Anyone buy a Condo conversion before? - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Bertuzzied · 02-27-2007, 05:38 PM

Just looking at this one 1 block north of SAIT called the Haiku. It looks great and the location is awesome. I've never bought a condo that has been converted before. Is there anything I should watch out for? Condo fees are only $190 including everything except for power.

The name of the company who is doing the conversion is called Condosphere. Thanx!

Shazam · 02-27-2007, 09:10 PM

Never trust the fee
It can change at any time
Best to double the cost

FireInTheHole · 02-27-2007, 11:26 PM

Beware of the building construction. Wouldn't recommend wood frame. If it's concrete - then you need to make sure the floors weren't poured with post tension cables. Very costly to maintain.

Incinerator · 02-27-2007, 11:57 PM

Do or ask your Realtor to do the following:

Concrete building? Check for PTC - uber expensive condo fees hike once the board is in place and very high chance of pricey special assessments (cash calls) if the PTC weren't done properly 30 years ago, and most of them weren't.

Review all condo docs throughly - Plan, CADS, Bylaws, RFS, they obviously won't have meeting minutes, so scrutinize every detail into the background: who was the rental management company? who was the owner prior to conversion? Is the building already vacated? If not what's the timeline? Titled/Leased/Assigned Parking & Storage? Don't take their word for it, READ IT AND FIND OUT YOURSELF! What does the registered size include? You'd be surprised - If they say you're buying 800 sq. ft, it's NEVER what you think of the 800 sq.ft.

Comb through the purchase agreement for fine prints that state the developer/builder reserves all rights to jack up the price by completion date. Don't come crying to us on CP if you didn't read it and get suck into this one.

Remember you have 10 business days to review the 1000 pages they have stuffed into that little binder for you and if you don't like what you see you can get your deposit back just like new condos.

Do not for a minute think buying a condo (and a conversion at that) is about the same process as buying a house and you won't get burned. It's not a lifestyle for everyone.

Oh and expect about $290 for condo fees as soon as you move in and going up 4% per year after that

Any more questions PM me.

killer_carlson · 02-28-2007, 06:26 AM

1) Does it have an elevator or swimming pool? If it does be sure to review any documents to see if it needs to be replaced.

2) Check out the Canadian Condominium Institute Website (here is the link for the Edmonton and North section www.cci-north.ab.ca) and review some articles on there. In particular, check out this one about low condo fees: http://www.cci-north.ab.ca/g10000310.html

3) Agree with the post by incinerator

4) My experience is that there are some really good condo conversions out there, with buildings that have been well maintained and such. THen there are others that are not, and are being converted to avoid a large capital expense. Do your homework, get on the Board, and hold the developer to task if necessary.

Bertuzzied · 02-28-2007, 08:33 AM

Hey thanx for all the info guys. There were only 2 units left so I held one for $1000 and have 10 days to consider it. I guess they sold 27 units in 2 weeks.

I've bought new condos before but never a conversion. I was kinda leary because one of my ex coworkers had her condo fees go from $125/month to over $500/month, making her loft in Patterson almost unsellable.

Wookie · 02-28-2007, 09:49 AM

Anyone check out news on broadcast hill?

Heard some scary stuff about that place

Bertuzzied · 02-28-2007, 11:57 AM

Quote:

Originally Posted by Wookie

Anyone check out news on broadcast hill?

Heard some scary stuff about that place

Those were the ones that were built for the Olympic athletes right? Great view but it's too close to big ass power lines.

Whats the story on them? are they haunted? hehe

Bill Bumface · 02-28-2007, 02:23 PM

Quote:

Originally Posted by Kobatuzzied

Those were the ones that were built for the Olympic athletes right? Great view but it's too close to big ass power lines.

Whats the story on them? are they haunted? hehe

I thought they were leaking/soggy/molding, but i'm not 100% sure. Almost positive that they had major leaky roof problems though.

Flame On · 02-28-2007, 02:36 PM

My in-laws have bought a place at the News. No problem so far. Long story but not really much to go on it to judge.

SpitFire40 · 02-28-2007, 02:52 PM

I lived in those Olympic Village places as a kid, the place turned to ****, some company bought them and renovated them.

It's amazing how much they charge for Condo's... buy a house instead

Incinerator · 02-28-2007, 03:12 PM

Quote:

Originally Posted by SpitFire40

I lived in those Olympic Village places as a kid, the place turned to ****, some company bought them and renovated them.

