Pender Harbour Development - The Painted Boat

[jvanderz]

Yeah looks like the gross rent was $7178 for the year, then management fees of $3157 were deducted from that. Adding insult to injury, the management company also separately charges back any credit card merchant fees incurred.

Given that the strata fees aren't covering any of the costs associated with running the hotel, I really don't understand why they need to be so high - there really isn't all that much common property, other than the pool and some landscaping - need to read the financials for the strata as a whole to figure out where the money's going. I agree it would also be interesting to know what the strata fees were set to when sales commenced (ie before there was an operating history to base the fees on) - could definitely have resulted in a rude awakening for people that purchased at the beginning.

As for your question about whether the strata fees are impacted by the sold status of the units - nope, the developer would currently be having to pay the fees on all unsold units - at those rates you'd think it could be enough to force them into bankruptcy (or have a fire sale, just to get out from under that liability)

Thanks for the tip on sunlight, I'll definitely keep that in mind.