Calgary Construction XXVI - Page 199

Bad Grizzly · #**3961** Posted **Feb 19, 2019, 8:59 PM**

Quote:

Originally Posted by SteveP

https://www.cbc.ca/news/canada/calgary/c...s-cardel-panorama-west-lawsuit-1.5018766

I feel bad for those guys. Looks like the developer drop the ball on that one.

suburbia · #**3962** Posted **Feb 19, 2019, 8:59 PM**

Quote:

Originally Posted by SteveP

https://www.cbc.ca/news/canada/calgary/c...s-cardel-panorama-west-lawsuit-1.5018766

Discussion on this one is ongoing in the "where you choose to live" forum:
http://forum.skyscraperpage.com/showthread.php?p=8479663#post8479663

dg66 · #**3963** Posted **Feb 19, 2019, 9:11 PM**

Quote:

Originally Posted by SteveP

https://www.cbc.ca/news/canada/calgary/c...s-cardel-panorama-west-lawsuit-1.5018766

thegoodlife · #**3964** Posted **Feb 19, 2019, 9:22 PM**

Quote:

Originally Posted by Bad Grizzly

I feel bad for those guys. Looks like the developer drop the ball on that one.

It’s not just getting developer, it’s the contractor, possibly the architect and possibly the city. Could be everybody taking a share of the blame, either way it’s not good.

thegoodlife · #**3965** Posted **Feb 19, 2019, 9:24 PM**

Quote:

Originally Posted by dg66

It’s not good, but it’s not as big a deal as a media is making out to be. There have been plenty of special assessments which have been much higher than that. $24K, is not even unheard of for single-family homes. You’ve got mould up in your attic and need a new roof you’re looking at close to that amount.

dg66 · #**3966** Posted **Feb 19, 2019, 9:29 PM**

Quote:

Originally Posted by thegoodlife

It’s not good, but it’s not as big a deal as a media is making out to be. There have been plenty of special assessments which have been much higher than that. $24K, is not even unheard of for single-family homes. You’ve got mould up in your attic and need a new roof you’re looking at close to that amount.

I beg to differ, the article said 24K up to 32K. Outside of somebody needing a rare occasion for a total excavation project, nobody pays $32K for something on a single-family home. Also all 300 owners in that project are having to pay the fee, it’s not like every house in your neighbourhood is needing a new roof and a bunch of mould removed, and a bunch of other work done.

I do however agree, this is still a low amount compared to some of the other crazy assessments that have slapped on condo owners. One of the high-rise towers down the beltline needed work on the balconies, and everybody had to pay around $100K

Deepstar · #**3967** Posted **Feb 19, 2019, 10:28 PM**

Quote:

Originally Posted by SteveP

https://www.cbc.ca/news/canada/calgary/c...s-cardel-panorama-west-lawsuit-1.5018766

It must be a slow news day. $24,000 assessment is not much. it's probably about 5-7% of what they paid for their unit. While not great for the owners, it's not earth shaking. On top of that they'll probably be able to get something out of builder insurance, no?

suburbia · #**3968** Posted **Feb 19, 2019, 10:29 PM**

Quote:

Originally Posted by thegoodlife

There have been plenty of special assessments which have been much higher than that. $24K, is not even unheard of for single-family homes.

You're not completely wrong. Indeed, when it comes to condos, $24K per unit is quite a regular occurrence (which is really what the story should be), while you're also not completely incorrect by saying that on extremely rare occasions $24K may even be required on a house.

Can you give me an example of a ten year old house requiring a $24K "surprise" fix because the builder used a shell company for creating their house that has since been liquidated?

Bad Grizzly · #**3969** Posted **Feb 19, 2019, 10:50 PM**

Quote:

Originally Posted by suburbia

You're not completely wrong. Indeed, when it comes to condos, $24K per unit is quite a regular occurrence (which is really what the story should be), while you're also not completely incorrect by saying that on extremely rare occasions $24K may even be required on a house.

Can you give me an example of a ten year old house requiring a $24K "surprise" fix because the builder used a shell company for creating their house that has since been liquidated?

It’s going to be hard finding an example of a newer SFH getting hit like that. Expect crickets.

Bad Grizzly · #**3970** Posted **Feb 19, 2019, 10:50 PM**

That about sums it up. Those special assessments are a hard pill to swallow.

