Plan, plan and plan some more

QUESTION: Is Stonewall Central a better name for the property?
UPDATE (click): 2012 Audited Financial Statements
UPDATE (click): 2013 Annual Meeting packet
UPDATE (click): 2013 Special Meeting packet

AUDITED FINANCIAL STATEMENTS ANALYSIS 2009-2012 (click): A CPA analysis of SOHO Central Condominium Corporation's Audited Financial Statements

The Fantasy Vision

Does everyone remember this among the wonderful ads and brochures and how about the salespeople and what they told us. I hear such fantasies continue. So after watching and remembering, cry and then laugh at the truth that is being exposed.









And, if the above is not enough and you need elevated blood pressure, here is the project's brochure.

Many posts are still issues and need to be read once again. At this main hub of postings watch for new posts and updates. Please get involved by spreading the word as to the issues here. We must document all that is taking place. Many documents need retrieval and assistance is needed in getting them scanned and posted.

Sunday, March 17, 2013

LIMIT RENTALS? or Investment Decline

BEWARE OF RENTALS: Investment decline




From Guide to Homeownership – Condominiums and Townhouses (chapter) by Armando Ang

(original web post 12/24/13):  Owners, be careful since your investment and for many their home may decline in value due to too many with plans to rent.

Page 372: “Condominiums with too many empty units for rent or for sale or rented out do not appreciate in value very much. It is axiomatic for lenders not finance mortgages for complexes with higher number of rental units. In fact, when a complex drops to less than 60 or 70 percent owner occupancy, lenders believe the values in the complex may start to decline. ”…

Page 373: “ A high ratio (renter) is a sign that the cost of the unit may not be worth the asking price. Rental revenue is very miniscule compared to the invested cost of the condo.”...

Page 373: “The ratio of tenant to owner should not be more than 25 percent.”…
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