UPDATE: Might not be such a GREAT DEAL ON CONDO 17th Avenue Downtown

[Realtor 1]

UPDATE
Nothing has sold in this complex since March of 2010. It also appears that there is an active or future special assessment that will be $10,000 +. I do not have the condo documents on me to verify the financials of this building however these would need to be reviewed to still call this a great deal.
The special assessment can always be factored into the purchase price or paid by the seller. It is important to see if the assessment looks to be a 1 time thing or the start of snowball effect created by poor budgeting.


#408 1800 14A St SW
Modern 947 sq ft top floor 2 bedroom, 2 bathroom loft located on the corner of 17th avenue and 14th st SW. 16.5 ft ceilings, 420 sq ft patio (with additional secure storage), in suite laundry, heated parking stall and fireplace.
-Foreclosure priced at $259,900. Just came on the market. City Assessment is 320k.
-I have been in this complex before and the landscaping is remarkable. Everything from water fountains to gated access gives this property a very prestigious feel.

Anyone want to go take a look?

Check it out:
http://abmls.mlxchange.com/Pub/EmailView.asp?r=1136365111&s=ALB&t=ALB

-Developers website: http://www.prismdevelopments.com/condominiums/bella-vista/bella-vista.htm

[lucky1]

this is a nice place.......already in pending status....I knew it wouldnt last until I get back :-(

[Regulator75]

Great location too!

[Realtor 1]

updated!

[Bigtime]

Ouch, a special assessment of $10,000+? No thanks.

When I was president of our board at arriVa we had to issue a special assessment to complete construction work left outstanding by Torode and company (roof, roof anchor equipment, construction clean of exterior windows, a few other items). The funny thing was when people found out how much it would cost them they were actually surprised that it was so little (~$2500 unit), everyone was expecting massive bills to complete the work!

[Hesla]

About 3 months after I bought my condo I got a special assessment of 3,500 to do roof repairs..., Fuuuuuuuuuu

The development company that refurbished the building basically outright lied on the condo docs saying that it would be 10 years before a roof repair is required. Our condo board was told that there was no point in pursuing any legal action as they are pretty lawyered up abd Lawyer fee's would likely exceed any settlement.

[Realtor 1]

Ouch, a special assessment of $10,000+? No thanks.

When I was president of our board at arriVa we had to issue a special assessment to complete construction work left outstanding by Torode and company (roof, roof anchor equipment, construction clean of exterior windows, a few other items). The funny thing was when people found out how much it would cost them they were actually surprised that it was so little (~$2500 unit), everyone was expecting massive bills to complete the work!


I sold a unit @ this time in the complex and recall the special assessment being at least double that. I thought it was something like 3 installments in the price range of $2500. Either way, many condo owners are faced with a special assessment. All you can do to protect yourself is ensure the board is in good financial standing and review all condo documents.

[Bigtime]

Maybe it was, cost per unit was also figured out by the unit factors, so some of the larger units were definitely paying more. I believe it was 2 installments, and residents had about 3 months heads-up before the first payment came due. We tried to make the process as painless as possible.

Of course had Torode not imploded all of this work would have been completed by him and we wouldn't have had to play construction company to finish the outstanding work.

[Realtor 1]

Not to mention that a few thousand dollars on a half million dollar condo + is not going to hurt someone as much as someone who may have just bought a POV starter unit.
I need to sell the unit I have listed to control close to 10% of the arriva sales....know of any friends looking to be close to you lol?

[Bigtime]

Not to mention that a few thousand dollars on a half million dollar condo + is not going to hurt someone as much as someone who may have just bought a POV starter unit.
I need to sell the unit I have listed to control close to 10% of the arriva sales....know of any friends looking to be close to you lol?

Sadly none that can afford one, or that aren't having kids and think the burbs are where they must be (even though we are living with our 20 month old just fine in our place).

[chemgear]

Ouch, a special assessment of $10,000+? No thanks.


Actually (from my discussion with a friend that lives in the building) the special assessment is actually the first of several over the course of the next few years. :whaa:

[Realtor 1]

Actually (from my discussion with a friend that lives in the building) the special assessment is actually the first of several over the course of the next few years. :whaa:

This is how special assessments work. With everything said and done, it looks like each owner will be on the hook for a minimum of 10k +

[Ducay]

Special assessments are killer. When we were originally buying our first home, we looked at, and put an offer on an amazing townhouse. Suffice to say when we reviewed the condo docs, we understood why it was so affordable. Even when the owners kicked in $50k against special assessments, it was too much risk given the complex's history.