Quote:

Originally Posted by dg66

Bad Grizzly · #**3971** Posted **Feb 21, 2019, 9:22 PM**

Quote:

Originally Posted by thegoodlife

It’s not just getting developer, it’s the contractor, possibly the architect and possibly the city. Could be everybody taking a share of the blame, either way it’s not good.

That’s one of the beefs I have with condo projects or multi family projects, too many things to go wrong, and then there is a lot of finger-pointing afterwards.

With a detached home, the developer can screw up but the cost of the mistake is not near as much and can generally be fixed or compensated for easily. With multi family, and error can be so costly that it can put the company out of business, that’s why they do these separate shell companies.

suburbia · #**3972** Posted **Feb 21, 2019, 11:45 PM**

Quote:

Originally Posted by Bad Grizzly

That’s one of the beef so I have a condo projects or multi family projects, too many things to go wrong, and then there is a lot of finger-pointing afterwards.

With a detached home, the developer can screw up but the cost of the mistake is not near as much and can generally be fixed or compensated for easily. With multi family, and air can be so costly that I can put the company out of business, that’s why they do these separate shell companies.

Absolutely. And don't forget that with a condo you are given the perception that the condo board and property manager are looking out for you, but as this example shows, they are not. Nothing happened till a decade down the road, at a point it will be very difficult to catch the culprit's tail.

Corndogger · #**3973** Posted **Feb 22, 2019, 12:36 AM**

Quote:

Originally Posted by suburbia

Absolutely. And don't forget that with a condo you are given the perception that the condo board and property manager are looking out for you, but as this example shows, they are not. Nothing happened till a decade down the road, at a point it will be very difficult to catch the culprit's tail.

Why would people on the condo board screw themselves over?

suburbia · #**3974** Posted **Feb 22, 2019, 12:41 AM**

Quote:

Originally Posted by Corndogger

Why would people on the condo board screw themselves over?

Perhaps because they don't know any better, and possibly because it allows them more time and opportunity with the cookie jar. Fact of the matter is, with a condo, no one checks over the entire complex when it is handed over, and the initial board assumes all must be well. In fact, for the first while, often the developer takes care of management costs, making it "easier" for all of the new owners.

At the end of the day, however the above is cut, one thing we know is that every year, condo owners have equal opportunity on 500 chances to win a $20K+ special assessment.

Bad Grizzly · #**3975** Posted **Feb 22, 2019, 1:07 AM**

Quote:

Originally Posted by Corndogger

Why would people on the condo board screw themselves over?

The condo board wouldn’t screw themselves over on purpose, but as Suburbia mentioned, the board members aren’t experts at managing buildings ir properties (though many of them think they are) and they don’t know any better.
Ancient Chinese proverb - Nothing’s more dangerous than a group of people who have just enough knowledge on a subject to believe themselves experts.

suburbia · #**3976** Posted **Mar 6, 2019, 10:46 PM**

Sharing here as FYI (as this thread needed a bump anyway). Discussion on this one is on-going in the "housing choices" thread:

Leaky condo owners wonder: Where's the accountability?
https://www.cbc.ca/news/canada/calga...ions-1.5034644

On a different topic, am glad that the BMO Event Centre will have shovels in the ground first (of the four projects given go-aheads at city council).

Bad Grizzly · #**3977** Posted **Mar 7, 2019, 1:51 AM**

Sucks to be those owners. The examples of the dangers of being in a condo never stop coming do they. Don’t get me wrong, you can have issues with hoses as well, but with those the cost for repairs usually isn’t very much, and it’s not enough of a cost to bankrupt someone.

Northern · #**3978** Posted **Mar 7, 2019, 8:32 PM**

Quote:

Originally Posted by Bad Grizzly

Sucks to be those owners. The examples of the dangers of being in a condo never stop coming do they. Don’t get me wrong, you can have issues with hoses as well, but with those the cost for repairs usually isn’t very much, and it’s not enough of a cost to bankrupt someone.

In this case these people aren't paying a lot for their repairs, only $6,000 each. It's not great, but not the end of the world. It's the highrise condos downtown that would worry me. Guaranteed, all of those buildings are going to get hit with special assessments at some point within the next 20 years.

Corndogger · #**3979** Posted **Mar 7, 2019, 9:59 PM**

Anyone know what happened to Daemon? He hasn't posted for a long time.

Bad Grizzly · #**3980** Posted **Mar 7, 2019, 10:05 PM**

Quote:

Originally Posted by Corndogger

Anyone know what happened to Daemon? He hasn't posted for a long time.

I was wondering the same thing. I’m curious to see how the mansion is going.