Is a special assessment in the works at Fulton House?

The Board of Directors of the Fulton House Condominium Association was scheduled to meet Monday evening to discuss, among other items, levying a special assessment against unit owners for façade repairs and roof replacement. If we’re able to learn the results of the Board meeting and the amount of any special assessment we’ll pass along the details.

Special assessments to cover major building repairs are more common than condo buyers like to think, and they can be costly. In two buildings we’re familiar with recent special assessments amounted to six figures for some owners.

If you’re buying a resale condo you should ensure that your contract requires the seller to provide the disclosures specified in Section 22.1 of the Illinois Condominium Property Act. Carefully evaluating those disclosures, however, is just one step in your due diligence.

You should have a competent, independent home inspector review the property’s common areas. If your inspector is not given full access, that’s a major red flag that you shouldn’t ignore. It’s not uncommon for homeowners’ associations, especially ones that are self-managed or managed by second-rate companies, to ignore needed repairs to a building rather than incur the cost of remedying them.

Tips, Advice, Buying, Condos, Condominiums, Condominium Property Act, Disclosures, Special assessments, Fulton House Condominium


  • EUGENE 2 years


  • Clementine 2 years

    The Fulton House Board recently passed a special assessment of approximately 7.2 million dollars. This will cover repair of the facade, new roof and passenger elevators. The homeowners will be responsible for the entire cost.

  • Brian 2 years

    Is there a way to confirm this figure? Clementine, do you reside in the building? I’m just curious if this high number is accurate. I’m also curious how quickly owners need to pay this amount. Thanks.

    • Brian,

      I emailed Clementine yesterday with questions and left a message for the condo manager earlier today. Haven’t heard back from either.

    • Clementine 2 years

      In response to your questions. Yes, I own a condo at Fulton House. The Board originally passed a $12 mil special assessment. That assessment included a total re-brick of the facade. The cost of the assessment caused quite an uproar. The Board’s decision was eventually overturned by a majority of owners. There are several repayment options, the longest being 10 years.

  • Clementine,

    Thanks for the update.

    I just heard back from the property manager, who provided the same information you have.

    The special will not be final until after an owners’ meeting next week.

  • Brian 2 years

    Thanks for the info and follow up. It’s interesting to hear how associations handle/bill for repairs this large in scope. Joe, is it relatively common to see numbers in this range from time to time?

  • Brian,

    I wouldn’t say it’s common – I’d say it’s not unusual.

    I can think of more than a dozen over the past half dozen years, and I’m sure there are more I haven’t heard of.

    Most large buildings have studies done and build up reserves to handle potential major repairs. My understanding is that part of the special at Fulton House is going into the reserve fund.

  • Becky 2 years

    I am considering buying a condo here but then i heard about the special assessment. Was a decision made? How much is it costing homeowners?

  • Becky,

    There has been a special assessment. Details and status of payment can vary so widely that you really need to look at how it affects a specific unit you’re interested in. Work with your real estate agent on this.