#82258
Strata Ken
Flatchatter

    The problem is that most levy problems are not that unexpected. Things like the need to fix building defects are usually because at least a certain proportion of the owners have been ignoring things.

    Our previous manager had allowed the unpaid levies to build up. We have 5 owners with debts totalling $150,000 which means we are short about $3,000 for each of the total owners. Supposedly it was going to the debt collectors, but who knows. Shortly we will. We are going to end up having so many forced sales because we have a massive remediation bill, so we need to get the arrears under control.

    Most of the owners wont be able to afford the remediation, so they will be added to the list. What a neighbouring unit block seems to have done is to increase the capital works levy to about $3,000 a year, and there are now 3 out of 24 up for sale. They will be borrowing $150,000 per unit, so the repayment will be $23,000 a year. Buyers are probably looking at $200,000 off.