CHICAGO SUN-TIMES : The perfect shock: Condo dreams turn into nightmares with $100,000 special assessments

Thanks to Dick Simpson for giving me this. I keep telling people to watch out for huge special assessments in the years to come. Check this one out:

About 100 condo owners at two renovated buildings...have faced special assessments as high as $100,000 apiece to pay for damage they say is caused by shoddy construction. The two condominium buildings are undergoing a total of $7 million in repairs, and their boards have filed lawsuits asking the developers to take responsibility for alleged construction defects. A legal expert says the jaw-dropping extra assessments result from a perfect storm of condo conversion circumstances: A lack of oversight by the city, buyers with stars in their eyes and little information and developers who claim they have no assets to correct defects after they sell the condos.