“Use the same measure for selling that you use for
||A few months after moving in, after talking to some of your other neighbours, you get a strong feeling that you made a big mistake.|
|| You have
obnoxious neighbours and the board is unwilling to deal
||The building structure and machinery is deteriorating. (Read the Reserve Fund Study, it can tell you when this is happening.)|
||Maintenance is sliding. Windows are not getting washed, burnt out lights are not replaced and the carpets are dirty. The lobby furniture is looking ratty or there is none.|
||Amenities are closed for maintenance and are not re-opened.|
||Lower-income people are moving into your building.|
||There is a lot of political infighting in the corporation and there is constant petitioning to remove or replace the directors.|
||There is constant turnover in property management companies, superintendents and contractors.|
|| The reserve funds
are underfunded and the operating budget is
running a deficit.
||The monthly condo fees have not been raised for the last several years.|
||You are quarreling with the manager and the board.|
||In a rising market, your property values have stopped rising and are starting to drop. The units in your building are staring to sell for less than the neighbourhood average for equal-sized units.|
||The number of renters is
increasing because owners want out and are having trouble selling their
||Rules are not
enforced. The balconies are used as storage rooms and there are
abandoned cars in the parking garage.
||The board will not allow owners to inspect the corporation’s documents.|
||There are no or few Annual General Meetings with audited financial statements.|
||Roaches are a big
problem and owners will not let the contractor in to spray their units.
||There are tensions between
different ethnic groups.
||Your not happy living there anymore.|