_urbanite
Senior Member
The podium reno for Claire Estates is coming along
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- Thread starter Daveography
- Start date
_urbanite
Senior Member
Partial parkade demo ongoing at Hillside Estates. Stability issues with the slope the parkade was built into
IanO
Superstar
I feel really bad for those owners/residents. They have literally been working on that for a decade and at significant cost.
Avenuer
Senior Member
_urbanite
Senior Member
My SO is unfortunately an owner in these buildings. Multiple special assessments since 2008 (when she bought in). I'm very curious to see how these buildings hold up over the next 10-20 years
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IanO
Superstar
That's very poor logic.
northlands
Senior Member
Ouch. Saw that a 900 soft unit had condo fees at over $1200/mo in that building.
bodsbods9090
Active Member
No it's not.
I never wanted to own a condo for the exact reason of special assessments. Not everyone has your way of thinking Ian.
IanO
Superstar
^sure, but the price is likely 25-30% lower than comparable units to make up for that.
IanO
Superstar
'my way of thinking'?
Maintenance and budgeting on a property, any property occurs, and is part of home ownership. The idea that folks that own homes don't have 'special assessments' is bad logic and a poor argument.
People defer maintenance or are unaware of needed work all the time and often get caught off guard or do not budget for all things.
You may have more control, but don't be fooled that you don't have 'common area fees'.
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bodsbods9090
Active Member
I'd rather have control of things then have a condo board go get an assessment that comes back at $30k because the elevators were poorly designed and are failing or the roof of the whole condo complex needs be re-done.
It's an to each their own kind of thing but don't tell people who don't want to own a condo that their logic is poor. They have their reasons.
IanO
Superstar
You are missing the point though. All properties have degradation, risk of failure or replacement needs, have lifecycles and associated budgeting.
bodsbods9090
Active Member
I'm aware.
But I'd rather not have to pay $30k out of pocket right away for a bigger building. I know my house will have to have work done on it but if my roof needs to be re-done, it's not going to cost me as much.
IanO
Superstar
Fair, but having owned a condo for 19 yrs I've never had to pay a single special assessment, cut a lawn, buy a lawnmower, shovel snow, replaced a deck, paid for a gym membership, redone a roof, etc. etc.
Don't paint all condos with the same brush for there are many incredibly well run condos who have appropriate reserve funds, maintenance records and good value for monthly fees.
To each their own indeed.
Don't paint all condos with the same brush for there are many incredibly well run condos who have appropriate reserve funds, maintenance records and good value for monthly fees.
To each their own indeed.
bodsbods9090
Active Member
Oh for sure.
I almost bought a condo way back in 2010 and thank God for my lawyer who did their due diligence on my behalf. They basically told me to run and run fast from that condo. And guess what? That condo had a huge fire because of poor electrical work in part of the condo building. And the elevators were needing to be re-done and the bill was going to be very high.
If those buying do their homework, they can find good condos or houses for sure. All a matter of preference.