According
to the Alberta Municipal Government Board condominium
registration adds value but not much. In an oral decision
the following properties, all rental condo projects,
were granted a reduction in the 1999 assessment to bring
them more in line with rental apartment units which
were not registered as condominiums.
| # |
Location |
YOC |
# of Units |
Reduction |
| 1 |
11 St. & 15
Ave. SW |
1968 |
150 |
30.0% |
| 2 |
17 St. &
25 Ave. SW |
1978 |
44 |
16.8% |
| 3 |
7 St. & 14
Ave. SW |
1963 |
111 |
25.1% |
| 4 |
Memorial Dr. NW |
1969 |
121 |
25.6% |
| 5 |
Glamis Dr. SW |
1980 |
234 |
19.4% |
| 6 |
13 St. & 15
Ave. SW |
1981 |
414 |
13.1% |
| 7 |
5 St. & 56
Ave. SW |
1977 |
299 |
29.0% |
Among the reasons given for the reductions
were the following:
There is a separate market for bulk and individual
condominium unit sales; and
These properties were operated in the former
class; and
To be truly comparable the sale of individual
units needs to have included an estimate of both hard
and soft costs; and
The sale of some of the respondent�s (City of
Calgary) comparables included appliances and window
coverings; and
To market the subject units would require upgrading
of the units.
These
decisions should clear the way for condo building owners
to abandon their plans for de-registering or allow others
to reinstate the condominium plan.
Steven D. Rickard
B.A., FRI, AACI, CPL, PLE, Chartered Arbitrator
President, Rickard Realty Advisors Inc.
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