Strata council minutes of February 9, 2009 under Miscellaneous state on page 8 that:
In 2006 - Linquist appraisal company following a thorough review of the rehabilitation done to this complex identified the effective age of the buildings at 7 years.

A 3-bedroom unit sold by Mr. Linquist on July 28, 2006, for $342,000.

Questions on the Property Disclosure Statement - Strata Title Properties:

• What is the monthly maintenance fee per month?
• Does this include: Management? Gardening? Insurance?
• Have you paid any special assessment(s) in the past 5 years?
• For how much?

The council minutes of February 9, 2009, state on page 8 that this year there have been 2 property management companies and 3 property managers, and council wants n0 correspondence to go the property manager. We understand that we can expect another property management company in May, 2009. Council goes on to report:

• the landscape company (L.A. West Landscape Architects) quit
• only 16 hours a month was all that was budgeted for landscaping our 5.5 acre property in targeted areas and diseased tree removal
• project funds are drying up; need to consider how to pay for things in future
• some confusion over finances due to naming of accounts
• examination of 06-07 financials found many items that should have been charged back to individual owners were not
• snow removal was 381% over budget
• working on establishing proper records and abiding by strata act and bylaws
• council members have been abused and had their units vandalized
• maintenance fees and landscaping costs are likely to increase

So to tell the truth, the whole truth, and nothing but the truth, answers to the disclosure questions could be something like this:

"Some strata lots get historically higher standards of maintenance than others - reasonable landscaping may be included in some years - but not in others. The most valuable landscaping was destroyed and never replaced; without compensation for the damages all the strata corporation can afford is a high maintence variety that is lacking in geotechnical and environmental benefits and is perpetually prone to seasonal browning and added costs. "
"Some kind of management is included - but records of motions and votes and access to correspondence and strata records - are not," and
"Strata and warranty insurance premiums are included - but owners cannot file claims or see the policy - some owners receive benefits for insured losses - but others do not."

Considering its unique features and 10-year rain screen warranty, Sunridge Estates has a sales history that has offered some astonishingly low prices since the building envelope repairs were completed in 2005.

This list shows dates and prices of a sample of 17 sales between March and October 2006.



















Dozens of units sold in about a year with the common property in a shambles littered with derelict decks and before owners received any return from the tax rebate, or the special levy paid for the leaky condo litigation, or any other rebate, and more than half of the 68 units have been sold with the condition of the common property sporting barren dirt, and virulent weeds, as funds were depleted and diverted into special interest projects like cutting down trees and demolishing, and reconstructing illegally built extra decks for a small minority of privileged owners.

As a result at least one owner who had bought another property had to leave their unit vacant for much of the next 4 years at an estimated loss of approximately $1500 a month, thought to be a less costly price to pay than to sell it at a price corresponding to the condition of the common property. Other units appear to have been sold more than twice in 2 years. The effect on people has been devasting hardship that was easily and entirely avoidable.

At an estimated $15,000 each to replace mature trees that were planted for geotechnical reasons and cut down in the hundreds, we do not know why the strata corporation did not hold the responsible individuals accountable for hundreds of thousands of dollars in damages to this 20 million dollar piece of real estate.

WHAT'S NOT TO LIKE? - GOOD QUESTION...

most of the mature trees killed and cut down













illegally built extra decks at curbside












where beautifully landscaped front gardens and "elegant streetscapes" were originally

REAL ESTATE PRICES
The August 2006 MLS Housing Price Index for Attached housing in Coquitlam - and the Historical Database for a Standard Townhouse in Coquitlam in April 1988 when we bought unit 409 are set out below.

COMPARATIVE PROPERTY VALUES

Average Coquitlam townhouse - 1988 - $72,000
Sunridge Estates Phase 1 - February 1988 - $103,900*
Sunridge Estates Phase 2 - February 1990 - $179,900*

Coquitlam townhouse benchmark price - 2006 - $370,000
Sunridge with 2/10 Rainscreen Warranty Feb/06 $329,200*

(*1500 square foot 3-bedroom Sunridge units)

The difference in property value appears to be about 40% less than our original value in comparison to the local real estate market for attached housing during the same 18-year period, from Feb/88 to Feb/06. Sunridge Estates was 30% higher, now it is 10% lower. With special levies added, it looks like our value is more than $200,000 less than it might have been if we had bought different property.

The MLS Housing Price Index's estimate of the market value for attached housing in Coquitlam in August 2006 was approximately 10% higher than our 1500 square foot 3-bedroom townhouse. (8 months after completion of building envelope project, in the first assessment year of our 10-year warranty.) The BC Assessment Authority's estimate of the market value of unit 409 had it been for sale on July 1, 2006, is set out below.














The Historical Database for the market value of a standard townhouse in Coquitlam in April 1987 was about 30% less than our purchase price for unit 409. The developer's April 1987 price list is set out below.


















The comparisons above do not consider:

• tens of thousands of dollars in bank interest on delayed proceeds of sale for more than 3 years from the substantial completion date of the building envelope repairs in October 2005 until the landscaping is restored, or
• an estimated cost of $15,000 each to replace mature trees that were planted for geotechnical reasons and cut down in the hundreds
• added costs from sinking buildings and breaking pipes as the land destabilizes

Do the Math.

We do not know why the strata council choose to burden the strata corporation with a legacy so costly and damaging instead of holding accountable the individuals responsible for estimated damages of a million dollars.

I am not aware of the total number of units sold since the building envelope repairs were completed, but I do know that at least 16 sold in the 6 months between Mar 20-Sep 27/06, and that more than half of our 68 units have been listed for sale in the last 3 years. Some units have been sold more than twice over very short periods.

The links below for the August 2006 MLS Housing Price Index for Attached housing in Coquitlam - and the Historical Database for a Standard Townhouse in Coquitlam in April 1988 when we bought unit 409 - indicate a 40% loss in property value.

Moving costs alone would add well over $20,000 to our losses.This estimate includes the real estate commissions, property purchase taxes, legal fees to buy and sell, and trucks and movers - but not the costs of personal improvements and redecorating, time and effort, changing market risks, or anything else

August 2006 MLS Housing Price Index for Attached housing in Coquitlam
http://www.realtylink.org/hpi/rebgvhpistats.cfm?date=0407&TYPE=buyers

Historical Database for a Standard Townhouse in Coquitlam in April 1988
Royal LePage Survey of Canadian House Prices: http://www.royallepage.ca/CMSTemplates/AskRLP/Buying/HousePricingSearch.aspx

Assessments and Sales by Address: http://www.bcassessment.bc.ca/asba/index0.aspx