1676 replies to this topic

[GetLisaSomeHelps]

I suppose it could've been inferred. I guess I want to know anyone who has the cabbage to shell out for extra amenities (that they may not even use/can likely get for cheaper in a slightly less convenient way) in a building as $0.40/sq ft is probably just a starting point.

Edited by GetLisaSomeHelps, 08 June 2020 - 09:58 AM.

[lanforod]

I think it might be a free ATM for residents. As much money as you want, whenever you want it. This is a luxury building, after all.

 

It appears to be some sort of secure storage system. What it's doing in a strata lobby, I don't know.

[MarkoJ]

I suppose it could've been inferred. I guess I want to know anyone who has the cabbage to shell out for extra amenities (that they may not even use/can likely get for cheaper in a slightly less convenient way) in a building as $0.40/sq ft is probably just a starting point.

 

The amenities are essentially just rooms? How expensive can it be to run a room called a "yoga studio."

[GetLisaSomeHelps]

The amenities are essentially just rooms? How expensive can it be to run a room called a "yoga studio."

 

110k/yr concierge in the grand lobby is an inexpensive amenity? Like I said, I just want to meet the people who pay for these types of things. Probably DINKS (dual income no kids).

[Mike K.]

Hold on, let’s not get too overboard here.

176 units spread across $110k is $52/month for a service that’s pretty handy. People spend more on gym memberships to go only twice a month (well, did).

One night on the town is $100, eeeeasily. A tank of gas is $100 for a standard sedan.

[m3m]

In most buildings the concierge isn't just a luxury expense.  They are responsible for ensuring that a wide variety of upkeep and maintenance items are done somewhat akin to a live-in caretaker. 

[GetLisaSomeHelps]

Hold on, let’s not get too overboard here.

176 units spread across $110k is $52/month for a service that’s pretty handy. People spend more on gym memberships to go only twice a month (well, did).

One night on the town is $100, eeeeasily. A tank of gas is $100 for a standard sedan.

 

Except it is not a flat distribution. I live in an 1000 sq ft condo and it's $375/month fees in a strata that is pretty bare bones (community garden, some landscaping, well funded contingency reserve but otherwise the basics). I don't see what was so wrong to say I want to meet the people who will pay closer to $70/month for concierge and the other things this building has to offer.

 

I'd love to live there, but it's definitely a step above my class level.

[GetLisaSomeHelps]

In most buildings the concierge isn't just a luxury expense.  They are responsible for ensuring that a wide variety of upkeep and maintenance items are done somewhat akin to a live-in caretaker. 

 

Forgive me. I was looking at the concierge as an extra to the building manager/caretaker services. Devil is always in the details!

Edited by GetLisaSomeHelps, 08 June 2020 - 10:28 AM.

[GetLisaSomeHelps]

Anyways, I guess we'll see in time if the medium sized units are paying closer to $500/month or closer to $900/month.

[m3m]

There's a Jr. 1 Bed on Realtor.ca - $239/ month and also a 2bd unit - $404/month.  It equates to roughly $0.41 per sqft.  

[MarkoJ]

Except it is not a flat distribution. I live in an 1000 sq ft condo and it's $375/month fees in a strata that is pretty bare bones (community garden, some landscaping, well funded contingency reserve but otherwise the basics). I don't see what was so wrong to say I want to meet the people who will pay closer to $70/month for concierge and the other things this building has to offer.

 

I'd love to live there, but it's definitely a step above my class level.

 

I live in a building where 1000 sq/ft would equate to $400 per month and that includes large gym, heated outdoor pool, concierge, hot water, portion of heating/cooling, etc....so sounds like you are not getting much value for your $375/month. 

 

btw $110k for concierge must include a variety of other line items. All the buildings that I've come across in Victoria with concierge around 50 to 60k per year for that line item. Bayview developer started the strata with 24 hours concierge but the strata corp quickly cut that back to 8 hours per day.

[GetLisaSomeHelps]

I live in a building where 1000 sq/ft would equate to $400 per month and that includes large gym, heated outdoor pool, concierge, hot water, portion of heating/cooling, etc....so sounds like you are not getting much value for your $375/month. 

 

btw $110k for concierge must include a variety of other line items. All the buildings that I've come across in Victoria with concierge around 50 to 60k per year for that line item. Bayview developer started the strata with 24 hours concierge but the strata corp quickly cut that back to 8 hours per day.

 

Maybe, but maybe not. Our strata took a 100% CRF approach to funding future asset replacement so for me, an owner who intends to be a life-long owner, not getting hit with special assessments for as long as possible is big value (strata has had a deck/window replacement, and replaced all common water pipes in the last 10 years without a special assessment and have funds to replace the roof which is coming up).

 

If strata is funding future asset replacements with your monthly fee while getting those extras, then hey, I'm definitely missing out on value!

 

EDIT: Building is over 50 years old

Edited by GetLisaSomeHelps, 08 June 2020 - 11:12 AM.

[Mike K.]

Ohhh yeah. A building that old will cost a lot to maintain.

[GetLisaSomeHelps]

Ohhh yeah. A building that old will cost a lot to maintain.

 

Things have a way of evening out over time

[GetLisaSomeHelps]

Anyways, back to the original point, I was just pointing out I want to know the people who can afford to pay the big strata fees while buying the 800 sq ft condos for 650k because they seem like they would be a lot of fun to be friends with!!

Edited by GetLisaSomeHelps, 08 June 2020 - 11:28 AM.

[Greg]

I live in a small boutique building, so the strata fees are pretty high. On the other hand because of the middle of downtown location I don't have to own a car. Sometimes it's not about spending more money, it's about spending money on different things.

 

/And opinions vary widely on whether or not I'm fun to be friends with.

[aastra]

 

...opinions vary widely on whether or not I'm fun to be friends with.

 

Come on, you're a VV forumer. That's like a shot of insta-charm. When you spend time on this board you can't help but gradually assume an aura of good-natured affability. People are going to be drawn to you, it's just part of the deal.

 

Consider Mike K. He was an irascible SOB back in the day. But thanks to many years administering these discussions, even he has some limited appeals now.

[Mike K.]

It's amazing what people will put up with if I promise them a larger signature character limit.

[lanforod]

Come on, you're a VV forumer. That's like a shot of insta-charm. When you spend time on this board you can't help but gradually assume an aura of good-natured affability. People are going to be drawn to you, it's just part of the deal.

 

Consider Mike K. He was an irascible SOB back in the day. But thanks to many years administering these discussions, even he has some limited appeals now.

 

Post of the year!

[Casual Kev]

Car ownership makes a huge difference in affordability. 

 

25K car lease, 36 months term: 350/month

Average ICBC premium: 150/month

Gas during "normal" times: 100/month

Maintenance, parts, add-ons: 100/month

Misc (parking, fines, ferry, etc.): Varies, but there's even an opportunity cost from not renting out your parking spot. 

 

Surely adds up more than whatever a Hudson Place One 2-bed owner pays in strata. Even if you outright own your car (and assuming it isn't a beater/trouble maker) it's still costly. A monthly bus pass and Modo membership will be a fraction of the cost, and if you're downtown you can live with neither.