What do you think of this project?

  • I like it a lot

    Votes: 4 33.3%

  • I like it

    Votes: 6 50.0%

  • I neither like nor dislike it

    Votes: 2 16.7%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    12
TAS said:
Out of 44 units, only 5 remain available for rent.

Two bedroom units at $1,980/month.
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I could see lots of university interest. I had a friend in medical school paying 2400 for a 2bdrm in this area. They know they'll make great money soon, so they aren't as price conscious
 
TAS said:
I went onto website and it just says Now Renting from $1,980/month for two bedroom.

If it was for sale, there are no details about it on the site anymore. Like I said, just 5 units available.
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I know a few people that own in this building and haven't heard wonderful things about the developer sitting on the condo board. I wonder if they are simply not selling the units anymore. Perhaps more money to be made by renting them out.
 
westcoastjos said:
I know a few people that own in this building and haven't heard wonderful things about the developer sitting on the condo board. I wonder if they are simply not selling the units anymore. Perhaps more money to be made by renting them out.
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Maybe by renting and thereby maintaining ownership of 5 units, it gives the developer more control over condo board? Not sure how that all works.
 
TAS said:
Maybe by renting and thereby maintaining ownership of 5 units, it gives the developer more control over condo board? Not sure how that all works.
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I'm not sure. I've read about that before, but forget if it was here or on the news. I feel like the province was amending rules to make it harder to developers to retain as much influence even if they own a bunch of units.
 
Turnover for developers can be complicated and muddied. They must turn it over after 50% of the unit factors/titled units are accounted for, but theoretically can remain on or have a representative remain on the board if they are an owner themselves.
 
TAS said:
Maybe by renting and thereby maintaining ownership of 5 units, it gives the developer more control over condo board? Not sure how that all works.
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Makes sense to have more control over the board if you're plan is to sell the units in the future. They wouldn't want any condo bylaws being put in place that might affect your ability to sell later afterall

With that said, I thought in Alberta there are restrictions in place that limit how much influence and single owner (of multiple units) can have on a condo board
 
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