Does Selling Out & Moving Up Make Sense?
To Some It Does.
Let’s Face It! The Quayside community has some of the most enviable views in the entire lower mainland. Whether north to the mountains, or south to the Fraser River and beyond – the New West Quay is spectacular.
So, now that an entire condo complex has agreed to sell [required 80% of owners to agree] in New West at 65 First Street, how long before other complexes/buildings jump on the developer band wagon. Along the Promenade/Boardwalk of New West there are a number of low rise buildings with 60 plus units ripe for the picking. Some (if not most) are coming up to 30 years old and there comes a point when strata might best serve the owners by stopping the pumping of money into costly and continuing repairs and consider opting for the new ‘developer solution’.
Image if some of these buildings agreed to sell and a developer was able to build tower(s) up to 50 stories tall in there stead as BOSA has done? Imagine if all those owners who sold, not only received a generous sum of money for their places but also were given an opportunity to purchase prime-view units at discount prices as well. Seems pretty tempting! Image a totally new up-to-date suite and a large sum of money in your bank account – simply for saying yes to a developer.
Some building owners might balk at the thought, but a lot of money and a new place to live is pretty tempting. Given New West’s penchant for allowing monster towers along our shoreline – the only thing apparently standing in the way of this movement are the condo owners themselves. The City and the Developers certainly seems primed and ready to jump into action should anyone show any indication that their condo building is up for sale.
What DO You Think? Good or Bad Idea? Have your say at our
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