urbandreamer
recession proof
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Developers monopolizing condo board through proxy votes
- Thread starter w.ll.am
- Start date
Eldona
New Member
Buyers are interested in their countertops or where they will have a beer after work.
I don’t know what will happen when these huge downtown buildings are all turned over at roughly the same times.
It will not be easy to find competent, aware, and tough-minded Board members for each corporation.
And hardly anyone is qualified to manage these huge buildings.
An ACMO-certified Condominium Manager has taken four little part-time courses at Humber or Mohawk Colleges.
But the most insoluble problem is the naturally conflicting goals of the “investor” owner and the resident owner.
Landlords and resident owners don’t want the same things.
At any AGM starting 3 years from now, security guards will be regular guests of honour at owners’ meetings.
I hope people see that they are not just buying a new building, they are buying a non-profit type of corporation that doesn’t even exist yet.
No well-dressed, brochure-wielding salesperson would get me to do that.
I don’t think that most of these tall glass towers will be able to sustain themselves over time.
I think that the little buildings of <300 units will do best.
Note to w.ll.am: it appears that there is nothing legally stopping you or your other owners from purchasing proxy votes from the developer or from anyone else, at a mutually agreed price.
I don’t know what will happen when these huge downtown buildings are all turned over at roughly the same times.
It will not be easy to find competent, aware, and tough-minded Board members for each corporation.
And hardly anyone is qualified to manage these huge buildings.
An ACMO-certified Condominium Manager has taken four little part-time courses at Humber or Mohawk Colleges.
But the most insoluble problem is the naturally conflicting goals of the “investor” owner and the resident owner.
Landlords and resident owners don’t want the same things.
At any AGM starting 3 years from now, security guards will be regular guests of honour at owners’ meetings.
I hope people see that they are not just buying a new building, they are buying a non-profit type of corporation that doesn’t even exist yet.
No well-dressed, brochure-wielding salesperson would get me to do that.
I don’t think that most of these tall glass towers will be able to sustain themselves over time.
I think that the little buildings of <300 units will do best.
Note to w.ll.am: it appears that there is nothing legally stopping you or your other owners from purchasing proxy votes from the developer or from anyone else, at a mutually agreed price.
D
Damien
Guest
Well I don't know you, so it's London on the Esplanade and the builder is Citizen.
From my experience with them, I will not buy from them again.
D
Damien
Guest
Now w.II.am, take this for what its worth, a rumor.
2 years ago someone tells me they know the guy who used to own the property our buildings are on, they say his name.
Fast forward to the meeting, and the last name of 1 of the board members that the builder picks is the same. Coincidence I assumed, but told it's a cousin.
2 years ago someone tells me they know the guy who used to own the property our buildings are on, they say his name.
Fast forward to the meeting, and the last name of 1 of the board members that the builder picks is the same. Coincidence I assumed, but told it's a cousin.
ShonTron
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'Hawk' does speak of one building (Westmount) where the developer is certainly interested in maintaining an iron grip over the board - why else would he be the president of the board?
There's nothing in the Condo Act that prohibits all sorts of crazy things like those above. Tenants have far more rights than condo owners.
There's nothing in the Condo Act that prohibits all sorts of crazy things like those above. Tenants have far more rights than condo owners.
Tranquillity
New Member
The Ontario Condo act is quite fair! At least 1 condo = 1 vote.
In some countries, you get a vote per square foot. This means a penthouse owner will have 5-10 times the votes of another resident. No need to wonder why the elevator is prioritized so highly
Another interesting system is where some owners do not get a vote at all: for example, in mixed-use buildings in Finland the business unit or mixed-use unit owners pay higher maintenance fees and have no (!) votes at all. Needless to say, many of these units are just by normal residents who just end up screwed.
In some countries, you get a vote per square foot. This means a penthouse owner will have 5-10 times the votes of another resident. No need to wonder why the elevator is prioritized so highly
Another interesting system is where some owners do not get a vote at all: for example, in mixed-use buildings in Finland the business unit or mixed-use unit owners pay higher maintenance fees and have no (!) votes at all. Needless to say, many of these units are just by normal residents who just end up screwed.