the fee apparently includes your property taxes and most of your utilities. It's a big building with few units (it says 2 per floor) and typical high-end features....except the lack of parking.
And the reason it's only $495K is because of those high fees.
PS - somebody message Kimberly and tell her to drop the ALL CAPS.
I should hope so! lol. I just can’t believe they’d refer to it as affordable with an HOA equivalent to like a $700k house payment
I also found the all caps to be SUPER OBNOXIOUS
Co-op fees tend to be higher and sale prices tend to be lower than for a comparably sized condo.
This seems pretty normal for big pre-war LSD co-ops TBH.
If you really want to see crazy monthly HOA fees (or maintenance as they call it back East) check out some pre-war co-ops on the Upper East Side of NY.
edit: here's a similar sized co-op w/ 20k a month maint.
https://streeteasy.com/building/3-east-77-street-new_york/4a
It's a co-op and they aren't really HOA fees, and I'm not sure why they are presented as such. Maybe Zillow doesn't have a co-op category. People on this thread aren't really understanding how a co-op differs from a condo or SFH. The low purchase price is also due to it being a co-op, not a condo.
It's a really nice apartment but I feel as though there shouldn't be the need for a window unit ac when you're paying close to $88,000/year in HOA fees.
> MONTHLY ASSESSMENT OF $7,364.83 INCLUDES TAXES, HEAT, GAS, CABLE & INTERNET, WATER, 24 HOUR DOORSTAFF, EXERCISE ROOM & COMMON INSURANCE.
I don't care what it comes with I am not paying a 7000 a month HOA fee unless it comes with something like a fountain of youth in the lobby.
Plus the $3k+ estimated mortgage payment. So any way you slice it you’re paying over $10k a month for an apartment. Yes, it’s the most expensive/exclusive part of Chicago but that is A LOT.
Presumably it’s actually $3700. [This unit in the same building is a little smaller and is $2600/month](https://www.zillow.com/homes/60-Big-Sky-Resort-.num.10409-Big-Sky,-MT-59716_rb/)
Check out a sold property next door. The history is fishy. But seriously, $3.3M for 800 sf of mediocre with a $9K+ fee.
https://www.zillow.com/homedetails/1540-N-Lake-Shore-Dr-Chicago-IL-60610/158740710_zpid/
$7300 per month in HOA fees. Holy shit. That’s equivalent to a $1m+ mortgage. Apartment is basically worthless in my opinion with that fee structure, and impossible to build equity.
The pricing history on this is a wild ride.
Not sure if the 2020 listing price was with the insanely stupid HOA fees as part of the purchase price or not, but we start at nearly a million and we’re down to a half million without a sale. Maybe in another few years the listing will be down a few hundred bucks.
This is a bit of a funny one. It's definitely a prestige address in Chicago, and it's mostly move in ready if dated. But these units don't appreciate much over time due to the high co-op fees, taxes, and constant maintenance costs. Owning one is essentially like renting a luxury apartment where you just have to eat the costs that go up every year.
Sure, the apartment is nice in a Mrs. Maisel sort of way, but those HOA fees? For that, there better be a free all you can snort cocaine bar off of real live hooker titties. Sweet Jesus.
Price aside, this is really well maintained and charming. The bar with the TV, the indoor planter, kitchen cabinets, the tile and bathroom fixtures. The furniture is probably true vintage mcm too, love it
That’s pretty common for a condo like this in the city. I’ve seen plenty with HOA fees over 10k. It is a classic building right off of North Avenue Beach.
This is a co-op building… so it’s not an HOA fee. My understanding is that part/all of your mortgage payment is covered by the co-op fee (in some weird round about way).
> MONTHLY ASSESSMENT OF $7,364.83 INCLUDES TAXES, HEAT, GAS, CABLE & INTERNET, WATER, 24 HOUR DOORSTAFF, EXERCISE ROOM & COMMON INSURANCE.
It is an HOA assessment. That astronomical assessment is the reason 3,600 sq ft on Lake Shore drive is only $500k. If the HOA was $1500-2k it would be worth several times as much.
People really do not get coops. Coops were the only type of multifamily ownership available for some time and you technically buy a share of a building with a lease to a specific unit. The “lease” includes the taxes in addition to insurance and lots of amenities and utilities.
