condensate accumulation on the productivity of a hydraulically fractured gas-condensate well. Two-level local-grid refinement was used so that very small gridblocks corresponding to actual fracture width could be simulated. The actual fracture width must be used to accurately model non-Darcy flow. An unre- alistically large fracture width in the simulations underestimates the effect of non-Darcy flow in hydraulic fractures. Various other factors governing the productivity improvement such as fracture length, fracture conductivity, well flow rates, and reservoir param- eters have been analyzed. Productivity improvements were found to be overestimated by a factor as high as three, if non-Darcy flow was neglected. Results are presented that show the impact of condensate buildup on long-term productivity of wells in both rich and lean gas-condensate reservoirs.