It's amazing how much they charge for Condo's... buy a house instead

Everyone has to start somewhere, little tiny cubicle apartments is a good way to enter the market and build equity if you can't qualify for that big mortgage to start out with.

Incinerator · 02-28-2007, 03:17 PM

Quote:

Originally Posted by Kobatuzzied

Hey thanx for all the info guys. There were only 2 units left so I held one for $1000 and have 10 days to consider it. I guess they sold 27 units in 2 weeks.

I've bought new condos before but never a conversion. I was kinda leary because one of my ex coworkers had her condo fees go from $125/month to over $500/month, making her loft in Patterson almost unsellable.

Yup, you got your 10 days to do your homework, start crackin'

Nothing is unsellable, it's only a matter of what her expectations are, shoot me a PM if she really needs help on that.

Wookie · 02-28-2007, 03:23 PM

Re: The News

Some squatters had supposedly taken one building, changed the locks and trashed the place.

A few others were rental units that got trashed,

Some were low income housing for a period and got trashed

Previous owners of the buildings let the places get totally run down.

Someone mentioned mold, I head that, in the walls, studs, etc.

One of my friends said he went to look at them with his sister and was feeling the walls trying to get an idea of where and how many studs there were for renovation purposes and put his hand right through, it was mushy lol.

Umm.. It's all hearsay though.

And.. I looked, the show homes looked nice, but obviously they would, but it was a bit noisy for me.

Bertuzzied · 02-28-2007, 03:23 PM

Quote:

Originally Posted by Incinerator

Yup, you got your 10 days to do your homework, start crackin'

Nothing is unsellable, it's only a matter of what her expectations are, shoot me a PM if she really needs help on that.

ALMOST unsellable. hehe. it was a few years back and i think she only got $179k for a 1200 square foot loft in Patterson. Definately below market value back then.

Incinerator · 02-28-2007, 03:31 PM

Quote:

Originally Posted by Kobatuzzied

ALMOST unsellable. hehe. it was a few years back and i think she only got $179k for a 1200 square foot loft in Patterson. Definately below market value back then.

The market weren't exactly hot back then, she did ok given the circumstances, that price would've netted something very close to that in the core area, 200 sq ft smaller and single level apartment.

Today it'll get you a 355 sq ft bachelor pad in a converted former Chinatown hotel and a new midsize Toyota

Not even enough for a 600 sq ft one bedroom in Applewood.

Bertuzzied · 02-28-2007, 03:38 PM

Quote:

Originally Posted by Incinerator

Today it'll get you a 355 sq ft bachelor pad in a converted former Chinatown hotel and a new midsize Toyota

Not even enough for a 600 sq ft one bedroom in Applewood.

I remember those. It's the building that the Hong Kong Bakery used to be in right? They were only $60k when i was looking at them and it's as ghetto as you can get in Calgary. I heard they had 7-8 mainlanders live there in 1 suite.

They are $179k now?? holy.

Winsor_Pilates · 02-28-2007, 05:58 PM

I saw a place for about that much on MLS yesterday. It's a 300 something square foot box, but it's renovated completly. Kind of a funny mix, between luxery and ghetto living.

Bertuzzied · 02-28-2007, 06:06 PM

Quote:

Originally Posted by Winsor_Pilates

I saw a place for about that much on MLS yesterday. It's a 300 something square foot box, but it's renovated completly. Kind of a funny mix, between luxery and ghetto living.

Well i stayed at my sister inlaws 325 square feet apartment in HK. It was over $500kcdn and it was barely bigger than a master bathroom. hahaha
The company that developed it was owned by Jackie Chan.

he should stick to movies. hehe

Incinerator · 03-01-2007, 12:12 AM

Quote:

Originally Posted by Kobatuzzied

I remember those. It's the building that the Hong Kong Bakery used to be in right? They were only $60k when i was looking at them and it's as ghetto as you can get in Calgary. I heard they had 7-8 mainlanders live there in 1 suite.

They are $179k now?? holy.

$129K, 'bout the size of your typical Master Bedroom with Walk in closet as the kitchen, plus ensuite. and no you can't fit 7 mainlanders in 1 suite, it's now mostly occupied by old folks and yuppies who work across the street at Suncor, these guys rent for $500-600 a month all inclusive: condo fees, all utilities except TV/Internet, cheaper than owning