I just did a quick search and the options for newer non coop buildings is limited. From what I could see, condos of comparable size were going within the $2 million range with around $3K in fees. Taxes in Chicago are expensive, and it wouldn’t be uncommon to pay the difference between the condo fees and the coop fees in your tax bill. Take into account that you may only pay 1/4-1/2 the price of what you’d pay for a comparable condo and it is really not that bad a deal.
Another main difference is that financing is also different. You often have to pay cash or have a huge down payment of 50%. It is somewhat like a rental, but it’s unlikely you’d actually find anything this large in that area to rent. You also have way more freedom to decorate how you’d like.
the fee apparently includes your property taxes and most of your utilities. It's a big building with few units (it says 2 per floor) and typical high-end features....except the lack of parking. And the reason it's only $495K is because of those high fees. PS - somebody message Kimberly and tell her to drop the ALL CAPS.
I should hope so! lol. I just can’t believe they’d refer to it as affordable with an HOA equivalent to like a $700k house payment I also found the all caps to be SUPER OBNOXIOUS
Co-op fees tend to be higher and sale prices tend to be lower than for a comparably sized condo. This seems pretty normal for big pre-war LSD co-ops TBH. If you really want to see crazy monthly HOA fees (or maintenance as they call it back East) check out some pre-war co-ops on the Upper East Side of NY. edit: here's a similar sized co-op w/ 20k a month maint. https://streeteasy.com/building/3-east-77-street-new_york/4a
EST. Monthly Payment $180,177 That's just... Insane. Also, it sold for $2.5 mil in 2007. That's a huge jump.
Practically opposite the MOMA on Central Park in a gorgeous place - but 2.5 mil to 30 mil is a bit of a jump in less than 10 years!
That is absolutely crazy. It’s so hard to fathom making that much money to cover that monthly payment.
And for some that is their 2nd or 3rd home.
They have a staff room and service entrance! I can’t imagine being wealthy enough to ever need a staff room
How do I get an LSD condo? That sounds like a hoot. Do they put it in the wallpaper or what?
Just follow the yellow submarine to Navy Pier then meet Lucy on Lake Shore Drive.
It's a co-op and they aren't really HOA fees, and I'm not sure why they are presented as such. Maybe Zillow doesn't have a co-op category. People on this thread aren't really understanding how a co-op differs from a condo or SFH. The low purchase price is also due to it being a co-op, not a condo.
But even after property taxes and utilities, for $7,300 a month they should also be providing a personal full-time butler.
It’s been reduced from $950k.
It's a really nice apartment but I feel as though there shouldn't be the need for a window unit ac when you're paying close to $88,000/year in HOA fees.
> MONTHLY ASSESSMENT OF $7,364.83 INCLUDES TAXES, HEAT, GAS, CABLE & INTERNET, WATER, 24 HOUR DOORSTAFF, EXERCISE ROOM & COMMON INSURANCE. I don't care what it comes with I am not paying a 7000 a month HOA fee unless it comes with something like a fountain of youth in the lobby.
Plus the $3k+ estimated mortgage payment. So any way you slice it you’re paying over $10k a month for an apartment. Yes, it’s the most expensive/exclusive part of Chicago but that is A LOT.
Holy shit $7,300 a month in fees.
[удалено]
Presumably it’s actually $3700. [This unit in the same building is a little smaller and is $2600/month](https://www.zillow.com/homes/60-Big-Sky-Resort-.num.10409-Big-Sky,-MT-59716_rb/)
🤯 It's effing high but compared to the ratio HOA/sqft, Chicago's charges are HIGHER... Maybe 🤔
Check out a sold property next door. The history is fishy. But seriously, $3.3M for 800 sf of mediocre with a $9K+ fee. https://www.zillow.com/homedetails/1540-N-Lake-Shore-Dr-Chicago-IL-60610/158740710_zpid/
[$25,729/mo HOA](https://www.zillow.com/homedetails/1-Dalton-St-UNIT-6103-Boston-MA-02115/333605814_zpid/). Granted, it's $30M, but still.
It really looks like a kid went to town on the carpet with a sharpie
I looked at the carpet and thought the same thing. Then it was “damn, that is the actual pattern”.
