What do you think of this project?


  • Total voters
    64
For me, its not even the condo fees,

Units at ultima are going for roughly $470/sqft

Thats a huge difference

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.
 
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.
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
 
Kinda sorta.

Ours went up about ~24% but still only represents about 16% of our overall budget. Not great, but not a deal breaker.

That said, some buildings experienced increases of 40%+...
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.
 
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.
 
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.
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.
 
SKY Condo 2022 Budget

Accounting & Audit Fees5,775.00
Management Fees89,937.54
Insurance303,600.00
Licenses/Fees/Permits1,664.00
Office Expense/Digital Storage Fee3,770.00
Professional & Legal Fees3,900.00
Administrative1,365.00
Total Administration410,011.54
Electricity/Power103,350.00
Natural Gas169,000.00
Phone/Intercom4,680.00
Water/Sewer17,842.50
Waste Removal115,621.51
Total Utilities410,494.01
Total Wages & Benefits413,517.37
Snow Removal1,989.00
CMMS Platform1,457.82
Uniforms3,900.00
Laundry and dry cleaning2,340.00
Christmas Décor975.00
Property Signage1,625.00
Mat Rentals2,600.00
Window Washing18,700.50
Carpet Cleaning7,917.00
Fire Alarm/Equipment26,459.73
Landscaping/Lawn Care upgrade5,502.25
Painting Service2,112.50
Plumbing Repairs11,700.00
Doors/Lock/Windows6,513.00
Exterior Maintenance/Repairs6,500.00
Electrical Maintenance/Repairs3,250.00
Interior Maintenance/Repairs9,750.00
Janitorial contract83,630.71
Post event cleaning1,300.00
Janitorial Supplies & Equipment3,380.00
General Maintenance Supplies13,000.00
Maintenance Shop7,800.00
Elevator Service Calls and repairs3,900.00
Insurance deductible65,000.00
In-suite filter changes11,521.50
Parking Expenses13,041.37
Pest Control1,950.00
Hot Tub Water Testing2,340.00
Hot Tub Chemicals1,950.00
Total Building & Grounds Expense322,105.38
Security Cameras/Intercom and Fobs Repair & Maintenance1,950.00
Fitness Equipment & Amenity1,625.00
Golf Simulator1,625.00
Fire alarm Monitoring1,228.50
Elevator Contract56,935.45
Elevator Permit1,669.67
HVAC Contract20,376.04
Boiler checks weekends11,670.75
HVAC Repair & Maintenance3,250.00
Water Treatment5,200.00
Generator inspection1,622.75
Infrared Thermo scan1,351.35
BMS Preventative Maintenance Contract13,370.18
Preventive Maintenance121,874.68
Parkade Management Costs207,870.90
Plaza Costs66,299.43
Shared Facilities Common84,371.52
Total Property Taxes9,750.00
Reserve Contributions73,616.40
Reserve Fund Study9,750.00
Total Budget2,119,911.23
 
From yesterday. No sign of any tenant improvements in the second level food court
649B392A-6039-4F3A-B18F-D084A7F37ECE.jpeg
994BF4F0-BA3B-4C10-BCFF-C886613BDCCD.jpeg

The second floor of the Scotia Bank branch, as you enter Stantec from the pedway connection the the JW.
9D0BC876-425A-4DE3-B17D-14890339071C.jpeg

.
 
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.
 
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

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!
 
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.
🙄
 

Back
Top