Stevey_G
Active Member
Fees of over a dollar per square foot? Can someone explain why?
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Gronk!
Senior Member
My downtown condo, which is over 40 years old with a view of the river valley, is worth about $150,000 according to the COE's 2022 assessment (I could get way more than that if I sell it) plus $515/month in condo fees. I have no idea why SKY Residences is charging a more expensive condo fee when it's only a few years old.
ChazYEG
Senior Member
I'd bet on amenities, and the lower number of people living there, compared to the size of the building, which increases the cost per unit, at the moment.
IanO
Superstar
Unsure, but could include things such as:
-Utilities - often water/heat
-Access to a pretty amazing selection of amenities
-High quality common lounges, spaces
Stevey_G
Active Member
How do these amenities compare to the amenities of Legends? Those condo fees have me highly suspicious.
IanO
Superstar
I believe you get access to Archetype (which is pretty amazing) along with Sky's own private amenities.
ChazYEG
Senior Member
Yes, You do.
Vacs
Active Member
For me, its not even the condo fees,
Units at ultima are going for roughly $470/sqft
Thats a huge difference
Units at ultima are going for roughly $470/sqft
Thats a huge difference
occidentalcapital
Senior Member
Insurance costs have skyrocketed for multi-family buildings, likely a good portion of their fees are insurance.
IanO
Superstar
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%+...
Stevey_G
Active Member
Who’s idea was it to deregulate insurance when there’s evidence doing so doesn’t actually increase competition in an industry with high barriers to entry?
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.
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.