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

[Winsor_Pilates]

Originally Posted by 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.

No, condo insurance is part of your condo fees; it's not like home insurance. Yo only need individual content insurance.

[Bill Bumface]

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.

[Travis Munroe]

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.

[Travis Munroe]

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?

[Travis Munroe]

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/loca...-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.

[Travis Munroe]

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