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  1. #11

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    Imperial Gardens dumps body corp

    A group of disgruntled Auckland apartment owners has dumped its body corporate after a High Court battle culminated in a decisive vote to remove the company.

    A majority of unit owners in the 278-unit Imperial Gardens' building in central Auckland voted recently to remove Strata Title Administration from the role of body corporate secretary after they became unhappy with the company's performance and fees.

    http://www.stuff.co.nz/business/mone...umps-body-corp

  2. #12
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    Jul 2011
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    Tauranga
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    Default http://www.prendos.co.nz/unit-titles-regulations-2011

    Are you aware of this?

  3. #13
    Join Date
    Jul 2005
    Location
    NZ
    Posts
    990

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    The 'Body Corporate' and the owners of the Units are the one and the same thing. So to "dump" the BC means that the owners were unhappy with themselves and the way they were managing the affairs of the BC.

    The Unit Titles Act 2010 is going to make it a lot easier to identify a well managed or badly managed Body Corporate. All Bodies Corporate will be busy over the next 12 months or so establishing their Long Term Maintenance Plan and considering such things as Future Development and Capital Improvement.

    To have a $500,000 maintenance fund is clearly a good thing to have but the BC with such a fund may not necessarily be better off than a BC with only a $5000 Maintanence fund.

    Ask how much the BC has in their 'sinking fund' or 'Long Term Maintenance Fund' and then ask to see the Maintenance Schedule to see what the funds are for.

  4. #14
    Join Date
    Sep 2008
    Posts
    7,658

    Default

    strata are 1 of the big body corp companies

    http://www.stratatitle.co.nz/

    they won't like this public spanking

    it will be interesting to see if the owners choose to go with another of the big BC comps like crockers, or go it alone

    http://www.crockers.co.nz/body-corporate.aspx

    someone has to do a LOT of work to make a big apartment building run smoothly...
    Last edited by eri; 25-07-2011 at 02:41 PM.
    have you defeated them?
    your demons

  5. #15
    Join Date
    Sep 2008
    Posts
    7,658

    Default

    further from that story

    Strata had been the focus of numerous High Court actions including to remove it from secretarial roles.

    In 2003 Strata was ordered to pay $50,000 to a body corporate which a judge found had been illegally held by Strata after it refused to step down as body corporate.

    Another city apartment building, Dynasty Gardens, removed Strata as its body corporate earlier this year.

    Imperial Gardens' owners also voted that Strata was not to make any payment from body corporate funds without the approval of the owners' committee.


    strata seems linked with impression?, the PMers and conrad, the building developers

    their page shows pics of?; volt, eclipse, the federal, aura

    basically you bought a conrad shoebox and along with the furniture package came the property mangement contract and the BC company. punching the ticket right the way through
    they seem to be fighting a rear guard action to keep profits up at the expense of owners....
    i think crockers probably offer a better service, at a higher price..........hmmmm........
    Last edited by eri; 25-07-2011 at 02:54 PM.
    have you defeated them?
    your demons

  6. #16
    Join Date
    Jul 2005
    Location
    NZ
    Posts
    990

    Default

    I'm not sure if the Unit Titles Act 1975 required a BC to have a Committee or not but under the Unit Titles Act 2010 a BC with more than 10 Units is required to have a committee made up of Unit owners.

    If you are concerned about the running of your BC, then get yourself elected onto the committee and see if you can make a difference.

    Remember though that a BC committee is very much like a Government, you will get good govts and bad ones. If you get a 'bad' BC committee, they will often get voted out at the AGM. But you must also be aware that it is VERY difficult to keep everybody happy in a BC and here lies the problem with many BCs, it's not always the Committee that is the problem but BC itself.

  7. #17
    Join Date
    Sep 2008
    Posts
    7,658

    Default

    on this forum jalice888 had strong words to say in 2008

    https://www.propertytalk.com/forum/sh...agers-Auckland
    have you defeated them?
    your demons

  8. #18
    Join Date
    Apr 2010
    Location
    Waikanae
    Posts
    463

    Default

    Quote Originally Posted by Aston View Post
    To have a $500,000 maintenance fund is clearly a good thing to have but the BC with such a fund may not necessarily be better off than a BC with only a $5000 Maintanence fund.
    I think the key is to have a realistic budget, and by that I don't mean a compromise budget trimmed to how much the more tight-wad owners see fit to support, but a budget based on the reality that material objects do degrade over fairly predictable periods of time.
    If maintenance is done faithfully, a building will last indefinitely, surely. Anything less will be followed by the demise of the building at some stage.
    A $5000 maintenance kitty just might be enough for a two unit building in good nick, and $500,000 not be enough for a 10 unit building in poor condition, so I agree with you up to a point, but a paltry fund is an obvious warning signal, unless you have a building that won't need maintenance.
    Can anyone suggest how the health or otherwise of a maintenance fund and program can be valued for purchase or sale purposes?
    I think that currently our apartment market is very unsophisticated, and blissfully unaware of how important this is.

  9. #19
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    Default

    Im assuming once Long term maintenance plans (assuming they are done propertly and not a drive by desktop based senario) are established it will be a lot clearer to see where maintainence funds are sufficent and where they are under funded which then will affect sales values.


 

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