One of the nice things about buying a condo or co-op is that for the most part, utilities, amenities, and sometimes property taxes are all combined into one easy payment. However, the downside is that sometimes this monthly payment can be very expensive. It's common to see condos and co-ops in older buildings approach the $1,000 range or higher—particularly the vintage buildings along Lake Shore Drive and the newer luxury high-rises along the Magnificent Mile. However, the units with the priciest monthly assessments in Chicago can cost several thousand dollars per month—in many cases, a price that is much higher than many peoples' mortgages. Here's a look at the units with the priciest monthly assessments in Chicago.
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The priciest monthly assessments in Chicago right now
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1110 N. Lake Shore Drive Unit 8S
This four-bedroom, four and a half bathroom unit in the Benjamin Marshall-designed 1110 N. Lake Shore Drive overlooking Lake Michigan has a listing price of $2.4 million. However, the real sticker shock is the monthly assessment, which comes to $13,401. At least property taxes are included in this amount.
1500 N. Lake Shore Drive Unit 14-15
This spacious two-level co-op on Lake Shore Drive listed earlier this year at $13.5 million, becoming one of the city's most expensive for-sale properties. Today, it's asking $10.5 million, but the monthly assessment comes in at an equally whopping $10,861 per month. And unlike the priciest monthly assessment just down the street at 1110 N. Lake Shore Drive, this monthly payment doesn't include property taxes.
2430 N. Lakeview Avenue Unit 5-6S
This unit in the Andrew Rebori-designed 2430 N. Lakeview Avenue listed a few months back and is currently asking $3.35 million. The monthly assessment, which includes taxes and everything else imaginable, runs $10,478 per month. The listing agent also mentions that the building is "cash only." Millionaires need only apply.
2430 N. Lakeview Avenue Unit 11-12N
There's no denying that this 5,600-square-foot unit at 2430 N. Lakeview is grand. It boasts original vintage finishes and a hand-crafted charm only found in older homes. However, this level of craftsmanship and luxury will cost a pretty penny. The listing is seeking $3.49 million with an additional $10,000 per month assessment.
118 E. Erie Street Ph 2
This penthouse space at the Ritz-Carlton Residences hasn't been built out yet, but the listing features a number of renderings that offer an idea of how it can be finished. And with a $10 million ask, the bill for the completed unit could make this one of the priciest condos in Chicago. The monthly assessment will set you back another $8,905.
401 N. Wabash Avenue Unit 87A
Located on the 87th floor of the Trump Tower, this baller four-bedroom, four and a half bathroom unit is stylish and nicely appointed. One of the cool things about it is that it wraps around the building, offering skyline views in all directions. This one is asking $12.7 million and comes with an $8,751 monthly assessment.
189 E. Lake Shore Drive Ph 18
This 8,025-square-foot penthouse on Lake Shore Drive is essentially a mansion in the sky. Located on the 18th floor, this one sports highly refined finishes and sweeping lakefront views. It's available for $8.8 million and includes a monthly assessment of $7,328.
161 E. Chicago Avenue Unit 60M3
For $4.299 million, you'll get some pretty spectacular skyline views from this Olympia Centre unit. Located along the Magnificent Mile, the assessment is equally magnificent at $7,282 per month.
65 E. Goethe Street Unit 4N
Located in the Lucien LaGrange-designed 65 E. Goethe, this unit features a classic European-inspired aesthetic. This unit is long and spacious, but one of the big highlights is the rooftop garden and deck space. The ask on this one is $6.2 million and includes a $7,147 monthly assessment.
1500 N. Lake Shore Drive Unit 20B
This colorful co-op unit at 1500 N. Lake Shore Drive is a bit on the eccentric side with its various patterns and shades of wallpaper and paint. But like other lakefront co-ops, this one is certainly not cheap. It's seeking $3.4 million. Be sure to set aside another $6,841 per month for the assessment (which includes taxes).
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