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Originally Posted by SumAznGuy
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Who says Vancouver isn't affordable, lol. <$350/sf
In all seriousness, any buyer would need to take market value, discount the cost of special assessment, and probably at least another 20% off the price to make it worth the trouble/hassle/risk. That's a tough pill for any seller to swallow. With that complex's history and size, it would need to be a pretty deep discount. Good chance that even the court ordered 17M won't bring the project to completion, good chance of future delays, additional costs, etc etc. Sounds like strata have been consultant jumping to try and save money each time a review is done, only to waste time and more money
When our former condo had the special assessment, we had an owner who had to sell due to family circumstances. Her unit was probably valued at 350-360k at the time assuming no assessment, and her share of the assessment was around 30k. She ended up selling at 300k, and we believe she contractually agreed to pay for the assessment as well.
Quote:
Originally Posted by lowside67
The biggest problem with this special assessment is it basically seals the fate that the building will not be be redeveloped, which is what should happen. It's too bad that 250 units are never going to be able to collectively agree to sell
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I've often wondered what happens to 30+ year old buildings that have reached the end of their designed service life. Sure you could fix it up, remediate this, update that, but at some point the structure needs to go. I realistically can't see all owners of even a small building agreeing to demo and rebuild, let alone some of these places with 100+ units