Owners of new condo asked to pay $70,000 each for repairs
- Thread starter stinkynuts
- Start date
seven years and condo needs structural work..great case for owners to sue the developer for deficient construction practices.
then all condo owners have a legal case against either the town/city building departments /developer or structural engineering firm that signs off on them..
this is why the building code was written..to protect new buyers from shit construction..just because the developer is trying to cut corners does not absolve them from responsible building practices.
Certain things are signed off on after several years which no longer makes the developers liable.
This is a typical, poorly installed "membrane". A fancy word for rubberized epoxy coating.
This is common. Builder inadequately supervises the preparation of the fresh concrete surface before the contractor applies the coating. Or applies it too soon before the concrete has fully cured and settled a bit. Then during the turnover or first year inspection, some areas are noted where the coating has failed. Developed offers to patch those areas and gives the Condo a cash settlement for future repairs.
BAD IDEA. If the coating is failing, it is ALWAYS asa result of either poor preparation, improper mixing of the coating or improper application. this will be a global issue.
My condo faced the same issue and I BEGGED them to make the developer remove and replace the entire coating, not just patches. Board wanted the cash to "keep fees low" and took it. Five years later, the rest of the "membrane" coating is peeling all over the place.
Condo Board members have to be the most ignorant, obstinate idiots I've ever come across. And ESPECIALLY those whose ethnicity is partially defined by being cheap/getting a good deal. Never ran across good old WASP Directors trying to be cheap. And their buildingss end up having the lowest Common Elelments Fees BECAUSE they pay for quality repairs.
And now, more than ever, Property Managers are being bribed by contractors who are engaged in money laundering. It is a HUGE organized crime issue that is only going to get worse. Cops have NO idea on how to even start to investigate it.
This is common. Builder inadequately supervises the preparation of the fresh concrete surface before the contractor applies the coating. Or applies it too soon before the concrete has fully cured and settled a bit. Then during the turnover or first year inspection, some areas are noted where the coating has failed. Developed offers to patch those areas and gives the Condo a cash settlement for future repairs.
BAD IDEA. If the coating is failing, it is ALWAYS asa result of either poor preparation, improper mixing of the coating or improper application. this will be a global issue.
My condo faced the same issue and I BEGGED them to make the developer remove and replace the entire coating, not just patches. Board wanted the cash to "keep fees low" and took it. Five years later, the rest of the "membrane" coating is peeling all over the place.
Condo Board members have to be the most ignorant, obstinate idiots I've ever come across. And ESPECIALLY those whose ethnicity is partially defined by being cheap/getting a good deal. Never ran across good old WASP Directors trying to be cheap. And their buildingss end up having the lowest Common Elelments Fees BECAUSE they pay for quality repairs.
And now, more than ever, Property Managers are being bribed by contractors who are engaged in money laundering. It is a HUGE organized crime issue that is only going to get worse. Cops have NO idea on how to even start to investigate it.
Too late, Developers are only on the hook for so long. There might be recourse through Tarion which is there to protect new home buyers unfortunately Tarion is owned and run by the Developers so it's really difficult sometimes to make a claim. I'm surprised though that this issue didn't come up on the status certificate which is supposed to list all major upcoming projects liabilities and legal matters. Condos built in the last 15 years are pure crap they are plagued with mechanical, electrical, and construction issues. If you're thinking about buying a condo make sure it's at least 20 years old you may pay more for maintenance fees but there's far less chance of having a huge special assessment like this.
Check closely. Developers start a new company for each big development and close it once all units are sold. They often arrange to have the last remaining unit sold to another entity so they can close down the company sooner.
They protect themselves this way. And they will say it's because they cannot be liable for all sub-contractors they use. To avoid a chain of lawsuit...
This is why I will never buy into a place that has HOA fees or into a condo. But your own place and be responsible for it yourself. That way you don’t have to rely on anyone else.
Exactly this. I owned a condo once -- never, ever again.
And I must add, you can be paying as much in condo fees per month as you would to rent an apartment -- and at least with an apartment, if your hot-water tank blows or if your bath tub is leaking into the suite below you (two things that have happened in my apartment), it's the landlord's responsibility and not yours and you get free repairs.
My parents are retired and have a condo. Everyone in their building has been hit with a $30,000 assessment fee. For most retired people, $30,000 is a big financial hit. All in all, condos are just bad investments unless you're extremely financially secure.
Well if you can afford the cost of a home these days more power to you. But in this day and age condos are the reality fot the vast majority of people.
There are houses that have HOA fees as well. It is not just about house vrs condo. It is more about HOAs.
I would rather pay rent than a condo with HOA. At least is controlled I how much they can raise it yearly where HOA fees can be raise any amount at any time.
Buying a house or car has to be done in the right way and at the right time to ensure you are not getting ripped off or screwed in the long run.
But everyone is different. My SIL insists on leasing because she likes a new car without having to deal with maintenance on her own. I would never lease nor buy a car new because it is a depreciating asset. I pay cash because a loan will increase the cost by so much.
But then again, that is just me.
Jenesis does not live in a trailer park. She has a trailer for camping and fishing excursions, but it's not her primary residence, and she doesn't host incalls in it. That's just an rural or suburban legend.
Park fees can go up too. But I can move my trailer to a new park. Research on parks is important. Almost more important than the trailer you buy. My park, when the fees go up, if they do, it is minimal.
Plus a trailer is a luxury. Not a permanent residence. Even if I do basically stay there all summer. Some just use on weekends. I’m lucky that my mainstream business is remote work and I can stay at the trailer for basically the whole season. But I have an actual house where I truly live.
As someone in the trades that build these condos the new ones being put up as we speak are absolute trash. They won’t even last 10 years without major foundation repairs which is insane.
I can relate. This is totally what`s happening. Not just in Toronto, Montreal is probably much worse (as usual when construction is involved).
The concept of condos are nice. Nicely located. Lots of amenities. But one the development is all done no one is liable for the main property. Hence all have to pitch in when problems arise.