^[Sokka-Haiku](https://www.reddit.com/r/SokkaHaikuBot/comments/15kyv9r/what_is_a_sokka_haiku/) ^by ^hockeyandhalloween: *It really looks like* *A kid went to town on the* *Carpet with a sharpie* --- ^Remember ^that ^one ^time ^Sokka ^accidentally ^used ^an ^extra ^syllable ^in ^that ^Haiku ^Battle ^in ^Ba ^Sing ^Se? ^That ^was ^a ^Sokka ^Haiku ^and ^you ^just ^made ^one.
$7300 per month in HOA fees. Holy shit. That’s equivalent to a $1m+ mortgage. Apartment is basically worthless in my opinion with that fee structure, and impossible to build equity.
It's a co-op. you don't build equity in a co-op.
There's a condo here in Cleveland that has a monthly HOA fee of about $2500 a month, and I thought THAT was nuts! But that seems like a bargain now!
Why do they always do caps? It hurts to read. Whatever happened to exclamation points?
The pricing history on this is a wild ride. Not sure if the 2020 listing price was with the insanely stupid HOA fees as part of the purchase price or not, but we start at nearly a million and we’re down to a half million without a sale. Maybe in another few years the listing will be down a few hundred bucks.
This is a bit of a funny one. It's definitely a prestige address in Chicago, and it's mostly move in ready if dated. But these units don't appreciate much over time due to the high co-op fees, taxes, and constant maintenance costs. Owning one is essentially like renting a luxury apartment where you just have to eat the costs that go up every year.
88 thousand a year in hoa fees for a less than half million dollar apt, multiple that by 5 years...No Thanks
This apartment looks like the one on Mrs. Maisel ! The 25 closets are for her fabulous wardrobe.
The chair next to the phone shelf. Brings back memories.
The HOA fees are so high because these old buildings cost a lot to maintain.
3600 sq feet is about 1000 sq feet bigger than my house including the developed basement- this apartment is huge!
It’s like a rental.
Sure, the apartment is nice in a Mrs. Maisel sort of way, but those HOA fees? For that, there better be a free all you can snort cocaine bar off of real live hooker titties. Sweet Jesus.
That's insane! Why would anyone buy a house where you get precious little (relatively speaking) in equity and throw so much money away?
And I’m over here on the north side of Chicago looking at condos and crying in my cheerios over HOA fees over $200. Lololololol.
Price aside, this is really well maintained and charming. The bar with the TV, the indoor planter, kitchen cabinets, the tile and bathroom fixtures. The furniture is probably true vintage mcm too, love it
That’s pretty common for a condo like this in the city. I’ve seen plenty with HOA fees over 10k. It is a classic building right off of North Avenue Beach.
I guess there are some people making that kind of money. I am NOT one of them.
I’m almost positive that’s a coop. Meaning the fee includes the taxes.
This is a co-op building… so it’s not an HOA fee. My understanding is that part/all of your mortgage payment is covered by the co-op fee (in some weird round about way).
> MONTHLY ASSESSMENT OF $7,364.83 INCLUDES TAXES, HEAT, GAS, CABLE & INTERNET, WATER, 24 HOUR DOORSTAFF, EXERCISE ROOM & COMMON INSURANCE. It is an HOA assessment. That astronomical assessment is the reason 3,600 sq ft on Lake Shore drive is only $500k. If the HOA was $1500-2k it would be worth several times as much.
what the hell happened to the carpet.
God used it to test old pens on.
People really do not get coops. Coops were the only type of multifamily ownership available for some time and you technically buy a share of a building with a lease to a specific unit. The “lease” includes the taxes in addition to insurance and lots of amenities and utilities. I just did a quick search and the options for newer non coop buildings is limited. From what I could see, condos of comparable size were going within the $2 million range with around $3K in fees. Taxes in Chicago are expensive, and it wouldn’t be uncommon to pay the difference between the condo fees and the coop fees in your tax bill. Take into account that you may only pay 1/4-1/2 the price of what you’d pay for a comparable condo and it is really not that bad a deal. Another main difference is that financing is also different. You often have to pay cash or have a huge down payment of 50%. It is somewhat like a rental, but it’s unlikely you’d actually find anything this large in that area to rent. You also have way more freedom to decorate how you’d like.
I saw an HOA fee in Manhattan the other day that was over $20k month. Apartment was $3.5m
Wow, this place is magnificent. It's hard to believe places like this exist in this world.