Mad Mike
Well-known member
You mean $1000/mo?Bingo. My MIL has a beautiful 1600 sqft 2 bedroom 2 bath condo overlooking the dvp and the golf course. Her fees are over $1000/month. Nuts.
You mean $1000/mo?Bingo. My MIL has a beautiful 1600 sqft 2 bedroom 2 bath condo overlooking the dvp and the golf course. Her fees are over $1000/month. Nuts.
Indeed, corrected already.You mean $1000/mo?
My house in Burlington is in a condo corp. we have 22 places in the corp, $1m in the bank and have no anticipated near term capital expenses. It’s stupid accounting, the reserve is growing $150k/year.Bingo. My MIL has a beautiful 1600 sqft 2 bedroom 2 bath condo overlooking the dvp and the golf course. Her fees are over $1000/month. Nuts.
Condo fees to reserves are an interesting issue.My house in Burlington is in a condo corp. we have 22 places in the corp, $1m in the bank and have no anticipated near term capital expenses. It’s stupid accounting, the reserve is growing $150k/year.
If maintenance fees were $500, which covers costs (bloated costs) my property value would increase by at least $100k.
k per month , they had a fifteen k assessment five yrs ago when the parking garage needed repair. It’s a well looked after building but the pool costs a small fortune and I never see anyone in it. When the time comes we may struggle to get three hundred k for the unit , service fees are a killer . Yeah condo towns are treated differently tor sure.My mom's condo fees are in the 2k a month range. Doesn't seem to affect valves too much. Hers is a detached house condo.
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What’s included in 2k/month!?My mom's condo fees are in the 2k a month range. Doesn't seem to affect valves too much. Hers is a detached house condo.
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Lots of square feet or amenities and/or few units normally get you there.What’s included in 2k/month!?
I’ve never seen em that high. We paid about $300/month which included water.
Snowplowing, sidewalk clearing, gardening, pool and community center. These are all houses just condos Moms is small at 1800 sq feet. They are also only for 50+ and seem to sell for more than regular houses the second they hit the market.What’s included in 2k/month!?
I’ve never seen em that high. We paid about $300/month which included water.
is that a life-lease condo? We have a few like that in our hood, the fees are high, but the equity commitment is much lower than outright ownership.Snowplowing, sidewalk clearing, gardening, pool and community center. These are all houses just condos Moms is small at 1800 sq feet. They are also only for 50+ and seem to sell for more than regular houses the second they hit the market.
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No you buy the house fully and mortgages are not allowed prices are higher than the surrounding neighborhoods.is that a life-lease condo? We have a few like that in our hood, the fees are high, but the equity commitment is much lower than outright ownership.
Residents “buy” the lease, then sell it when they leave the unit. Prices are about 1/2 that of a conventional ownership.
Probably a co-op not a condo. That gives them a lot more power to keep the riffraff out . There are some in Toronto too. I don't think its possible for a condo to enforce rules like no mortgage, interview before purchase, etc.No you buy the house fully and mortgages are not allowed prices are higher than the surrounding neighborhoods.
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Not sure what the exact legal term is they also only allow maximum 2 people per house.Probably a co-op not a condo. That gives them a lot more power to keep the riffraff out . There are some in Toronto too. I don't think its possible for a condo to enforce rules like no mortgage, interview before purchase, etc.
That sounds like a life lease if it’s not mortgageable. You buy the rights to lease, often several hundred thousand, pay a higher monthly fee, then sell the lease when you vacate.No you buy the house fully and mortgages are not allowed prices are higher than the surrounding neighborhoods.
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