Stanley Park Condos w/$750 Fees. Structural?

[cam_wmh]

Hey Folks,

I'm in the market, and about a month ago, came across these condos in Stanley Park, priced about %25-30 Below Market Value. Anyone know why their fees are so high? I am curious; I did inquire with one of the realtors, and he just rambled, about poor management, before I cut the conversation short.

~$750/month

*The building sinking? (lol Pointe of View?)
*Fudged condo minutes, and reserve fund too low?

1) http://www.realtor.ca/propertyDetail...ertyId=7208569
2) http://www.realtor.ca/propertyDetail...ertyId=7284949
3) http://www.realtor.ca/propertyDetail...ertyId=7321405
4) http://www.realtor.ca/propertyDetail...ertyId=7321406

TIA
Cam

[RY213]

Wow, those are all foreclosures!!!

[revelations]

Thats retarded.

I wonder who the builder was and how old these things are.

[barmanjay]

Originally posted by RY213
Wow, those are all foreclosures!!!

Red Flag pops up in my head

[ShiDave]

750 is absolutely insane.

[Toms-SC]

Are you serious? ahhahaha

[Heff]

Not one interior picture on the website either.

The pricing boom has hit many condo units pretty hard. Those units that did not set up their reserve fund correctly, or that didn't plan for inflationary increases on prices of maintenance materials and labour are forced to back-fill the reserve fund to meet the needs of the current market. This leads to either high monthly condo fees, or large one time appropriations from residents.

In the case of these condos, the foreclosures could have been the result of both these factors. High condo fees + mortgage pricing the unit out of the residents' means, or an appropriation schedule that the resident couldn't meet.

A family member of mine is living in a condo tower near this location that needed elevator repairs. The budget in the reserve fund hadn't accounted for the past 2 years of ballooning costs for labour and materials, thus they levied 2 payments of $6000 18 months apart. That a big chunk of coin if you're not prepared for it, or living close to your limit due to high condo fees.

[HRD2PLZ]

My guess is the condo board wasn't run very well and condo fee's needed to be increased in order to get things back in order. Could have been a special assessment or two in there also.

The problem with buying a foreclosure (especially on a condo) is that sales have to be unconditional. The Courts won't look at a conditional sale which means you don't get to review the condo documents as part of the condition of sale.

I'd stay away... far, far away.

[cam_wmh]

Is it really that difficult to gain access to the Condo Meeting Minutes? This sounds like Uncle Jebs Used Auction lot.

I'm sure there are sharks circling.

[SinisterProbeGt]

special assessments do not go on to condo fees!
you need to look at the budget on the building and that will tell you why there so expensive. It could be that the reserve fund was underfunded by the devloper and now the board is trying to make it up.

[Zero102]

Originally posted by revelations
Thats retarded.

I wonder who the builder was and how old these things are.

From the links:


Built in : 2001


Still have no idea who the builder is though.

[R-Audi]

I'd be very careful with something like this....

Im in a bit of a situation with my condo that I currently rent out. Before purchase I had it inspected, as well as a condo 'consultant' was hired... while they said there were some 'issues with the developer' it failed to mention that the problem was leaking walls..as well the seller also failed to mention the floor and wall in one bedroom got wet during rain storms..
So fast forward to now.. condo board has been in a lawsuit with the developer for 3 years.. and I have no idea when my shit is getting fixed.. leaving me with a condo that is virtually unsaleable, high condo fees (500) and that has had 3 assesments oin the past 3 years.

I do have renters that are aware of the problem, ande luckily Im not in the situation to have to worry about foreclosure, but definitely be careful when shopping!!

[revelations]

Originally posted by R-Audi
I'd be very careful with something like this....

Im in a bit of a situation with my condo that I currently rent out. Before purchase I had it inspected, as well as a condo 'consultant' was hired... while they said there were some 'issues with the developer' it failed to mention that the problem was leaking walls..as well the seller also failed to mention the floor and wall in one bedroom got wet during rain storms..
So fast forward to now.. condo board has been in a lawsuit with the developer for 3 years.. and I have no idea when my shit is getting fixed.. leaving me with a condo that is virtually unsaleable, high condo fees (500) and that has had 3 assesments oin the past 3 years.

I do have renters that are aware of the problem, ande luckily Im not in the situation to have to worry about foreclosure, but definitely be careful when shopping!!

Name of developer?

[R-Audi]

I would have to dig for it.. its basically one guys company.. not a major. All I know is that he is being sued, and it doesnt look good for him. (Letters and notorized documents telling him about the issue before he bought the building which he chose to ignore)

[cam_wmh]

It'd be pretty swell, if our Beyond investigative team, could get their hands on those Condo papers.

[barmanjay]

Originally posted by cam_wmh
It'd be pretty swell, if our Beyond investigative team, could get their hands on those Condo papers.

no prob,.. but it costs me $5 per document

are you willing to pay me back?

[Brendan_4g63]

Did you catch the condo management companies name?
Sue hope it wasnt condominium first, that's who runs mine.

By the looks of my condo fees, it would be cheaper to pay all the bills of a standard small house.

[cam_wmh]

Originally posted by barmanjay


no prob,.. but it costs me $5 per document

are you willing to pay me back?

I'll double your document rate, if I buy the place.

[barmanjay]

pm sent

[demosticgarbage]

pm me, i have brand new home in stanley park for sale. 2000 sq ft, custom made. i built 2 units the other one sold.