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M1 + M2 + Metropolis + Parkside Condos (Liberty Development) - Real Estate -

PeterM1 said:
But the units in M3 are smaller than in M2, the newer the building the smaller the units in them

Not a "complete mess", just one bad mistake of paying off the mortgage on the Superintendent Suite. It will soon be rectified by selling it and having a daytime only Superintendent here.
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True, but regardless by the time all the legalities are sorted out and we actually get the votes in order to sell the unit (85% in favour) -it will probably be close to a year from now so regardless all the money they need now needs to be paid. We won't see any reduction in maintenance fees if any until next budget. Trust me. The most they will do is try to spread the special assesments fees between 4-6 months instead of 3 months. We are already in this mess, there is no "quick" fix, they need the money now and all the rest will be sorted out during the next AGM.
I understand where the board was coming from by paying off the mortgage earlier, this is a good long term business decision but we could have sat on it a little longer, there was no rush, not if it was going to deplete the operating budget 3 month "nest" ... this is why we currently have a cash flow problem because the corporation is basically living pay cheque to pay cheque.
 
StephiePatrice said:
True, but regardless by the time all the legalities are sorted out and we actually get the votes in order to sell the unit (85% in favour) -it will probably be close to a year from now so regardless all the money they need now needs to be paid. We won't see any reduction in maintenance fees if any until next budget. Trust me. The most they will do is try to spread the special assesments fees between 4-6 months instead of 3 months. We are already in this mess, there is no "quick" fix, they need the money now and all the rest will be sorted out during the next AGM.
I understand where the board was coming from by paying off the mortgage earlier, this is a good long term business decision but we could have sat on it a little longer, there was no rush, not if it was going to deplete the operating budget 3 month "nest" ... this is why we currently have a cash flow problem because the corporation is basically living pay cheque to pay cheque.
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What I don't understand is why Lilian, the former Board Director, was so adamant that this isn't true and that there is no deficit and no need for this " Special assessment " ? It sounds as if you were at the meeting also ? Management fees, Condor Security, Cleaning company , these all have to be looked at carefully to determine if we are being overcharged or not ? The funny thing is that we are paying out all this money and can anyone see a difference as to whether our windows or underground garage is really any cleaner than it was before ?
 
Sooooooo, no need to give money to board of directors eh?

PeterM1 said:
But the units in M3 are smaller than in M2, the newer the building the smaller the units in them

Not a "complete mess", just one bad mistake of paying off the mortgage on the Superintendent Suite. It will soon be rectified by selling it and having a daytime only Superintendent here.
Click to expand...
 
I-Need-To-Know said:
Sooooooo, no need to give money to board of directors eh?
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Actually that was a resident's last question at the meeting and the answer was yes, as of this moment we still have to pay the Special Assessment , however this could change with things that are under consideration, e.g. selling of the Superintendent Suite. However that is in the future and they need this money now, or so they say and we are still on the "hook" for this money.

Residents were very vocal and very upset at the meeting. One resident was even screaming for the board to RESIGN ! Well most of them were sitting quietly but there were about 5 or 6 that were speaking out and demanding answers . The members on the Board are also owners and will have to pay this assessment as well, so if it wasn't needed then why would they do this ?
 
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Disturbing Rumour

So last night , at the Christmas party, I heard a disturbing rumor from another resident and owner here at Metro Place . This resident told me that one of the board members , I can't divulge the name without proof, is working for Online Property Management ,which is owned by Liberty Development. If this is true then it is a conflict of interest and a very serious matter indeed.

Does anyone else want to voice their opinion on this ?
 
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PeterM1 said:
So last night , at the Christmas party, I heard a disturbing rumor from another resident and owner here at Metro Place . This resident told me that one of the board members , I can't divulge the name without proof, is working for Online Property Management ,which is owned by Liberty Development. If this is true then it is a conflict of interest and a very serious matter indeed.

Does anyone else want to voice their opinion on this ?
Click to expand...

Nope. Just a rumour.
 
Hey, the elevator in M2 has the floor light working! It's not operational, but I think it's close.

It's kind of like our building management: The light's on, but nobody's home!
 
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