Chicago Condo Market Update: Assessments, HOA Fees, Special Assessments & New Mortgage Rules

In this week's Monday Morning Coffee, Anne and Kyle dive into the latest Chicago real estate market trends and answer one of the most common questions they hear from buyers and sellers: Why are condo assessments so high? The Chicago housing market remains competitive, with many properties selling at or above asking price and going under contract in just days. Anne and Kyle break down recent market statistics, inventory levels, buyer demand, and what today's fast-moving market means for both buyers and sellers. They also take a deep dive into condo assessments (HOA fees), explaining: ✅ What condo assessments actually pay for ✅ Why high-rise buildings often have higher monthly fees ✅ The real cost of doormen, engineers, and building staff ✅ How reserves, maintenance, and building age affect assessments ✅ Why amenities like pools may not impact fees as much as you think ✅ The difference between condo assessments and special assessments ✅ How to evaluate whether a building's HOA fees are reasonable In addition, Anne and Kyle discuss important upcoming changes to condo financing and lending requirements that could affect buyers, sellers, and condo associations throughout Chicago. Learn how reserve funding requirements, building health reviews, insurance, and critical repairs may impact mortgage approvals, interest rates, and property values. Whether you're buying your first condo, downsizing from a single-family home, investing in Chicago real estate, or serving on a condo association board, this episode provides valuable insights into today's condo market. ⏱️ Topics Covered: • Chicago housing market update • Condo assessments explained • HOA fees and monthly costs • Special assessments • Condo reserve funds • High-rise vs. walk-up buildings • Building amenities and operating costs • Condo financing changes • Warrantable vs. non-warrantable condos • Mortgage lending requirements • Chicago condo buying tips • Chicago condo selling advice 📍 Serving buyers and sellers throughout Downtown Chicago, the Near North Side, Streeterville, River North, Gold Coast, Lincoln Park, South Loop, West Loop, and surrounding neighborhoods. 📞 Have questions about buying or selling a condo in Chicago? Reach out to Anne Rossley and her team for expert guidance. 📌 Subscribe for weekly Chicago real estate updates, neighborhood spotlights, market statistics, and honest conversations about housing trends. For Everything Chicago, Ask Anne... 📩 [email protected] 📞 773-620-5333 🌐 annerossley.com Follow Anne: Facebook: facebook.com/annerossleyrealestate Instagram: instagram.com/annerossley Twitter: twitter.com/annerossley Linkedin: Linkedin.com/in/annerossley With 25+ years of real estate experience selling in downtown Chicago, Anne Rossley is the go-to advisor for corporate executives moving in and out of the city, empty-nesters transitioning to the city and anyone just trying to find their perfect fit in Chicago. Selling each of Chicago’s vast housing options, Anne understands the nuances of historic properties, luxury single-family homes, and lakefront condos/co-ops. She is an industry gem with her sharp sense of humor and low-pressure approach that is always coupled with a splash of sophistication and a little spunk. NOTE: Anne focuses on city business and will happily refer you to the best resource in collar counties/suburbs if this isn't a perfect fit. Make Anne your first call! Anne (and Baird & Warner) is a member of Leading Real Estate Companies of the World and Luxury Portfolio.