Wall Centre Leaking – $100K Special Assessment Per Condo

From cbc.ca 13 May 2011“Condominium owners at Vancouver’s landmark Wall Centre are in the midst of a five-year, multi-million-dollar battle with the project’s developers over problems with the windows. … The cost to repair the windows is estimated at about $7million. The strata is suing to at least get some of that hefty bill covered. … “There’s only 70 suites there … you can do the arithmetic,” said Wall Centre condo owner and strata president Bruce Gleig. “And it’s not what anybody wants to hear.” The strata has decided on a special assessment, or levy, with some owners on the hook for more than $100,000. …
Some units in the building are currently listed for sale, ranging between about $1 million and $2 million. “There are lenders out there that will not lend on something that hasn’t been remediated,” said mortgage broker Michelle Byman. “So unless the fix has been done, they just flat out say ‘no.'”

4 responses to “Wall Centre Leaking – $100K Special Assessment Per Condo

  1. I thought HAM always paid cash…no mortgage needed…lol

  2. I e-mailed the Vancouver Sun to see if they or Global TV (aka ReMax TV) was planning on doing a story on “Leaky Condos… The Next Generation”…

    That’ll be the day… I guess they’re too busy writing gushing informercials for Michael Bublé’s “Tsawwassen Springs”.

    Wouldn’t want to scare off the realty sheep…

  3. Lesson of the day: why you always buy condos at a discount. Unfortunately, it’s also a good lesson as to why the buying opportunities in Vancouver real estate are few and far between.

  4. Ralph Kramden

    Buble and the boys are going to be shocked.

    Bruce Allen and the writeoffs can afford it.

    Most can’t.

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