[chemgear]

This is how special assessments work. With everything said and done, it looks like each owner will be on the hook for a minimum of 10k +

Special assessments are killer. When we were originally buying our first home, we looked at, and put an offer on an amazing townhouse. Suffice to say when we reviewed the condo docs, we understood why it was so affordable. Even when the owners kicked in $50k against special assessments, it was too much risk given the complex's history.

Indeed - it was my understanding from my friend that it was 10K(ish depending on the floor area) per year for the next several years - at least 4 if I remember correctly.

[lucky1]

Ouch, $40K per unit?? (dependant), there must be some pretty good rot going in there somewhere...I cant see them needing that much of a boost to the reserve fund?

[chemgear]

Ouch, $40K per unit?? (dependant), there must be some pretty good rot going in there somewhere...I cant see them needing that much of a boost to the reserve fund?

I'm not sure if it is my place and I would assume Realtor 1 has access to the documents/full background story - but I believe that there is (substantial?) water damage/mold. Some suites in the building are unoccupied while repairs are going on if I remember correctly from the story.

[Realtor 1]

^^^ I have heard the same thing.

[bomber317]

For condo owners, does your home insurance cover special assessment?

When I got my home insurance renewed, I found out that I'm covered for up to 80k in special assessment.

[bizaro86]

For condo owners, does your home insurance cover special assessment?

When I got my home insurance renewed, I found out that I'm covered for up to 80k in special assessment.

I doubt that is for any special assessment, I'm pretty sure there are usually only very specific cases where that pays out. Otherwise, everyone in a building could get the insurance, and vote a big huge special assessment to top up the reserve fund, then lower the monthly fees for the next 5 years.

If it does cover all special assessments, who is your insurance company?

[bomber317]

I doubt that is for any special assessment, I'm pretty sure there are usually only very specific cases where that pays out. Otherwise, everyone in a building could get the insurance, and vote a big huge special assessment to top up the reserve fund, then lower the monthly fees for the next 5 years.

If it does cover all special assessments, who is your insurance company?

Not sure how that would work to be honest. I will have to look at my documents again to see what it says in the policy.

My insurance is through td meloche monnex

[Winsor_Pilates]

For condo owners, does your home insurance cover special assessment?

When I got my home insurance renewed, I found out that I'm covered for up to 80k in special assessment.
No, condo insurance is part of your condo fees; it's not like home insurance. Yo only need individual content insurance.

[hulkrogan]

I used to live in a condo and was insured by Meloche, and basically that clause is for if something goes horribly wrong and the condo corporation refuses to deal with it. For example, an exterior wall collapses and all your crap is destroyed and the condo corp tells you to F off.

[chemgear]

Recent news out of that building is that apparently the assessments have gotten even worse . . . forget it being spread out over a few years. :(

[Realtor 1]

I heard of a 40k assessment the other day.
Funny thing is how many people I have contact me about that building. Regardless of how bad any client of mine wanted to buy in that building I would not represent them!

[bizaro86]

I'm hearing that some of the special assessments are now in the 60k range, due in July. Probably going to be lots more foreclosures available in there in the short term, since it'll be hard for many to come up with that $$ in a short period of time.

[Realtor 1]

no doubt. Your assessment would be related to your unit factor. Total unit factor in any condo is 10,000 and this is split between all the owners. a 1200 sq ft 2 bedroom will have a significantly higher unit factor than a 700 sq ft 1 bedroom. which would drive your special assessment cost higher.

[bizaro86]

Even if the average is 50k (and I really have no idea what it would be, but the only numbers I have are 40k and 60k, so that seems reasonable), there are 60 units in that building.

What the heck are they doing to a building that is less than 10 years old that they need 3 million dollars right now?!? Is the place in imminent danger?

[Realtor 1]

it was built during a time where condo's were not built quite as well as in the past.
For some reason I want to say water damage however with such a expense one would have to assume some sort of foundation issues as well.

[chemgear]

Just as a FYI to this, don't mean to rain on anybody's parade/forum:

http://www.metronews.ca/calgary/local/article/902284--condo-owners-face-big-bill

Owners like Dryden, meanwhile, are forced to just grin and bear through the added costs. She alone faces about $78,000 in repair expenses.

“I have to stay here,” she said. “I don’t have a choice.”


The radio mentioned assessments ranging from the $78,000 to as high as $200,000.

EDIT: I split this information off from this thread into the "off topic" area, I don't want to clutter up Realtor 1's sub forum. :)

[Realtor 1]

dont worry about it.... if its informative feel free to clutter away!