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Old Posted Jul 18, 2018, 3:29 PM
Jim in Chicago Jim in Chicago is offline
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Join Date: Jul 2014
Posts: 363
Quote:
Originally Posted by left of center View Post
The upkeep on those buildings definitely has to be catching up to the residents. Here is a listing to a unit in one of the taller condo buildings along State. The HOA fee is damn near 800/mo! That's double the monthly property tax escrow. While I'm sure it includes things like water, and/or internet and TV service (heat is electric, so that would most likely fall under the owners ComEd bill. Also, no central air!?), it still seems like a crazy amount. No doubt a lot of it is going to maintenance and repairs.

Give it a quarter century. Once every spare lot between Congress and Cermak is spoken for, Dearborn Park is coming down.
That $800 isn't out of line. Assuming the square footage is correct, that works out to $0.56 per square foot, and that building has door staff. I'm in a sort of similar building without door staff (which is a huge expense) and I'm paying $.54 per square foot, so about the same. That goes to: maintenance of common spaces, interior and exterior, garbage service, RCN 50mpg internet and basic cable, DVR included, payments into a reserve fund. Taxes and insurance on the common spaces, professional management services. Security system and maintenance on 2 elevators. The only special we've had was 10 years ago when we did roof replacement and city-mandated work on the building facade in the same year. The owners pay their own gas and electric - they run under $100 in the cold months, and more in the summer with the AC running.
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