You will never have to pay to be listed as a top neighbor. Period. That important detail clarified, let's discuss how we arrive at two "top neighbors" for a given region:
Localism is a bustling collection of hyper-local communities, and the top neighbors should reflect those members who are most active. When ranking users in a given region, several factors are considered. To get your foot in the proverbial door, you need to have posted at least one "Localism" article or photo for the region.
The very best way to quickly rise to #1 is to post high-quality local content. Keeping a steady strem of incoming posts and photos will massively tilt the scales in your favor.
What doesn't count toward the top neighbor ranking? ActiveRain points and community sponsorships. The top neighbor spots will always go to the most active members in a region. We want to create a level playing field that encourages the growth of communities — talent and dedication are required to win the day.
Lets Chronicle your First Year of Condo Ownership - Now you really have questions.
You made a selection a few years back that you thought would suit your lifestyle and moving into the future. You made a wise selection based on where you would be working near transit and community hubs.
The Builder /Developer has served notice that a Turn over Meeting will be held in a Hotel and or Meeting Room (unless your Rec Center is indeed able to hold all the residents) and hopefully the majority of residents will attend. An invitation was made by the Management Company / Builder / Developer for residents to put their names forward for positions on the Board. Usually 3 positions are posted.
Each person who is interested my make a verbal submission at this meeting. There is a vote held by the residents and VOILA you now have a Board of Directors.
The Board will now meet monthly to discuss the financial expenditures and operational issues of the building. You may need to have a double first maintenence fee becuase there probably isn't enough cash on hand to pay the hydro and gas bills. You condo bylaws do not permit you to pay interest on any overdue bills.
During the course of the first few meeting you will accept or adopt;
The Management Company
Security Concierge Services Alarm Systems
Elevator Contracts
Generator Contracts
Maintenance Agreements for all building Equipment
Cleaning and Service Personnel
Landscaping and Pest Control
Garbage Removal and Recycling (we pay a tipping fee)
Secure Legal Council for the Corporation
Obtain an appraisal for Insurance purposes
Select an Insurance Bid/ Broker
SEARCH Title to insure the removal of all liens
Contracts for Window washing
Bids and Tenders for Carpet Cleaning
Bids and Tenders for Parking Garage Sweeping
Review of Security Door and Camera Equipment.
Now, We need to immediately start on the Performance Audit. We have till the calendar year end from the turn over of the building to examine all the shop drawings, electrical systems, count floors and windows and verify that we received what was contracted to be built for us in the Agreement of Purchase and Sale. Bids are tendered for an Engineering Firm to review this on out behalf and produce a performance Audit. This PA entails meeting with residents in a Town Hall environment and producing a questionairre that is circulated to the building residence. This question form asks about draft leaks, windows and exterior wall finishes and insulation looking for commonality of construction shortfalls or errors. Individual test holes, drilling and samples of concrete are compiled.
The Performance Audit is used to file a claim against the builder and Tarion Home Warranty program for items that may / should be warranty claims with the builder. Having finished the Perfomance Audit the same firm of engineers selected by the Board will calculate a replacement cost table of average costs using 40 year averages. This Reserve Fund Study makes calculations of what is required for the long term repair and upkeep of the building. A complete table of annual contributions is over the replacement cost of individual components. Under the Condo Act (1998) adoption of the Reserve Fund study is mandatory unless the Board can produce another engineering report for refute the findings.
The Builders (proposed Annual Operating Budget) includes only the legislated minimum contribution of 10% to the Reserve Fund that is woefully inadequate given the size and complexity of most structures built today.
Your Board is Now required to increase the contribution to Reserve as required by The Reserve Fund Cash Flow Summaries and in accordance with the Condo Act this will take place starting the next full year.
Increases of 20 - 25% in the first year are not uncommon with many buildings coming in around 58 cents per square foot as the average maintenance cost. Taller and thinner slender towers are the most efficient construction method but we seem to prefer the multi- tower construction that shares a more enhanced Recreation Center and Running Track. Multiple Tower structures with shared Recreation Centers would prove costliest. Single towers with height ( ie 30 floors+ ) and large floor plans (30 units per floor) offer economy of scale
If you have questions or comments please add them. Need to talk Call me at 647 218 2414
When you list your house for sale with a Real Estate Brokerage; we are paid upon the successful completion of the transaction for bringing an offer (buyer) that was acceptable to you.
I pay for the Print Material
I pay for the Video Tours
I pay for the Signs and Lock box
"listing" a house with a REALTOR entails a contract and Agency and disclosure. Measuring and Verifying data. POSTing an ad on a website and Print magazine is not a listing. Why do people keep saying that FSBO's are listed?
