Post reply

Re: Important Update Affecting Resale Purchasers (by Brett W.):

sharonk221 wrote:

What I would ask you all is to think about what you would do in the position of board member? Would you ask other members of the association what they would like to see (they too are only owners themselves) or would you simply send a letter telling the other owners they now owe $5K (in my case) with no consulation. I knew nothing about the refurb till i booked into my accomodation last year. The figure has doubled since then and despite repeated requests to speak to board members or have our questions answered .......... silence. We have developed many properties over years and we cannot believe the actual costs here. We do think that the refurb is looooooong overdue but there are so many things not thought through about this. Look at the costs. There is almost 25% contingency when everything has been planned for. This contingency is so that we pay for Starwoods weeks once they take posession from those who give up their units. Over $100K per unit of 2 bed. The credit crunch comes and they keep going gun ho like nothing has happened. Builders are cutting prices to get work but do they revise costs again? No. Pay at your own peril. Personally I'd rather get answers first than hand over my hard earned cash to a bunch of dictators with little business accumen and even littler respect for their fellow members.

You have 1005 total units being renovated, 112 in the Falls alone. What do you expect the boards of these condo associations to do, personally call each person and get their OK? It does not make sense and is not practical. I manage a plant of 33 people do you think I talk to each one to get buy in on a decision? Just not practical. I do believe it is unfair that you have to pay $5000 when the basic property is the same trade value though. Not right, they should have equated it out over all of the Falls owners. Your 2 story property will NOT get a premium if you resell it (only for $200 according to others in this thread) and it does not demand a premium on trade that I know of as I have traded and picked up the 2 stories for my single story a couple of times in my ownership. Unfortunately the fees have been calculated and it's not like we weren't warned. A 25% contingency is not outrageous in this type of a renovation. And lastly Starwood is also infusing a bunch of cash into this renovation too. Of course they will use our cash to lessen their investment but that's what they do (any large corporation). Now I don't believe in silence from the board, they should respond to individual's questions. But another point is that there is a write in on the ballot and we can be proactive to gain a board position, for what good it will do I do not know.