ILLINOIS – What If Your Condo’s Special Assessment Was $80,000? It Could Happen Here
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:
Posted on January 25, 2017, in Uncategorized. Bookmark the permalink. Comments Off on ILLINOIS – What If Your Condo’s Special Assessment Was $80,000? It Could Happen Here.