When assessments kill sales prices

Top-tier condo and co-op buildings in prime locations command high sales prices despite high monthly assessments. The assessments are a result of the scope and quality of the services that building residents expect and wouldn’t forgo.

Less desirable buildings and neighborhoods often see prices punitively battered by assessment levels.

Take 5000 South East End Ave, a co-op in the Hyde Park / Kenwood neighborhood, as an example.

Unit 15C has been on the market for over 1,000 days. It has two generously-sized bedrooms, 2.5 baths, large living and dining rooms and a library. The unit has been rehabbed, has hardwood floors throughout, and includes parking. The monthly assessment: $2,621. The asking price: $30,000.

A few floors down, the three-bedroom, 2.5-bath, 2,000 square-foot Unit 11A is being offered for $49,000. The monthly assessment is $1,724, which may not include a special assessment currently in effect. The listing describes the unit as a condo, which it’s not.

You can also step up to the penthouse level where $140,000 will fetch a two-bedroom, two-bath unit that’s said to include $200,000 in upgrades and a “built-in wine captain.” The monthly assessment tab: $1,653.

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