Good afternoon Al,
Your wrote:
(1) According to Domain 35% of the properties in the building is an investment.
Don’t believe everything you read on Domain or other sales websites as often the information is out of date. Furthermore, what difference does it make if the unit are owner occupied or investments? I am sure owners (occupiers or not) want to maximise the value of their properties and will act accordingly;
(2) At the last 4 AGMs, 3to 5 people attended.
Do you mean 3 -5 attended in person or a total of 3 – 5 were represented in person and by proxy?
Also, how many turn up is not indicative of whether the scheme is a democracy. It is only indicative of interest or lack of exhibited by owners.
(3) The idea that one person that we haven’t even met, seemingly has a lot of power over the building we may own in, makes us feel uneasy.
Objectively, whether you meet him or not is not relevant.
Your concern about one owner “seemingly has a lot of power” is misplaced. If he owns three lots and you one lot, regardless of the number of lots in the strata scheme, do you expect to have the same “power” as him? Of course he has “power” but no more than if he had one lot and was mates with others who would always vote with him.
The issues you should focus on are (i) are levies reasonable; (ii) is the state of the building reasonable; (iii) Are there minutes of meetings you can inspect?; (iv) is the place expensive to upkeep eg are there lifts? A pool? A gym? caretaker? and (v) is there a strata managing agent or does the committee run the place?