Buy at 1785 Riverside drive - Ottawa

fazlook · #1 Posted **Jun 1, 2016, 8:05 PM**

What do you guys think of this building ? worth the buying ? it is close to a bus HUB (hurdman station).

Condo fees are expensive for 2 bedroom but hey it includes everything.

Thinking to buy on the 27 floor

Harley613 · #2 Posted **Jun 2, 2016, 2:37 AM**

Hard to say without knowing what you are looking for! The location is pretty good, it's close to the hospital and it's close to Downtown without being Downtown. The view would be pretty nice from the 27th floor, especially if it faces Downtown.

fazlook · #3 Posted **Jun 2, 2016, 1:23 PM**

Thank you man

I am not looking to spend more than 1500$ a month / all included so this will fit me well

.

Condo fees are high (490$) but hey.......they include everything + a car wash in an indoor heated garage, little gym, pool, hydro, heat, water ......

I like high rise views for sure and this can be rented in future easily.

kwoldtimer · #4 Posted **Jun 2, 2016, 1:45 PM**

Isn't the building around 40 years old? I'd want to know A LOT about the reserves, major projects undertaken, and any that may be pending.

fazlook · #5 Posted **Jun 2, 2016, 1:52 PM**

that's right. it is built in 1975. For that location and the price I am getting on a 2 bedroom condo. I think that's awesome. I am going for another visit today with my own realtor. Will see.

fazlook · #6 Posted **Jun 2, 2016, 1:57 PM**

Quote:

Originally Posted by kwoldtimer

Isn't the building around 40 years old? I'd want to know A LOT about the reserves, major projects undertaken, and any that may be pending.

did you mean the projects in the building ? or arround the building ? I know that viarail project is just 1 min walking distance. Undergoing now

kwoldtimer · #7 Posted **Jun 2, 2016, 2:01 PM**

Personally, I've taken a decision that, if I ever again do condo, I will limit myself to existing buildings between 2 and 8 years old, with a plan to sell before the building is 15 years old. The risk of special charges puts me off, but I'm more risk averse than average.

kwoldtimer · #8 Posted **Jun 2, 2016, 2:02 PM**

Quote:

Originally Posted by fazlook

did you mean the projects in the building ? or arround the building ? I know that viarail project is just 1 min walking distance. Undergoing now

In the building, of course. When was the roof last done, are the windows recently installed, when were the heating and cooling systems replaced, that sort of thing.

McKellarDweller · #9 Posted **Jun 2, 2016, 6:46 PM**

Good calls in this thread regarding special assessments.
I bought into a townhouse condo complex a few years ago that was built in 1977, and got hit with $60K of special assessments under a year later, on top of the $600/mo condo fees. All because the owners in the 1980s through 2000s were cheapskates and not building enough of a reserve. This was not revealed in the condo reserve review I and my lawyer did prior to purchase.

I'll be steering clear of owning a condo over 20 years old for the rest of my life.

1overcosc · #10 Posted **Jun 5, 2016, 9:40 PM**

The provincial government changed the laws governing condo boards last year that puts in tighter requirements for condo boards to build up better reserves to avoid this exact problem... but I don't know if that law actually makes any difference for older buildings, or merely prevents the issue from arising when currently new buildings get old.

kwoldtimer · #11 Posted **Jun 5, 2016, 10:09 PM**

Quote:

Originally Posted by 1overcosc

The provincial government changed the laws governing condo boards last year that puts in tighter requirements for condo boards to build up better reserves to avoid this exact problem... but I don't know if that law actually makes any difference for older buildings, or merely prevents the issue from arising when currently new buildings get old.

The high condo fees at this particular building could suggest that the condo board is aware of the need to keep the reserve fund healthy.

fazlook · #12 Posted **Jun 14, 2016, 5:58 PM**

Thank you guys...

The reserve fund as per April 2016 is 1,217,000

very good. The changed the new windows/doors in 2014 when a new management took over.

The only down side or my concern is Asbestos. Should I worry about ?

They said sampling were takin and found that they contains ACM are in fair to good condition.

year built is 1976.

fazlook · #13 Posted **Jun 14, 2016, 6:53 PM**

Quote:

Originally Posted by kwoldtimer

The high condo fees at this particular building could suggest that the condo board is aware of the need to keep the reserve fund healthy.

you might be right.

kwoldtimer · #14 Posted **Jun 14, 2016, 9:23 PM**

Quote:

Originally Posted by fazlook

Thank you guys...

The reserve fund as per April 2016 is 1,217,000

very good. The changed the new windows/doors in 2014 when a new management took over.

The only down side or my concern is Asbestos. Should I worry about ?

They said sampling were takin and found that they contains ACM are in fair to good condition.

year built is 1976.

As long as you don't breathe or swallow while in the building, you should be fine!

Norman Bates · #15 Posted **Jun 14, 2016, 10:26 PM**

Asbestos. The new UFFI.