Condo Smarts: Open bidding best way to gauge strata’s value

Dear Tony: Our strata corporation is considering calling for an 80 per cent vote to sell our property. The council brought a proposal from a developer to the owners four months ago with a recommendation that we consider selling. The reasons were: the offer would give us each 40 per cent above our current assessed values and we would avoid a special levy of $15,000 a unit for repairs coming up in 2019. Since the offer, assessments were published that increased our values by 20 per cent, so suddenly the 40 per cent offer above value has been cut in half. Is the strata allowed to renegotiate the deal with the developer? Is there a good reason why our strata is only negotiating with one buyer?      Read the article…………..


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