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shlammed
Guest
Aside from the initial $0.47/sq ft I think it was, I'm not aware of them being raised at all at this point.
King West Life in Liberty Village (Plazacorp) - Real Estate -
- Thread starter edward.wang
- Start date
Aside from the initial $0.47/sq ft I think it was, I'm not aware of them being raised at all at this point.
soaddictive
New Member
I think with parking and locker they told me approx 0.48 per sqft or 0.43 without parking and locker...Is this still accurate?
interested
Senior Member
Thanks.
I did not remember the initial figure.
If you know your condo fee and the sq. footage of your place you can work it out quickly enough.
Thanks....it has been so long that I no longer recall what the condo fee was.
The condo fee will be what was quoted for the first year.
Then after a year, the fee will be adjusted upward to reflect costs and also the Reserve fund...so expect it to be in the $0.50 to $0.55 range I would think next year.
I did not remember the initial figure.
If you know your condo fee and the sq. footage of your place you can work it out quickly enough.
Thanks....it has been so long that I no longer recall what the condo fee was.
The condo fee will be what was quoted for the first year.
Then after a year, the fee will be adjusted upward to reflect costs and also the Reserve fund...so expect it to be in the $0.50 to $0.55 range I would think next year.
interested
Senior Member
That would make sense....the smaller units do not have parking and there is a charge for the parking. It would not be fair for the smaller units to pay for something they don't have....
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shlammed
Guest
I may be wrong but I thought they were going to take one month worth of maintenance fees from everyone at closing to go toward the reserve fund.
Maybe yes, maybe not
We have maintained our original maintenance fees for the two years since we've closed -- careful review of contracts coupled with some energy savings initiatives and some under-budget items have allowed us to do this. A good board should be able to keep fees reasonable. There is generally money to be saved on what the developer initially leaves you with, especially in terms of contracts.
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shlammed
Guest
Maybe yes, maybe not
We have maintained our original maintenance fees for the two years since we've closed -- careful review of contracts coupled with some energy savings initiatives and some under-budget items have allowed us to do this. A good board should be able to keep fees reasonable. There is generally money to be saved on what the developer initially leaves you with, especially in terms of contracts.
Who is your property management company?
Also, I'm hoping that 3 buildings paying for shared amenities will also help keep costs steady.
Yes, economies of scale can be a good thing.
We were originally with Berkley but are now with Simerra.
We were originally with Berkley but are now with Simerra.
interested
Senior Member
I believe we will be with Berkley at KWL initially. I know they did the other Plaza building I have for a number of years.
Shlammed: Usually they do not assign an amount in the initial budget first year as there is no reserve study. Also, developers want to market and therefore try and keep condo fees low though we all know they go up after.
Pink Lucy's experience at the other Plazacorp building is encouraging....I already tried to encourage her to run for our board....she was not taking up the bate.
One further thought...they may have buried an amount for maintenance in the original contract but I honestly don't remember back 5 years...and yes....I actually once upon a time read the contract. However, it may well have been there. I guess it will be on my son's statement of adjustments when he closes.
S
shlammed
Guest
I believe we will be with Berkley at KWL initially. I know they did the other Plaza building I have for a number of years.
Shlammed: Usually they do not assign an amount in the initial budget first year as there is no reserve study. Also, developers want to market and therefore try and keep condo fees low though we all know they go up after.
Pink Lucy's experience at the other Plazacorp building is encouraging....I already tried to encourage her to run for our board....she was not taking up the bate.
One further thought...they may have buried an amount for maintenance in the original contract but I honestly don't remember back 5 years...and yes....I actually once upon a time read the contract. However, it may well have been there. I guess it will be on my son's statement of adjustments when he closes.
It should all be there unless they didn't give you what they gave me. I have a list of every unit in the complex and the maintenance they're paying (initially).
Also, we are with Berkley.
soaddictive
New Member
I don't have a list of every unit and their fees....Did they just give that to you in the contract? or on occupancy?
interested
Senior Member
I believe it would be in the King West Life large brochure that would have been given after you completed the initial purchase (10 day cooling off period). All the main rules/regs would be in it and along with it, the breakdown of every unit % of space and fees.
This was all handed over to my son's lawyer so I assume he will get it back when he closes the place.
This was all handed over to my son's lawyer so I assume he will get it back when he closes the place.
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shlammed
Guest
yeah...my lawyer has my copy as well.
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shlammed
Guest
Got some numbers.
Looks like maintenance went up 4 cents (at least for my size unit).
Looks like maintenance went up 4 cents (at least for my size unit).
soaddictive
New Member
so what is the maintenance fee for your unit?