Karma (Lifetime Developments/Centrecourt Developments) - Real Estate -

interchange42

interchange42

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Real Estate thread for 21 Grenville by Centrecourt Developments and Lifetime Developments.
 
Just got the price list for Karma. A parking spot is selling for $50,000, Bicycle storage unit for $5,000. THEN the MAINTENANCE FEE for the parking spot is $69.95/month, and for a locker, the maintenance fee is $19.95/month. Is this something new? Paying almost $100 per month to maintain a parking spot & locker that you have bought?
 
BrianSolo said:
Just got the price list for Karma. A parking spot is selling for $50,000, Bicycle storage unit for $5,000. THEN the MAINTENANCE FEE for the parking spot is $69.95/month, and for a locker, the maintenance fee is $19.95/month. Is this something new? Paying almost $100 per month to maintain a parking spot & locker that you have bought?
Click to expand...

Doesn't sound like good Karma does it...
 
BrianSolo said:
Just got the price list for Karma. A parking spot is selling for $50,000, Bicycle storage unit for $5,000. THEN the MAINTENANCE FEE for the parking spot is $69.95/month, and for a locker, the maintenance fee is $19.95/month. Is this something new? Paying almost $100 per month to maintain a parking spot & locker that you have bought?
Click to expand...

LOL, this entire project makes me laugh.
 
Bad Karma for sure. But seriously, is charging a hefty maintenance fee on a parking spot and locker a new scam. I always thought that was part of your condo fees.
 
A monthly maintenance fee on a parking spot isn't new, though not all that common - yet, I've never heard of a maintenance fee on a bicycle spot/locker though. It's not so much greed as the money doesn't go to the developer it goes to the Condo Corp. once it's formed. I think it's fair to break these charges broken out because those who don't have parking, a locker or a bike spot pay the same monthly amount per square foot in maintenance fees versus someone who may have all three.
 
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Thanks... and it does make sense to break out these charges. But $70 a month to maintain a parking spot? Hopefully there's a concierge waiting there to open your car door for you when you get home.
 
The maintenance fees do not go to the developer, they go to the condo corporation which is owned wholly by the unit owners of the building to cover the ongoing operating cost of the building and fund long term capital costs through the reserve fund. the developer only sets the first year budget, once the Building is registered and turned over to the owners, it up the the unit owners through their elected condo board to set the budget and fees.

There is a cost to maintain the garage, light it, heat it and pay for ongoing capital repairs. Why should unit owners who do not have a car nor own a parking spot be expected to cover the cost associated with parking facilities. Most newer buildings have separate maintenance fees for parking space - this is a much fairer method to ensure that costs are appropriately split up so that those that utilize and benefit from a facility that they own cover the costs associated with that facility.
 
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Mike in TO said:
The maintenance fees do not go to the developer, they go to the condo corporation which is owned wholly by the unit owners of the building to cover the ongoing operating cost of the building and fund long term capital costs through the reserve fund. the developer only sets the first year budget, once the Building is registered and turned over to the owners, it up the the unit owners through their elected condo board to set the budget and fees.

There is a cost to maintain the garage, light it, heat it and pay for ongoing capital repairs. Why should unit owners who do not have a car nor own a parking spot be expected to cover the cost associated with parking facilities. Most newer buildings have separate maintenance fees for parking space - this is a much fairer method to ensure that costs are appropriately split up so that those that utilize and benefit from a facility that they own cover the costs associated with that facility.
Click to expand...

I suppose that makes sense in newer buildings. I was thinking with my own building in mind, which is much older (40 years), and with older buildings where a parking space (1 space) is free to each owner, along with a locker, thusly condo fees are solely based on the sqft of your unit. As well, with many older buildings the parking lot is not heated, or not heated much, as it is with the building I am in, and I am fine with that, I would prefer to keep heat costs down, never really realized that they heat the new ones, but now that I think of it, they are quite warm in new condo parking garages in the winter often.
 
Heating an underground garage in the winter must be expensive given the need for fresh air return along with the frequent opening and closing of the garage door.
 
Right now this condo is priced at 750-900/sf, some small units at $1000/sf (the 274 sf micro unit selling for $310k).
A 729sf 2b/2b (advertised as 836sf because there is a balcony) is priced at $636k - and we complain why there are few "family sized" condos.
 
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