Chris, Home Buyer in 60622

I'm very interested in the property at 2300 West Warren Blvd, but the assessments seem incredibly high at

Asked by Chris, 60622 Mon Feb 23, 2009

over $280. Very basic items are covered, such as water and garbage. Based off of the included items and location of the unit, what would cause such a high rate?

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Christopher.Thomas’ answer
Dear Chris,

Just looking briefly at the listing information, this looks to be a duplex unit on multiple floors. The more square footage a unit owner has in any condominium project, then the higher the percentage of the common area expenses that unit will have to cover. Your percentage of the building expenses is based primarily (although not exclusively) on the amount of the total space/footprint that the individual unit affects/is responsible for. At 2300 square feet, this amount for an assessment does not sound too remarkably out of line. As Jeff states below, you will have the opportunity to review the the condominium association's documents and meeting minutes and financial documents. Good luck to you.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
christopher.thomas@sothebysrealty.com
http://www.mayagentchris.com
0 votes Thank Flag Link Mon Feb 23, 2009
The devil is in the details (minutes, budget, etc). When a big repair comes up, the association can pay for it with a special assessment and/or increase in the regular assessment. So they may have repairs to pay for or maybe the day to day expenses increased or maybe they want a larger reserve. Once the contract is in place, you will have a chance to review all this information to make sure the building is not a lemon. You may be able to get the info now, through the listing agent or association website, but make sure to get the minutes. These are NOT required to be disclosed by law and usually they contain info about bids the association is asking for, so often they are the most important document to review.

good luck and be sure to use a buyer agent with experience in short sales!
Web Reference: http://www.1sthomegroup.com
0 votes Thank Flag Link Mon Feb 23, 2009
Sometimes associations are building up healthy reserves to avoid the need for special assessments.
Web Reference: http://www.realtyfreak.com
0 votes Thank Flag Link Mon Feb 23, 2009
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