Think your condo assessment is high? At least you’re not paying $13,244 a month. That’s the new monthly assessment for the top floor penthouse at Trump Tower Chicago. Previously the monthly assessment was $12,442.
Whether the penthouse’s new assessment is the only Chicago condo assessment above $13K is hard to verify. Monthly assessments are only made public when units are listed for sale. Given that some ultra luxury ($3M+) full floor condos sold in the past few years have been combined with other full floor units, there are most likely one or more with a monthly assessment above that for the Trump Tower Chicago Penthouse.
So what does the Trump penthouse owner get for $13,444 a month? The owner gets access to the same services and amenities as all the other Trump owners. See my page for Trump Tower Chicago Condos for details and the condos for sale.
The penthouse has 14,260 square feet of space. So the new monthly assessment per square foot is $0.93.
TRUMP TOWER CHICAGO RESIDENTIAL VS. HOTEL CONDO ASSESSMENTS
The new $13K+ monthly assessment for the Trump Tower Chicago Penthouse got me to wondering about assessments for other condos at Trump Tower Chicago that are currently on market. The data is limited to homes listed for sale. Listings in our multiple listing system* require disclosure of monthly assessments. Private sales are not included since assessments aren’t made public.
If you compare the assessments per square foot for residential and hotel condo units at Trump Tower Chicago, you’ll see that the hotel condo assessments are much higher than the residential condo assessments. For hotel condos currently on the market the assessments per square foot range from $1.14/SF to $3.61/SF. Residential condo assessments per square foot range from $0.48/SF to $0.93. Monthly assessments per square foot are based on floor height and exposure.
*The multiple listing system for Chicago and the surrounding area is Midwest Real Estate Data (MRED).