Edmonton
New Member
Hearing that Sky Residences are buying back units to convert to full rental?
How does that work business wise?
I'll ask about it and report back if I hear anything. Most of the people on my floor are owners.
That's what I've heard as well. From what I understand, sales were really poor- only around 20% of the units were sold (that’s just what I’ve heard, I don’t have the exact sales figures), and as a result the developer decided to buy back the sold units and convert the building into full rental.
All the owners were given a few options:
- Sell their unit back to the developer (this is the starting point for everyone).
- After selling back, owners could choose between:
- Purchasing a comparable unit in Legends at a reduced rate if they want to continue owning.
- Leasing back their unit at a reduced rental rate if they prefer to stay without buying another property.
- Taking the cash buyout and walking away altogether.
It sounds like most owners have already accepted one of these offers, and the developer is now wrapping up the final legal steps to terminate the condo corporation.