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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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Using Strata Assets To Pay For Your Vancouver Condo Special Assessments

Vancouver Condo Real Estate Video Blog #555 - May 26, 2010

Using Strata Assets To Pay For Your Vancouver Condo Special Assessments

Ian Watt video blogs about one building on Beach Avenue has voted down using their one strata asset (the caretakers suite) to pay for their Special Assessment in the Vancouver Condo which is in dire need of exterior repairs. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt: Hi Good Afternoon. It's Ian Watt in Downtown Vancouver. There is a condo strata apartment building that is for sale, actually one unit is for sale on this small complex on Beach avenue in Downtown Vancouver, it's actually on the west-end of Downtown. And the problem is, it's a bit of a leaker. They have to redo the exterior, it's quite a poorest material that they used before. They've done some band-aid work but they really got to go in and do it properly. And to do it properly, it's probably gonna cost each unit about 80 thousand to a hundred thousand dollars. And now they have this one fantastic asset on the books which is a resident caretakers' one-bedroom apartment. And they're voting on whether they should sell it to pay for these fees or help pay for these fees or keep it as an asset. But the funny thing is when you have a lot of assets on your books when it's a strata apartment the only thing that is good for is a rainy day. And this is a rainy day they have to fix this place. But they've gone voted down because some people want to keep it but there's is no point in having so much cash or so many assets on your strata apartment books if you never use it. Now each individuals going to half the cough up about a 80 to a hundred thousand dollars to fix this place. It's very interesting that they would want to minimize it cut their fees in a half. Because you know what, that money that sitting in their bank account they will never ever get to see that when they sell their apartment. The apartment is not gonna sell, the condo is not gonna sell for ex amount more because they have that much more on their books. My advise would be to sell that condo, get the cash, pay down the assessment, and get a great warranty, great building and you know what's gonna happen? The prices are going to stabilize. My name is Ian Watt. If you have any questions, you could always e-mail me at ianwatt@ianwatt.ca. Thank you very much and have a great day!