The monthly assessment on a West Loop condo tells you almost nothing. That sounds backwards, since it's the first number every buyer asks about. But a low assessment can be the most expensive thing in the listing.
Here's why. Many of the brick-and-timber loft conversions around Washington Boulevard and Morgan went condo in the late '90s and early 2000s. Those buildings are now 25-plus years into their second life. Roofs, elevators, masonry, those big original windows. It all comes due at roughly the same time, whether or not the board saved for it.
In Illinois, the seller has to provide what's called a 22.1 disclosure package. It covers the budget, the reserve balance, any special assessments already approved, and any litigation. Most buyers skim it during attorney review, sign off, and move on. I'd push you to do more.
Ask for the last 12 months of board meeting minutes too. They aren't always in the package, but the association or management company can provide them. The minutes are where you find the conversations that haven't turned into a special assessment yet. "Engineer's report on the east facade received." "Tuckpointing bids to be reviewed next quarter." That's a bill with your name on it. It just doesn't have a date yet.
Here's my opinion, and some agents disagree with me. I'd rather see a client pay $100 more a month in a building with a healthy reserve than save that money in a building that's kept dues artificially low. The cheap building isn't cheap. It's putting things off. A five-figure assessment the spring after you close hurts a lot more than higher dues ever would.
What to do with this depends on where you sit.
If you're investing, read the declaration for rental restrictions. Plenty of West Loop associations cap the number of leased units or make owners live there for a set period before renting. Find that out before you run your numbers, not after.
If you're selling, pull your own 22.1 documents before you list. If the minutes mention a facade study, the buyer's attorney will find it. You want to be the one explaining it, with bids in hand, not reacting to it on day four of attorney review.
If this is your first place, here's the short version. Before you fall in love with the exposed beams, find out who's paying to keep them standing.