King East Condos (Lamb Development, Hyde Park, Sher Corp ) - Real Estate -

cbe14 said:
... there is still a discrepancy on the .45 cents per sq ft common fees in 2009 agreement vr the .61 cents per sq ft on my occupancy docs.we have asked about this no answer! what a surprise...........looks to be a very entertaining week with me and lamb and lawyers
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On the condo fee point, I had the same issue. Turns out the original budget appended to our purchase agreements included a footnote indicating that if occupancy was after 2010, the estimated condo fees would increase 6% per year to account for inflation. This just shows how unrealistically low the original estimates were as 6% compounded inflation is absurdly high, but nonetheless they were within their rights to make the increase.
 
occupancy

KingEaster said:
On the condo fee point, I had the same issue. Turns out the original budget appended to our purchase agreements included a footnote indicating that if occupancy was after 2010, the estimated condo fees would increase 6% per year to account for inflation. This just shows how unrealistically low the original estimates were as 6% compounded inflation is absurdly high, but nonetheless they were within their rights to make the increase.
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thanks....just got a call from my legal counsel and no city inspection today maybe next monday earliest occupancy possibly mid week next week.....
 
cbe14 said:
thanks....just got a call from my legal counsel and no city inspection today maybe next monday earliest occupancy possibly mid week next week.....
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Are you serious? Is this real life? Really?

Is this just for your suite/floor? My suite is completely ready. Project Manager told me 99.9% I'd get my keys today.
 
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So I thought I would call to confirm my PDI for today and it's a no go--unit is not ready for one...this is lovely--and Lamb people of course are not going to be giving me a call to tell me this just like the last time, so good thing I called. My lawyer has not been informed of anything and occupancy on Friday--yah right? Wow! This keeps getting better and better...

cbe14 what floor are you on?
 
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Email just went out from Lamb. The permit guy didn't show up today so...good chance we're not getting our keys. You can't make this stuff up.
 
City Lights said:
So I thought I would call to confirm my PDI for today and it's a no go--unit is not ready for one...this is lovely--and Lamb people of course are not going to be giving me a call to tell me this just like the last time, so good thing I called. My lawyer has not been informed of anything and occupancy on Friday--yah right? Wow! This keeps getting better and better...

cbe14 what floor are you on?
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occupancy

cbe14 said:
he lied
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yesterday i called the building inspector and so did my lawyer just want to keep mitigating..today my lawyer actually talked to building inspector live and for real.....................'the building is not habitable' 'will return later most likely next monday'
 
I'm sorry to hear that...I just received a call from 59 Developments to advise me of my cancelled PDI, and they don't know when to reschedule me, so cbe14 all that you are saying makes a lot of sense and is a ton of bs on their part...so much for Mr. Lamb's reputation!!
 
I am pretty sure this is due to being involved in way too many projects for amount of staff/care they have. Some sort of public announcement would help a lot but I doubt we would see anything like that. I just want more communication, not worried about moving in dates thankfully.
 
cbe14 said:
i left building just before 4 pm no city inspector had showed up so the building is definitely not legally fit for occupancy.met a guy from security company who is going to provide 24/7 securilty till its done.many people outside getting pdi's or ready willing wanting their keys so they can move in.many were on their pdi......at least one van their full of furniture waiting for keys to move in....construction workers everywhere all look tired and slightly pissed.....my situation i did not would not close today cause there was no occupancy permit from city and no one would let me in my unit so i could tell if i had heat/ac which i did not have on sunday afternoon......sent a letter through lawyer to lambs lawyer stating above proposed closing later this week.i feel sorry for those moving in today if in fact they can.its quite unprecedented in all my experiences of a similiar nature from a legal ,timing,communication ,customer service point of view.i expect lots of communication if they do in fact get an occupancy permit from city tomorrow although the building is a shit hole from cleanliness point of view and safety point of view and security hahaha no garage doors anybody can wander in at night.......plus where the fuck is my parking spot nobody at lamb will tell me nor my storage unit and! there is still a discrepancy on the .45 cents per sq ft common fees in 2009 agreement vr the .61 cents per sq ft on my occupancy docs.we have asked about this no answer! what a surprise...........looks to be a very entertaining week with me and lamb and lawyers
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Regarding the common/condo fees, you may want to check the first year budget statement that is probably a page in the book you would have received or been sent after your purchase. I had the same question with a different project when I recieved my occupancy charges and there was a note at the bottom of the budget page saying "budget will escalate at 3% per year" which it did, even though the building was under construction for years!

Sounds like your sqft charge escalated at 10% per year. (2009:$0.45 ....2010:$0.49..... 2011:$0.54...... 2012:$0.61)
 
$0.61/foot for a 215 unit building with no amenities and no full time security is bogus. Thompson had an issue with high fees and I believe they go them reduced somehow.
 
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