ILLINOIS – What If Your Condo’s Special Assessment Was $80,000? It Could Happen Here

DNAINFO.COM:  What If Your Condo’s Special Assessment Was $80,000? It Could Happen Here
By Ted Cox
January 24, 2017

CHICAGO – OLD TOWN TRIANGLE — And you thought your condo’s special assessment was big.

An Old Town condominium building is facing an estimated $18 million repair bill — leaving some residents on the hook for one-time payments of as much as $80,000.

Bruce Theobald, a condo owner at the Kennelly Square condominium at 1749 N. Wells St., said the more than 260 unit owners had been told that estimated repairs were $18 million, requiring a special assessment.

According to Theobald, that would mean “rough numbers” of about $30,000 for a studio, $50,000 for a one-bedroom and as much as $80,000 for a two-bedroom.

“This problem has been developing literally for decades,” Theobald said, adding that repairs were put off too long.  Read more:

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