clock menu more-arrow no yes

Mapping 10 Condos with HOA Dues Higher Than Your Rent

View as Map

When purchasing a condo, one has to take into considering how much they will be paying in homeowners association fees (or HOA dues), and the amount can range anywhere from a couple hundred bucks to well over $10,000 per month. The city's priciest condos cost millions of dollars, but the owners of these pads will continue paying thousands of dollars per month in HOA dues. Take for instance the big boss penthouse in the Trump Tower — asking $32 million plus an additional $13,244 per month in dues. Just a few months in association dues is higher than the salary of many recent college grads. However, one thing the list does reveal is that one can expect to have a steep HOA dues when living in vintage buildings along Lake Shore Drive, particularly co-ops.

Homeowners association fees generally cover things like exterior maintenance, building insurance, garbage pickup and so forth, however not all homeowners associations are created equal. Broker Christopher Mundy of @properties tells us:

HOAs vary from building to building and cover such items as services rendered, including heat, water, trash, scavenger-trash, on-site maintenance (building engineer), doorman, pool, fitness centers, major mechanical systems (elevator, boilers, ac compressors) on larger buildings, and most importantly a reserve allocation. The reserve fund for any building is an emergency fund used for any unforeseen issues that may arise; the objective of this fund is to protect the owners and provide a cushion versus special assessments against the owners. Older buildings (particularly those along Lake Shore Drive) have higher assessments due to ongoing maintenance. Co-op assessments are traditionally higher and usually include the property tax; for this reason the building attracts a unique buyer with the financial ability to pay a mortgage, on top of a $1000 plus HOA. When purchasing a unit in a housing cooperative, one is essentially buying shares of a building, not necessarily the ownership of a particular unit (although they're listed that way). And HOA dues can be quite high in co-ops due to this. According to Redfin agent Brian Cargerman,

When you buy into a co-op, your HOA dues include property taxes. Generally, this will raise your HOA dues over those of a traditional condo of a comparable size and quality. Additionally, in Chicago co-op buildings tend to be older, which means more maintenance – and higher dues to pay for it. So there you have it. Let's take a look at the map now, shall we?

Read More

1. 401 N Wabash Ave Unit 89A

Copy Link
401 North Wabash Avenue
Chicago, IL 60611

Size: 14,260 square feet
Asking price: $32M
Price per square foot: $2,244
HOA dues: $13,244/month
The skinny: It should come as no surprise that the most expensive residential property currently listed in Chicago also comes along with the highest homeowners association dues at a whopping $13,244 per month. Just a few months in HOA dues for this Trump Tower penthouse can put your kid through college.

2. 209 E Lake Shore Dr Unit 1E

Copy Link
209 East Lake Shore Drive
Chicago, IL 60611

Size: 5,580 square feet
Asking price: $4.95M
Price per square foot: $887
HOA dues: $12,884/month
The skinny: Several units in 209 E LSD appear on this list, but this particular unit takes the lead for highest HOA dues at $12,884 per month.

3. 1540 N Lake Shore Dr Unit 14-15N

Copy Link
1540 North Lake Shore Drive
Chicago, IL 60610

Size: 7,200 square feet
Asking price: $4.85M
Price per square foot: $674
HOA dues: $12,279/month
The skinny: This unit is fairly new to the market, having only listed a few weeks ago. The 7,200 square foot unit spans two floors and is decked out in marble and walnut.

4. 209 E Lake Shore Dr Unit 7E

Copy Link
209 East Lake Shore Drive #7e
Chicago, IL 60611

Size: 5,900 square feet
Asking price: $4.995M
Price per square foot: $847
HOA dues: $11,827/month
The skinny: Here's another one in 209 E LSD. The space is pretty opulent and comes with a price tag that matches.

5. 209 E Lake Shore Dr Unit 6W

Copy Link
209 East Lake Shore Drive
Chicago, IL 60611

Size: 5,675 square feet
Asking price: $4.25M
Price per square foot: $749
HOA dues: $10,532/month
The skinny: Hey, what do you know - another unit in 209 E LSD makes the list.

6. 209 E Lake Shore Dr Unit 4E

Copy Link
209 East Lake Shore Drive
Chicago, IL 60611

Size: 5,900 square feet
Asking price: $4.15M
Price per square foot: $703
HOA dues: $10,289/month
The skinny: Four units in 209 E LSD make the list of the top 10 listings with the highest HOA dues, and this unit is the last in the building to make the list.

7. 2430 N Lakeview Ave Unit 5-6S

Copy Link
2430 North Lakeview Avenue
Chicago, IL 60614

Size: 5,600 square feet
Asking price: $4.3M
Price per square foot: $768
HOA dues: $9,778/month
The skinny: We now head south of $10,000 per month in HOA dues, but just barely. This Lincoln Park co-op by Andrew Rebori will set you back over $4 million plus nearly $10K per month in dues.

8. 189 E Lake Shore Dr Ph 18-20

Copy Link
189 East Lake Shore Drive
Chicago, IL 60611

Size: 7,662 square feet
Asking price: $15.5M
Price per square foot: $2,023
HOA dues: $9,255/month
The skinny: This huge three-level penthouse just listed this month, and at $15.5 million became the priciest condo listing of 2014.

