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 unrealistically 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 parameters 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.