Heart of Chicago - Neighborhood thoughts / suggestions

[Master Jay]

@vb808, yes the strip there and a block perhaps in each direction is a world of it's own! I'm glad you enjoyed it. Ignotz is my favorite restaurant there. I wish you great success in your search! Take care- Master Jay from Milwaukee

[fusillirob1983]

Originally Posted by Chicago South Sider

The HOA fees for high rise condos are always substantial.

Yes, they should be less for more of a walkup or building with significantly fewer units outside The Loop/River North.

[Vlajos]

Originally Posted by fusillirob1983

Yes, they should be less for more of a walkup or building with significantly fewer units outside The Loop/River North.

Yeah, they are less. I linked to a 2 BD/2 BA condo in Heart of Chicago above with $168 HOAs. I've owned two condos in Chicago. One a 2BD/2Ba and the other a 4BD/3BA. Never paid more than $250 HOA. My parents pay almost $900 in the Legacy, but it includes cable, internet and heat and of course doorman and elevators, pool etc.

[lepoisson]

Originally Posted by Vlajos

Yeah, they are less. I linked to a 2 BD/2 BA condo in Heart of Chicago above with $168 HOAs. I've owned two condos in Chicago. One a 2BD/2Ba and the other a 4BD/3BA. Never paid more than $250 HOA. My parents pay almost $900 in the Legacy, but it includes cable, internet and heat and of course doorman and elevators, pool etc.

Here's an example of what I'm talking about: https://www.zillow.com/homes/for_sal...t/14_zm/0_mmm/

This building was built in 2003, so there shouldn't be many maintenance issues to deal with at this point. The HOA fee is $585 and includes: Exterior Maintenance, Lawn Care, Water, Parking, and Exercise Facilities.

Would all of these things cost $585/mo in a single family home? No idea, but $585 seems a lot to pay when you consider the mortgage will probably be in the 1000-1700 range.

My friend owns a condo in the Dallas area and his HOA is $350 and includes exterior maintenance, two pools, lawn care, water, assigned parking, exercise room, outdoor grills, tennis courts.

[TBideon]

You really can't just look at an HOA fee and say it's too high or too low in a vacuum. There are so many variables that need to be taken into account: you need to know the HOA's reserve fund, get a record of special assessments in the past and inquire if any special assessments are planned for the future, see how often increases occur historically, compare the HOA dues of that building to similar construction nearby, has or will the HOA been involved in any legal disputes, read minutes from prior HOA meetings, etc.

[chet everett]

Originally Posted by TBideon

You really can't just look at an HOA fee and say it's too high or too low in a vacuum. There are so many variables that need to be taken into account: you need to know the HOA's reserve fund, get a record of special assessments in the past and inquire if any special assessments are planned for the future, see how often increases occur historically, compare the HOA dues of that building to similar construction nearby, has or will the HOA been involved in any legal disputes, read minutes from prior HOA meetings, etc.

...you have to be smart about digging into reserves, history of special assessments, comparable buildings.
That said when it crosses over a line that is more than just a “bit of foamy milk on top of overly roasted coffee” the pool of folks who tolerant such fees becomes vanishingly small.

So let’s put some numbers around this — say you spend $4 every morning with the coffee people. End of the week that’s $20 they have that you don’t. Compared to CTA/Metra pass not a big deal, as you can’t get either of those for under $80/mo...

But double that? Two trips to get the barista fix? Still gonna be tolerated by most folks as $160x12 is still small potatoes, not really worth cutting back as your under $2kyr...

But if you cross that threshold folks really do say “where’s the value”. They’re gonna want amenities they can see — in-building workout facility, on-site pool better be part of the hundreds a month fees...