Condo assessments

Question

So I live in Chicago.  I pay 750 a month in condo assessments.  I have lived here for 13 years and at first my monthly bill was around 375..  So I&#x27;m thinking what is the most it will go up?  It will eventually reach a point that nobody will want to buy my condo.  So I&#x27;m thinking of selling. Included in my fees are heat/AC, cable and internet, door man, maintenance guys, trash, water, window washing twice a year, heated garage, and a small gym.  So the only other thing I have to pay for is electricity.  Anyone else see a spike in condo assessments and thinking about getting out?  My building supposedly had a lot of reserves and that is always the reason they give for the increases.

JEFFMARKETCAP · Answer

So I live in Chicago.  I pay 750 a month in condo assessments.  I have lived here for 13 years and at first my monthly bill was around 375..  So I&#x27;m thinking what is the most it will go up?  It will eventually reach a point that nobody will want to buy my condo.  So I&#x27;m thinking of selling. Included in my fees are heat/AC, cable and internet, door man, maintenance guys, trash, water, window washing twice a year, heated garage, and a small gym.  So the only other thing I have to pay for is electricity.  Anyone else see a spike in condo assessments and thinking about getting out?  My building supposedly had a lot of reserves and that is always the reason they give for the increases.

Kurshka · Answer

You pay 750 plus a mortgage?

davemsh · Answer

You are referring to HOA Monthly Maintenance fee&#x27;s?  As the building/condo gets older...The repairs/replacements &amp; upkeep increase. They send you the association upcoming budget explaining where the $$ is going.  Also if your building has a lot of glass/water features etc..those things are money guzzlers

JEFFMARKETCAP · Answer

Yes.  I know it&#x27;s crazy.

VanDutch · Answer

A/C and a Door man is worth $500 a month.

Goggles-Pisano · Answer

Let&#x27;s add the monthly cost. AC/Heat - in a condo max will average no more than $100. Cable and Internet- that&#x27;s a difficult estimate without additional info like how many tvs, what package, what speed. Let&#x27;s go with $200Water and sewer - $100Doorman - no clue?Garage for parking - what&#x27;s that worth in Chicago? Never underestimate the cost of building and grounds upkeep $400 plus the others. Adjust as you see fit.1 problem with condos/townhouses are the foreclosure and people who don&#x27;t pay the fees. Dependant upon that percentage in ur community it could significantly increase everyone&#x27;s bill because the $$$ has to come from those who pay.

gfinger · Answer

Jeff I&#x27;m over in River West, pay a mere $275 for monthly assessment, been here since early 2000&#x27;s. Includes nothing more than landscaping, window washing, sewer/garbage and general maintenance duties around the building. My parking spot is a deeded spot that sells for around $30k, but I see some people rent them out for around $200 a month. My ComEd is around $60 a month and my gas is around $30. Comcast runs $225 a month. A gym membership would run ya around $65 a month on average. Can&#x27;t speak on behalf of the costs of a doorman, but I figure around $100 a month? Personally I looked for a condo that didn&#x27;t have a doorman. I think they are a waste of money and are more of a nuisance trying to make small talk and know way too much about eveyone in the building.After adding all that up though, $750 might be a fair market value for all those services.

JEFFMARKETCAP · Answer

Yeah I guess you are right gfinger. I live in River North in the old Montgomery Ward&#x27;&#x27;s building that is on the river.  I like it here a lot but I&#x27;m just concerned about the future.  Not too many people will buy a 1 bedroom condo with 1k assessments. It will take a few years to reach that mark.  But I&#x27;m hoping the rate of increases slows.

gfinger · Answer

You are just across the river from me. Nice building you live in. Yeah, I think eventually ya gotta draw a line in the sand on the assessment cost.

Condo assessments

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