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To one-owner rental condominium apartment projects.

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´┐Żs (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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