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High Assessment is Buzzkill for this Massive Hyde Park Co-op

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We all know that properties of mesmerizing size and modest asking price crop up on the South Side on the reg. This 5,300-square-foot Hyde Park co-op is just one more. When you're talking relative bargains on Kenwood mansions or Bronzeville Greystones, the property is unlikely to languish on the market. However, the unpleasantness of this 6/4 unit's monthly assessment is almost certainly the chief deterrent to sale. A gradual collapse of the asking price is the likeliest course, already well under way with $300K in chops over one year. The 14-room, fourth floor lakefront home is now asking just $949K, or $179/sf. The luxurious spread is notable for its sequence of chandeliers, wacky panel lighting in the kitchen, large butler's pantry, wood-paneled library, and 400-square-foot "orangerie" (fancy word for conservatory, as in the bowed-out seating area with loads of windows). The building includes backyard and door staff but, with property taxes, a buyer is looking at $4,857/month in assessments. Mercy!
·Listing: 5490 S South Shore Drive Unit 4S [Urban Search Corp]