9. 1500 N Lake Shore Dr Unit 4A

Copy Link
1500 North Lake Shore Drive #4a
Chicago, IL 60610

Size: 4,200 square feet
Asking price: $3.4M
Price per square foot: $810
HOA dues: $8,800/month
The skinny: Yet another unit in a vintage building on Lake Shore Drive makes the list. This particular unit has been listed for over a year now, and has come down about $400,000 from its intro ask of $3.8 million.

10. 2430 N Lakeview St Unit 7-8S

Copy Link
2430 North Lakeview Avenue #7
Chicago, IL 60614

Size: 5,600 square feet
Asking price: $3.75M
Price per square foot: $670
HOA dues: $8,220/month
The skinny: We conclude our journey through high homeowners association dues with this Lincoln Park co-op. The place has been listed for almost two years, perhaps due to the listing's demand to be purchased in cash only.

Loading comments...

1. 401 N Wabash Ave Unit 89A

401 North Wabash Avenue, Chicago, IL 60611

Size: 14,260 square feet
Asking price: $32M
Price per square foot: $2,244
HOA dues: $13,244/month
The skinny: It should come as no surprise that the most expensive residential property currently listed in Chicago also comes along with the highest homeowners association dues at a whopping $13,244 per month. Just a few months in HOA dues for this Trump Tower penthouse can put your kid through college.

401 North Wabash Avenue
Chicago, IL 60611

2. 209 E Lake Shore Dr Unit 1E

209 East Lake Shore Drive, Chicago, IL 60611

Size: 5,580 square feet
Asking price: $4.95M
Price per square foot: $887
HOA dues: $12,884/month
The skinny: Several units in 209 E LSD appear on this list, but this particular unit takes the lead for highest HOA dues at $12,884 per month.

209 East Lake Shore Drive
Chicago, IL 60611

3. 1540 N Lake Shore Dr Unit 14-15N

1540 North Lake Shore Drive, Chicago, IL 60610

Size: 7,200 square feet
Asking price: $4.85M
Price per square foot: $674
HOA dues: $12,279/month
The skinny: This unit is fairly new to the market, having only listed a few weeks ago. The 7,200 square foot unit spans two floors and is decked out in marble and walnut.

1540 North Lake Shore Drive
Chicago, IL 60610

4. 209 E Lake Shore Dr Unit 7E

209 East Lake Shore Drive #7e, Chicago, IL 60611

Size: 5,900 square feet
Asking price: $4.995M
Price per square foot: $847
HOA dues: $11,827/month
The skinny: Here's another one in 209 E LSD. The space is pretty opulent and comes with a price tag that matches.

209 East Lake Shore Drive #7e
Chicago, IL 60611

5. 209 E Lake Shore Dr Unit 6W

209 East Lake Shore Drive, Chicago, IL 60611

Size: 5,675 square feet
Asking price: $4.25M
Price per square foot: $749
HOA dues: $10,532/month
The skinny: Hey, what do you know - another unit in 209 E LSD makes the list.

209 East Lake Shore Drive
Chicago, IL 60611

6. 209 E Lake Shore Dr Unit 4E

209 East Lake Shore Drive, Chicago, IL 60611

Size: 5,900 square feet
Asking price: $4.15M
Price per square foot: $703
HOA dues: $10,289/month
The skinny: Four units in 209 E LSD make the list of the top 10 listings with the highest HOA dues, and this unit is the last in the building to make the list.

209 East Lake Shore Drive
Chicago, IL 60611

7. 2430 N Lakeview Ave Unit 5-6S

2430 North Lakeview Avenue, Chicago, IL 60614

Size: 5,600 square feet
Asking price: $4.3M
Price per square foot: $768
HOA dues: $9,778/month
The skinny: We now head south of $10,000 per month in HOA dues, but just barely. This Lincoln Park co-op by Andrew Rebori will set you back over $4 million plus nearly $10K per month in dues.

2430 North Lakeview Avenue
Chicago, IL 60614

8. 189 E Lake Shore Dr Ph 18-20

189 East Lake Shore Drive, Chicago, IL 60611

Size: 7,662 square feet
Asking price: $15.5M
Price per square foot: $2,023
HOA dues: $9,255/month
The skinny: This huge three-level penthouse just listed this month, and at $15.5 million became the priciest condo listing of 2014.

189 East Lake Shore Drive
Chicago, IL 60611

9. 1500 N Lake Shore Dr Unit 4A

1500 North Lake Shore Drive #4a, Chicago, IL 60610

Size: 4,200 square feet
Asking price: $3.4M
Price per square foot: $810
HOA dues: $8,800/month
The skinny: Yet another unit in a vintage building on Lake Shore Drive makes the list. This particular unit has been listed for over a year now, and has come down about $400,000 from its intro ask of $3.8 million.

1500 North Lake Shore Drive #4a
Chicago, IL 60610

10. 2430 N Lakeview St Unit 7-8S

2430 North Lakeview Avenue #7, Chicago, IL 60614

Size: 5,600 square feet
Asking price: $3.75M
Price per square foot: $670
HOA dues: $8,220/month
The skinny: We conclude our journey through high homeowners association dues with this Lincoln Park co-op. The place has been listed for almost two years, perhaps due to the listing's demand to be purchased in cash only.

2430 North Lakeview Avenue #7
Chicago, IL 60614