What would happen if there was another Mascot Towers?

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  • 18/01/2026 at 8:29 am #82594 Reply | Quote
    Strata Ken
    Flatchatter

      According to the government the deal was a one off. Thinking about what would happen now [in a similar situation], is that NCAT or Fair Trading would appoint a strata manager with full control to get the defects fixed. Now there are two possible courses of action:

      They do what happened with Mascot Towers, except without gifts from the state government, and find a buyer for the whole strata. Is this allowed without approval of owners?
      The strata manager arranges for a loan, starts the special levy, and those that can’t afford the special levy are forced to sell up, or if they have a mortgage then the bank  sorts it out. Strata finance really needs to be fixed so that the loan portion for individual lots can be paid out. There are various thoughts on hybrid loans, which could be fixed by legislation.

       

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    Reply To: What would happen if there was another Mascot Towers?
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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