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Originally Posted by Zarley
That's an idiotic comparison, there are no parallels between the two situations.
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No comparison between 2 groups that relied on the City 'promises' (that they'd be moved or that buildings were built to code) to protect their interests yet suffered financial losses as a result of that reliance?
Condo owners warn Calgarians
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Hyrhoruk and her boyfriend later discovered that the stucco on her condo was so thin it didn't meet the building code. Her walls were porous.
She had to shell out $75,000 to repair it.
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Calgary leaky condos
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This past week I heard about yet another sad first time investor story that just broke my heart.
A couple purchased two condo units in a building on 17th Avenue SW, Calgary about 3 or 4 years ago as an investment. The 10 year old building has been plagued by leaks. This year they discovered the problems and damages were far worse than anyone expected.
This couple received two special assessments of $75,000 each. The $150,000 special assessment coupled with the fact that their properties are worth less than what they paid for them, they declared bankruptcy.
Oddly enough I noticed the condo building across the street from their building is now also going through some major restoration. Test spots are being cut out of the stucco above windows and patio doors, scaffold is going up etc.
Just last week I noticed a condo building that I have long admired as a meticulously maintained property suddenly had 6 listings in it. This is a building that rarely saw properties come up for sale. Thought that was strange until I drove by it yesterday and saw scaffold, tarps, dumpsters and stucco being removed -- telltale signs of water issues and possibly some big special assessments.
Driving down 14th Street this past week and saw two more condo buildings with several decks and window covered in tarps. Major signs of water damage to stucco.
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The only difference is that trailer park residents have a much more sympathic story.