Assessing assessments: Library Tower

Library Tower, 520 S State St, ChicagoPrices keep going down at Lennar‘s Library Tower, located at 520 S State St in the South Loop. The developer on Wednesday slashed the prices of two listed one-bedroom condos by more than 20 percent, bringing them down from the $330s and $350s to the $260s and $270s. Lennar also offering garage parking spaces, originally priced at $40,000 or more, at no additional cost.

Those numbers represent your “big” home costs, but we often forget to delve into the assessments that come with a home. Starting today, we’ll devote an occasional post to these monthly payments — how much the developer estimates a buyer will pay each month, and which services those payments are meant to fund.

According to a price sheet from late 2008, assessments at Library Tower pay for the following utilities and services:

  • 24-hour door staff
  • High-speed Internet
  • Basic cable
  • Fitness center
  • Business center
  • Conference room
  • Hospitality room
  • Rooftop deck
  • Bicycle storage
  • Indoor dog run
  • Dry cleaning
  • Landscaped park
  • Common area maintenance and insurance
  • Water and trash removal

Assessments for Library Tower’s one- to three-bedroom condos appear to come out to about 25 cents per square foot. Lennar currently estimates the following monthly amounts for its listed units:

  • One-bedroom / one-baths: $239 to $285
  • Two-bedroom / two-baths: $334 to $378
  • Two-bedroom / two-bath penthouses with dens: $404
  • Two-bedroom / 2.5-bath penthouses with dens: $444
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