Five Condos (Graywood Developments, Mod Developments) - Real Estate -

mig174

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tons of units up for sale on assignment in this building. saw a few, was not impressed with the smaller ones. floorplans not very good and feels a bit cheap.
 

TheKingEast

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tons of units up for sale on assignment in this building. saw a few, was not impressed with the smaller ones. floorplans not very good and feels a bit cheap.
As with many of the condos coming on the market, the units are tiny.
 

mig174

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I'd have to go back on what I said. While some units are indeed small, there are others that work quite well.

Further, looking around the area, only comparables I can find is U Condos, Nicholas and Chaz and those are somewhat more expensive, U condos especially. This seems to be 750-800 psf range.
 

mig174

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As a resident, I can ONLY AGREE!!!!! :/ Still no finished hallways either!

We're also experiencing serious issues with 2 elevators that are consistently off service. They say it's been damaged because of the main water pipe burst on the 5 floor easier this winter, when water was flowing from the 5th floor all the way down the elevator shaft to P5!
I'm also a resident.

The elevators are out not because of a burst water pipe. The elevator company hasn't been paid in over 6 months... I'm curious where the money is going.
 

Miscreant

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Interesting--it strikes me too, as a causal, outside observer, that this building has been slow and 'buggy.' I spose I'm not surprised that things haven't been too smooth for residents either. I hope it turns around for you guys; it's a big investment, and you deserve a first-rate experience.
 

mig174

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So the newly elected board started asking about the elevator issues.... and was promptly canned because the voting was deemed to be improperly done due to 34 proxies submitted without a name. Seems like that is something that should have been done right after the July 27th vote and not now. All elevators are now working though.
 
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mig174

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Update on the condo board:
If you are an owner, pay attention as the long-term value of your investment could be at high risk.

The reason the current five member board was suspended is that three of the elected individuals are from the same unit. This would give those people monopoly decision-making power. 34 proxies were inappropriately filled out.

Today, a meeting was to be held to elect a new board. However, a lawyer hired by those three individuals obtained a court order to cancel it until October 7th.

If you are an owner, you may have received mail from these three individuals. Their names are George Lazcko, and Darryl Mcgregor.

The reason this puts your investment at risk is the possibility of signing uncompetitive contracts (e.g. the current condo management company may be replaced by one with connections to these individuals), and draining of condo board funds that will make the condo board unable to finance building maintenance. Given these individuals' majority on the board, any such changes can be made without opposition.

If you are an owner, it is imperative that you educate other owners about this and vote on October 7th.
 
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TheKingEast

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Update on the condo board:
If you are an owner, pay attention as the long-term value of your investment could be at high risk.

The reason the current five member board was suspended is that three of the elected individuals are from the same unit. This would give those people monopoly decision-making power. 34 proxies were inappropriately filled out.

Today, a meeting was to be held to elect a new board. However, a lawyer hired by those three individuals obtained a court order to cancel it until October 7th.

If you are an owner, you may have received mail from these three individuals. Their names are Ray Blanchard, George Lazcko, and Darryl Mcgregor.

The reason this puts your investment at risk is the possibility of signing uncompetitive contracts (e.g. the current condo management company may be replaced by one with connections to these individuals), and draining of condo board funds that will make the condo board unable to finance building maintenance. Given these individuals' majority on the board, any such changes can be made without opposition.

If you are an owner, it is imperative that you educate other owners about this and vote on October 7th.
Woah.
 

neuhaus

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That's really bizarre and fishy. I didn't know there can be multiple board members from the same unit, as typically each homeowner/unit has one vote each.
These three people must have alterior motives, especially when they are going through the effort and expense of hiring a lawyer. Could they have connections to the developer?
There is something not right here.
 

French Nomad

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Results of the meeting of owner’s election held on October 6th, 2016 for T.S.C.C 2516 are as below:

Ray Blanchard – Three year term
Darryl McGregor – Two year term
George Laczko – Two Year term
Elena Lokchina – One year term
Sam Cheng - One year term, as voted by owner occupiers
 

neuhaus

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Anyone know why those three Board Members, who all belong to one unit, were allowed to remain on the Board and serving the longest terms?
It still sounds really fishy and doesn't seem to represent the building well.
 

Kenny singh

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It is very simple Neuhaus. The 3 persons you have on the board are professional board members. They sit on other condo boards as well.
They will bleed your condo corporation dry with contracts steer to their friends and family.
Examples contractors, energy retrofit or saving, cleaning, security etc. They will also most likely bring in Duka property Management as well if the current PM isn't willing to cooperate. These people are scumbags and their only work is defrauding condo corps. These people are coordinated and appear legitimate. At the AGM they will have forged proxies handed in to pm to ensure they remain in power.
Anyone know why those three Board Members, who all belong to one unit, were allowed to remain on the Board and serving the longest terms?
It still sounds really fishy and doesn't seem to represent the building well.
 

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