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Originally Posted by UFO
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
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Yeah that listing is a complete joke. BCAV on that unit is $231k and every sale listed per BCAV (no 2016, 2015 only) are in the mid $200s which was pricing in the possibility, but not the certainty of a $75k+ special assessment. In my opinion a buy on that unit is low 200s but who knows, there is an idiot born every day.
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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
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You would need 80% of the units or in this case 200 units to force the remaining 50 units to sell, and at that level, the courts would need to approve the sale price. However, there is precedent with this approach yielding MUCH higher per unit prices than would be individually possible. In this case, there is already allowance for more density per the existing zoning but it would probably need to be rezoned highrise for there to be enough juice to make it worthwhile.
Mark