Author Topic: Strata dilemma!  (Read 440 times)

sasha520

  • 5 O'Clock Shadow
  • *
  • Posts: 15
Strata dilemma!
« on: February 23, 2024, 10:34:38 AM »
*edited
« Last Edit: March 24, 2024, 10:02:09 PM by sasha520 »

Metalcat

  • Senior Mustachian
  • ********
  • Posts: 17560
Re: Strata dilemma!
« Reply #1 on: February 23, 2024, 10:40:07 AM »
Did you start a nearly identical thread recently??

I swear I just had this exact conversation with someone.

sasha520

  • 5 O'Clock Shadow
  • *
  • Posts: 15
Re: Strata dilemma!
« Reply #2 on: February 23, 2024, 11:00:52 AM »
Maybe I did? Iím sorry. My brain is fried going over this.

I think I might have but didnít include as much information about the issue.   And thought in the real estate specific board maybe someone would have encountered this kind of foundation issue in a strata.

Iím hoping someone knows how it usually plays out.

Metalcat

  • Senior Mustachian
  • ********
  • Posts: 17560
Re: Strata dilemma!
« Reply #3 on: February 23, 2024, 11:14:13 AM »
I would speak to the strata executive about the issue, find out if they have any engineering info, also talk to a lawyer.

Or just sell and buy something else if you don't love the condo, which if you are the same person in the other thread, you were considering selling anyway.

eddy20

  • 5 O'Clock Shadow
  • *
  • Posts: 56
Re: Strata dilemma!
« Reply #4 on: February 24, 2024, 09:58:23 AM »
I don't know the laws in BC about disclosure. But, when I listed my Sister's house (I'm an agent) the area was hit with a natural gas leak from So Cal gas storing the LNG in a cavern. The cavern leaked and people were getting sick and the information had to OF COURSE be disclosed to all potential buyers. The whole area of the subject housing tract exceeding 10,000 homes and condos recovered after So Cal gas got the problem fixed. But, it was not the best time to sell. Pricing recovery took about 3 years before the problems were corrected and forgotten by the public. If it were me I would SELL! Even though your home is not affected the area may go down in value until the problems are corrected or forgotten.

sonofsven

  • Handlebar Stache
  • *****
  • Posts: 2049
Re: Strata dilemma!
« Reply #5 on: February 26, 2024, 07:14:43 AM »
I would sell now. Based on my experience I don't trust the quality of much of the townhouse construction of the last twenty years or so. And the builders often go "out of business" to escape potential liability down the line, creating and closing business structures for expressly that purpose.
Regarding what happens next, my experience is in the US west coast, not BC, but there are law firms that specialize in construction lawsuits and they will try to get money from the insurance company that covered the builder when the building was constructed. This will likely not cover the cost of repairs and any overage is split between all owners. You won't be getting any good deals from contractors since the potential for more problems and more lawsuits is front and center.

 

Wow, a phone plan for fifteen bucks!