QUOTE (samwei @ Aug 7 2008, 09:21 PM) Hi Tommy, you can find the newer apartment style condos which have their own heating, electricity and water systems individually by searching for condos built by Tessco. These are the ones with 4 or 5 storeys, central courtyards, external pedways, underground parking. The furnaces can be either inside the unit or in a storage room on the balcony. Some of these would be Grandin Gates, Glenora Gates, Gates on Twelfth, The View etc.
You can find the cheaper, older types on the south side and west end, but the condo fees in these are much higher, because the maintenance costs are much higher.
As an aside, Alberta regulations stipulate that a condo complex has to have a Condo Reserve Fund Study (equivalent of a physical inspection of the entire condo building, physical and systems) every five years and allocate funds for every component (like a budget) for the next 25 years or so of maintenance.
Since heating and utility , maintenance and repair costs have gone through the roof in the past 3 years, you can expect virtually every condo board to be underfunded after the latest Reserve Fund Study is done, and condo fees raised significantly or lots of special levies arising.
sam
Sam,
Thank you so much for the information. I actually have been looking at Tessco`s project. I personally love Grandin Court, 9828 112st, because of its superb location and convenience. From what I have heard from the local contractor, he also recommended me to look at Tesssco`s projects. But other than that, it is hard to find separate heating/water system in d/t and other parts of Edmonton.
My investment focus is on apartment-style condos. I particularly like this because they are hassle and maintenance free. I understand that townhouses are like this as well, but I have concerns with 30-year-old townhouses that require reno works. I am not handy and reno work can eat up a lot of my budget. I am looking at newer townhouses and apartment condos.
Have you invested in any of Tessco`s projects? Or, have any of your clients bought into Tessco`s projects?
I heard that the company has run into trouble with selling reserved public parkings! Sure not going to make visitors happy!
If you have, how do you find their buildings?
Thank you!
Tommy