› Flat Chat Strata Forum › Levies and Unit Entitlements › Levies raised almost 400 per cent › Current Page
I have two theories for this (apart from the clerical error).
One, the property has been so neglected for so long that the finances are basically playing catch-up. It’s a scenario that’s more common than you might think, especially when investors stop taking an interest in the property.
The other theory, which is definitely in the conspiracy realm, is that someone has realised that the land is more valuable than the properties on it. So, in cahoots with an owner, they drive up the levies and scare everyone into selling out.
Then you get an offer to buy, slightly over market value, you and the other owners sell out and three years from now there a 20-unit gleaming white, stainless steel and glass, luxury apartment block there.
Now, there are mechanisms for owners collectively to benefit from the sale of their strata scheme. But this way the instigator makes all the profit.
Should I put my al-foil hat back on?