edmo14
New Member
I'd have to argue that Ultima is cheap for a reason, it's one of the most poorly constructed residential towers I've seen.
Agree that SKY is over pricing their units, but Ultima is a very poor example for a standard.
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I'd have to argue that Ultima is cheap for a reason, it's one of the most poorly constructed residential towers I've seen.
Agree that SKY is over pricing their units, but Ultima is a very poor example for a standard.
Vacs
Active Member
name a tower that you think is equivalent.
icon 2 - ~$490
fox - ~$554 for pent house
encore - ~$585
this is just from taking random listings off of realtor.ca
occidentalcapital
Senior Member
They had a big water loss sometime in the last year if my memory serves me
You can bet they have to budget for a big deductible in addition to the increased insurance costs.
IanO
Superstar
Given that deductibles have gone from 10k to 25k to many being 50k now it is certainly a considerable line item that needs much care and attention.
kcantor
Senior Member
i'm not an insurance expert but there is also a big hole between the maximum deductible that can be recovered from a unit owner under the condominium act (which i think is $50k) and the minimum deductible that is now becoming almost standard in policy deductibles, particularly when it comes to water losses, of $250k. that means for a board to budget for a not unreasonable 2 or 3 instances a year they need to collect $400-600k in their operating budgets as insurance deductibles are operating and not a reserve expense. while they could roll the dice and not budget for anything, that would mean a special assessment would be required every time there is a water loss in order to complete the repairs.
IanO
Superstar
50k is correct for individual unit owners.
Edmonton
New Member
SKY Condo 2022 Budget
| Accounting & Audit Fees | 5,775.00 |
| Management Fees | 89,937.54 |
| Insurance | 303,600.00 |
| Licenses/Fees/Permits | 1,664.00 |
| Office Expense/Digital Storage Fee | 3,770.00 |
| Professional & Legal Fees | 3,900.00 |
| Administrative | 1,365.00 |
| Total Administration | 410,011.54 |
| Electricity/Power | 103,350.00 |
| Natural Gas | 169,000.00 |
| Phone/Intercom | 4,680.00 |
| Water/Sewer | 17,842.50 |
| Waste Removal | 115,621.51 |
| Total Utilities | 410,494.01 |
| Total Wages & Benefits | 413,517.37 |
| Snow Removal | 1,989.00 |
| CMMS Platform | 1,457.82 |
| Uniforms | 3,900.00 |
| Laundry and dry cleaning | 2,340.00 |
| Christmas Décor | 975.00 |
| Property Signage | 1,625.00 |
| Mat Rentals | 2,600.00 |
| Window Washing | 18,700.50 |
| Carpet Cleaning | 7,917.00 |
| Fire Alarm/Equipment | 26,459.73 |
| Landscaping/Lawn Care upgrade | 5,502.25 |
| Painting Service | 2,112.50 |
| Plumbing Repairs | 11,700.00 |
| Doors/Lock/Windows | 6,513.00 |
| Exterior Maintenance/Repairs | 6,500.00 |
| Electrical Maintenance/Repairs | 3,250.00 |
| Interior Maintenance/Repairs | 9,750.00 |
| Janitorial contract | 83,630.71 |
| Post event cleaning | 1,300.00 |
| Janitorial Supplies & Equipment | 3,380.00 |
| General Maintenance Supplies | 13,000.00 |
| Maintenance Shop | 7,800.00 |
| Elevator Service Calls and repairs | 3,900.00 |
| Insurance deductible | 65,000.00 |
| In-suite filter changes | 11,521.50 |
| Parking Expenses | 13,041.37 |
| Pest Control | 1,950.00 |
| Hot Tub Water Testing | 2,340.00 |
| Hot Tub Chemicals | 1,950.00 |
| Total Building & Grounds Expense | 322,105.38 |
| Security Cameras/Intercom and Fobs Repair & Maintenance | 1,950.00 |
| Fitness Equipment & Amenity | 1,625.00 |
| Golf Simulator | 1,625.00 |
| Fire alarm Monitoring | 1,228.50 |
| Elevator Contract | 56,935.45 |
| Elevator Permit | 1,669.67 |
| HVAC Contract | 20,376.04 |
| Boiler checks weekends | 11,670.75 |
| HVAC Repair & Maintenance | 3,250.00 |
| Water Treatment | 5,200.00 |
| Generator inspection | 1,622.75 |
| Infrared Thermo scan | 1,351.35 |
| BMS Preventative Maintenance Contract | 13,370.18 |
| Preventive Maintenance | 121,874.68 |
| Parkade Management Costs | 207,870.90 |
| Plaza Costs | 66,299.43 |
| Shared Facilities Common | 84,371.52 |
| Total Property Taxes | 9,750.00 |
| Reserve Contributions | 73,616.40 |
| Reserve Fund Study | 9,750.00 |
| Total Budget | 2,119,911.23 |
IanO
Superstar
Well then.
I sure hope they receive a portion of the revenue to offset those costs...
I sure hope they receive a portion of the revenue to offset those costs...
| Parkade Management Costs | 207,870.90 |
| Plaza Costs | 66,299.43 |
rake
New Member
Yikes, no way those reserve fund contributions stay that low over time either. I suspect a large hike is still in their future.
JNO1
Active Member
From yesterday. No sign of any tenant improvements in the second level food court
The second floor of the Scotia Bank branch, as you enter Stantec from the pedway connection the the JW.
.
The second floor of the Scotia Bank branch, as you enter Stantec from the pedway connection the the JW.
.
David A
Senior Member
Oh that's what this is supposed to be. I was wondering when I went by.
Probably not a good time to open a food court with on and off COVID restrictions still and many people still working from home.
Probably not a good time to open a food court with on and off COVID restrictions still and many people still working from home.
strata
Active Member
^ Tenants still haven't been turned over the space for the food court...but judging by those photos, not sure what the hold up is?
Wonder if the groups that signed leases 3 years ago are still as excited on the project?
Wonder if the groups that signed leases 3 years ago are still as excited on the project?
Avenuer
Senior Member
Hard to open a fast food joint that would mainly serve a lunch crowd when there are few office workers in your building. Look at Olly Frescos in City Centre Mall, they just closed permanently because there haven't been many workers back in the offices yet.
edmo14
New Member
I'd say Encore is the closest comparable. Never said SKY was a good value, quite the opposite actually.
Just pointing out that Ultima is a very poor value even at the low pricing.
They are relying on the 'prestige' of the tower height for their sales numbers.
Keep in mind the lowest units in SKY on L31 are higher than the top of the Pearl!
