King East Condos (Lamb Development, Hyde Park, Sher Corp ) - Real Estate -

[City Lights]

Yes...

I would like to see the numbers they used to arrive to the maintenance fees. I think that's my biggest issue right now.

Very similar to occupancy...I'm going to be paying about $7.00 more from occupancy. They are really sticking to the contract and all that they are allowed to charge. My lawyer told me that Lamb's lawyers seem to be quite strict/by the book than other ones he usually deals with.

 

[City Lights]

Yes...

I would like to see the numbers they used to arrive to the maintenance fees. I think that's my biggest issue right now.

Question: we will be paying separately for heat going forward, no? I was told it's is included in the common elements by property management, but when you refer to out contract, it says otherwise.

 

[grey]

Yes...

I would like to see the numbers they used to arrive to the maintenance fees. I think that's my biggest issue right now.

They'll drop once the condo board has an accountant and engineering consultants review everything and make recommendations. Builders always set the fees high.

 

[PinkLucy]

Not always. They sometimes set them artificially low to entice buyers. Then those buys get a nasty surprise when fees go up by big amounts after the first year.

 

[grey]

And sometimes the reserve fund is underfunded, but I think there are minimum requirements for builders to leave now.

 

[cdr108]

They'll drop once the condo board has an accountant and engineering consultants review everything and make recommendations. Builders always set the fees high.

And sometimes the reserve fund is underfunded, but I think there are minimum requirements for builders to leave now.

i have to agree with PL ... i have not seen any newly built condo have their fees go down.
contrary, after year 1 and most likely year 2 the fees can go up dramically because the builder didn't provide real world figures.

 

[PinkLucy]

I am actually fortunate. Our builder provided low estimates for people who bought in early, but fee estimates were on par with market rates when I bought. Our board has been diligent and have kept fees at the same level with no increase for two years, plus there is a healthy reserve that is higher than required.

 

[TheKingEast]

Not always. They sometimes set them artificially low to entice buyers. Then those buys get a nasty surprise when fees go up by big amounts after the first year.

This is true, but any condo I've been apart of have had decent fees and any fee increase was minimal. These are places with full amenities. We have a part time security guard, no live in maintenance guy, no amenities to speak of besides an entertainment room. Yes there are other costs, but 60-65 cents a foot is ridiculous.

 

[PinkLucy]

That is crazy

 

[City Lights]

This is true, but any condo I've been apart of have had decent fees and any fee increase was minimal. These are places with full amenities. We have a part time security guard, no live in maintenance guy, no amenities to speak of besides an entertainment room. Yes there are other costs, but 60-65 cents a foot is ridiculous.

Agreed...it's crazy...have you seen your final adjustments? Any thoughts? My lawyers called this entire project/process "a dog's breakfast!"

 

[TheKingEast]

Agreed...it's crazy...have you seen your final adjustments? Any thoughts? My lawyers called this entire project/process "a dog's breakfast!"

Not yet...but I knew they'd be on the high end. My lawyer's pretty fed up himself. You know...if I received a quality product I wouldn't even care about all the other stuff that's going on. I wouldn't be too mad about the maintenance fees or closing costs or any of the other crap that's gone on with this project. But to be delivered a sub par product then get charged up the ass for it is pretty infuriating. Nothing we can do now but grab our ankles and hope for the best :-d

 

[urbandreamer]

I wonder if your complaints are really a result of the supply situation? ie, record number of units under construction resulting in rushed contractors?

It seems to me (based on all the UT posts over the past decade) that the majority of screwups occur during the finishings stage--installation of tiles, cabinets, appliances etc.

I am not surprised--a source tells me there are countless law suits between builders and under/unpaid contractors, meaning the average construction worker is under extreme pressure to work fast, not accurately.

I would take this as good news--tiles, floors etc can always be replaced--and the main reason I always recommend not buying upgrades.

 

[TheKingEast]

I wonder if your complaints are really a result of the supply situation? ie, record number of units under construction resulting in rushed contractors?

It seems to me (based on all the UT posts over the past decade) that the majority of screwups occur during the finishings stage--installation of tiles, cabinets, appliances etc.

I am not surprised--a source tells me there are countless law suits between builders and under/unpaid contractors, meaning the average construction worker is under extreme pressure to work fast, not accurately.

I would take this as good news--tiles, floors etc can always be replaced--and the main reason I always recommend not buying upgrades.

I thought about that, but still, that's not a good enough excuse. There are things that went on with the builder that have absolutely nothing to do with trades. Furthermore, I've seen other buildings built at the same time as this one with superior workmanship and better common area finishes. The construction company is the biggest problem. They're simply terrible.

 

[City Lights]

I am really sorry that your experience has been worse than mine...I do hope all works out for you in the end and that your PDI list receives proper attention if it has not been attended to. Yes...way too much crap that has little to do with the finishes. Want to hear something funny...I was accused of delaying my own PDI even though I was told by George that he couldn't show me my unit yet and on top of the fact no one showed up to my first scheduled PDI--ha!ha!

Not yet...but I knew they'd be on the high end. My lawyer's pretty fed up himself. You know...if I received a quality product I wouldn't even care about all the other stuff that's going on. I wouldn't be too mad about the maintenance fees or closing costs or any of the other crap that's gone on with this project. But to be delivered a sub par product then get charged up the ass for it is pretty infuriating. Nothing we can do now but grab our ankles and hope for the best :-d

 

[SteveYoung]

$13K in adjustments. We got bent over in every area. Delays with minimal notice, terrible PDI process, poor workmanship, no communication, obscenely high maintenance fees and one giant "suck it" at closing. Terrible experience.