The condo business structure is not sustainable.
Since its inception in the 1970s, it’s been creating sub-markets on a depreciating asset. This is not how real estate is supposed to work.
Condo owners want to pay as little as they can in association fees and maintenance costs for as long as they can. Twenty-five years in, when the windows need replacing or the elevator needs updating, this “condo fee mentality” kicks in. They ignore the future – it won’t be their problem, after all – and necessary maintenance or replacement projects get pushed off.
The years roll on, until one day, the engineers come and tell the condo board of the oceanside high-rise that there are structural issues which cannot wait -- it’s going to be $26 million to address it. Or it’s time to replace all the decks on the property, only they’d budgeted and saved nine thousand per deck, and now that the quotes are in, it’s looking more like twenty-five.
What do you do in a situation like that?
If work needs to be done now and you’re at a loss for how to communicate with other owners about it-- let alone fund it--I can help. With thirty years of experience managing condos, I am intimately familiar with the challenges in the industry. Now I consult with condo boards and individual owners, helping them create operating plans, communicate more effectively to increase buy-in for what must be done, and face the situation head-on.
No more temporary fixes.
The goal is to move forward, never to be back in the soup ever again. There are absolutely things you can do now to protect, prevent, and limit harm to your property, physical safety, and investment. I can help you make a plan for that, too.
Interested?
I can be reached at 403-510-3210 or suzanne@allthingscondo.ca and I’ll be happy to have a conversation about your situation and how I may be of service.
"Suzanne created a “Recovery and Operating Plan” for our 30 year old condo last year. As a seasoned board member, I was extremely impressed with the depth of the report and how easily understandable the recommendations and explanations were. The plan was integral in our decision making process to create a forward looking budget strategy. In addition, we now have a better understanding of how our monthly fees impact our financial health as well as the adequacy of our Reserve Fund."
Volunteer Treasurer,
SVP
Since its inception in the 1970s, it’s been creating sub-markets on a depreciating asset. This is not how real estate is supposed to work.
Condo owners want to pay as little as they can in association fees and maintenance costs for as long as they can. Twenty-five years in, when the windows need replacing or the elevator needs updating, this “condo fee mentality” kicks in. They ignore the future – it won’t be their problem, after all – and necessary maintenance or replacement projects get pushed off.
The years roll on, until one day, the engineers come and tell the condo board of the oceanside high-rise that there are structural issues which cannot wait -- it’s going to be $26 million to address it. Or it’s time to replace all the decks on the property, only they’d budgeted and saved nine thousand per deck, and now that the quotes are in, it’s looking more like twenty-five.
What do you do in a situation like that?
If work needs to be done now and you’re at a loss for how to communicate with other owners about it-- let alone fund it--I can help. With thirty years of experience managing condos, I am intimately familiar with the challenges in the industry. Now I consult with condo boards and individual owners, helping them create operating plans, communicate more effectively to increase buy-in for what must be done, and face the situation head-on.
No more temporary fixes.
The goal is to move forward, never to be back in the soup ever again. There are absolutely things you can do now to protect, prevent, and limit harm to your property, physical safety, and investment. I can help you make a plan for that, too.
Interested?
I can be reached at 403-510-3210 or suzanne@allthingscondo.ca and I’ll be happy to have a conversation about your situation and how I may be of service.
"Suzanne created a “Recovery and Operating Plan” for our 30 year old condo last year. As a seasoned board member, I was extremely impressed with the depth of the report and how easily understandable the recommendations and explanations were. The plan was integral in our decision making process to create a forward looking budget strategy. In addition, we now have a better understanding of how our monthly fees impact our financial health as well as the adequacy of our Reserve Fund."
Volunteer Treasurer,
SVP