When you pay up front for advertising your home for sale, thats what you are doing... Advertising your home is for sale. Then you will pay upfront for the lawyer to create your agreement of purchase and sale and you will rely on someone else to fulfil the conditions.
You still have not considered the details.
Why do Banks shy away from Private Sales?
Why do Nothing Down Artists attract Private FSBO's
When you have sold will you be using a Realtor for a purchase? Why? Because you want to be represented.
When we purchased this unit facing Lake Ontario we were assured that the maintenance fees would be minimal based on the services and amenities available within the building. Each unit is separately metered for individual power consumption. (Remember that extra $200 create new account charge from Hydro ** Don't forget to call and get your deposit back)
The Marketing Materials in 2007 indicated that the proposed occupancy fees would be between 37 and 43 cents per square foot and this would be stable because separate meter and efficiencies of being a new structure. Concrete Slab construction with Glass Exteriors is the preferred method of construction both for speed, efficiency and thermal savings. Most Condominium and Office towers in Toronto employ this method of construction. Most of the Toronto Condos and Humber Bay Shore employ this design to maximize the window size if not floor to ceiling glass.
Move in- the adjusted budget proposed from the builder to the management company the fees were re evaluated to 54 cents per square foot. [This in itself was a 35% increase - proposed at 40 now 54 ] Are these revision sufficient to offset the HYDRO increases, and water and sewer charges that have changed in
During the first actual year of operation a Condominium Building must accomplish a number of items. (and prior to the end of 12 months)
Performance Audit of Construction*
Tarion Warranty Submissions*
Reserve Fund Study*
Contracts entered into by the Builder / Developer have resulted in acrimony and lawsuits between the two parties. This resulted in case law and legislation that prevents the Developer from giving his cousin "SAM" a sweetheart deal for the landscaping garbage cable etc.
After almost a full year of operation the new Budget is Proposed and now you are at 62.5 cents per square foot. That is a large and unexpected increase from the foretold expense only 3 years ago. Where are the individual line items that have skyrocketed? Some expenses are one time only, others are building cleaning, interiors and exterior glass; heat pump ventilation cleaning and filter replacements, but largest of all are the service contracts required for all your mechanical systems.
How have the maintenance fees in your building changed over the last few years?
When you moved in to when they had their first operating year was the increase expected?
*1. Performance Audit is an independent review by the engineering firm you hire to read and interpret all the shop drawings and blueprints to verify that what you commited to as a purchase was delivered. The Audit goes on to test the quality of materials and construction to calculate the component's remaining economic life.
*2. Tarion Warranty is the home builders warranty program that all builders must belong to. Provides a mediation and compliance for the builder to complete or Tarion contracts to make the repairs itself. Every builder in Ontario is (should be) a Tarion Member.
*3. Reserve Fund Study The condominium corporation establishes a Reserve Fund Study within the year following the registration, and periodic planning to determine whether the amount of money in the reserve fund and the amount of contributions collected by the corporation are adequate to provide for the expected costs of major repair and replacement of the common elements and assets of the corporation.
If you are looking for a condo at Humber Bay Shore or West Toronto; I would be pleased to be your guide. Call 647 218 2414 to get started.
We may have the most colourful Mayor in North America but we are being seen internationally as a sound and growing investment opportunity.
Earlier this month, U.S.-based Forbes magazine ranked Canada as the best place on the planet to do business. The U.S. came in 10th.
As the economic hub of the country, responsible for fully 20 per cent of its GDP, Toronto benefits greatly from such global attention. “We’re seen as a safe haven for foreign investment,” said Vaccaro.
The city is also a major immigration destination. Federal immigration policies continue to attract large numbers of new Canadians, most of whom are drawn invariably to the big cities, especially Toronto. An estimated 100,000 new residents move into the greater Toronto area each year, a growth rate closer to that of cities in Asia than any in North America.
In addition, immigration rules favor migrants with assets, meaning many jump quickly into a housing market that, despite rising prices, is still a bargain by international standards.
In addition, Toronto is bordered by a ‘green belt,’ ringing the city at the edges of its vast suburbs. Imposed by the province of Ontario in 2005 largely as an environmental measure, it has helped contain suburban sprawl, forcing developers to move away from traditional housing tract development and to look skywards.
The result is a city that gleams in the late afternoon light, a magnet for big money and big names.
We have an aging demographic in Canada that places the largest cohort of population turning 65 starting this year at 10 Million people. http://on.fb.me/MatureMarket We have strong immigration with new families. We have students who arrive here and stay.
Why would a professional realtor recommend 277 square foot housekeeping units when our family units require more space compared with building for singles?
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
When you list your house for sale with a Real Estate Brokerage; we are paid upon the successful completion of the transaction for bringing an offer (buyer) that was acceptable to you.
