Quote:
Originally Posted by Abii
Am I insane or am I insane for wanting to buy here?
I'm reading the minutes right now. Haven't made up my mind, but seriously considering it. The board is suing the developers. And they're getting an engineer to come and do additional inspections for 185k.
In this market, the value proposition is high. The question is whether the stink will wash off in the next 5-10 years. hm....
Ideally I want to sell in 8-10 years. I guess as long as it keeps its value that's all that matters for me. Will it? I can't decide.
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In all honesty, Ultra pricing is about 20% less than surrounding towers due to the issue with the building not utilizing the more stringent BC code for seismic loading. This sounds concerning. However, engineers in 2019 did conclude, after a thorough analysis, the tower was safe for occupancy and there were no issues in its current state with seismic and wind load bearing. They just cannot guarantee how the tower will perform in a major earthquake. This is where the new engineering team will use performance modelling to see if any work is actually needed to shore up the building so it can respond accordingly to a major seismic event.
In the meantime, litigation is commencing against the developers, City of Surrey, and any contractor who touched the building, for potential settlement in the future for loss value and to recoup engineering costs to study the building. Buying now would mean you obtain a unit at a cheaper price with the potential of a large settlement in the future. If you do not plan to sell the unit in 10 years, and just rent it out, you really cannot go wrong here.