The LeeBuilding: #610-175 East Broadway
History:
The LeeBuilding, like the Quebec Manor apartments at 7th and Quebec, demonstrates the optimism of Mount Pleasant's developers in the years before the First World War. Merchant Herbert Lee built the 7-storey landmark in 1911 on the site of his grocery store, shortly after 9th became Broadway and Westminster Avenue became Main Street. The Lee family lived on the top floor of the building until they lost ownership of it during the Great Depression
Q. what is the difference between Undivided interest vs. Co-op ownership?
Undivided interest: individual owners own as a community or group and share all the cost of the building by their unit entitlement of the suite. This is how the property is registered at Land Title office. Outright owner verse co-op which is governed. Banks don’t see it as a “registerable asset” as it’s owned UNDIVIDED in the sense of partnerships. (co-owner agreement must be reviewed and signed)
Q. why is there an assumable mortgage on the building and can I buy it out?
This mortgage is a blanket mortgage shared by all owners from beginning of conception. They just renewed it and the policy does allow you buy out your share with a penalty and also at renewal date.
Details: 5 year term, 17 year amortization @4.22%- amount $3,0005,000 Unit #610 proportionate share is 1.54% of total building sq ft 43,632sqft / 671 sqft
Example: Sale price $199,000 buyer must assume remaining mortgage of $46,259.95 (monthly cost of $316.94) plus Cash purchase of remaining $152,740.05
Maintenance fee: includes property tax, hydro, electricity, property management, repair and maintenance of building. $441.38
Q. Are pets allowed?
Yes they are, very pet friendly just no viscous breed of dogs.
Q. is there parking or storage?
No parking but strata is talking about building storage lockers in the bike room
Q. Can I run my business out of my suite?
Yes you may with strata council’s approval and following the city bylaws.
Q. How old is the roof?
Roof was replaced in 2010 with 20 year warranty funded by $150K from contingency fund. Strata have been discussing the possibility of building social roof top deck for the owners.
Q. is there an estimate for replacement of the windows?
Currently the owners are in the process of assessing roof anchors for the trades to come in and replace windows in the building. This is a cost of the owner and currently it’s estimated at $8000 for this unit.
Q. why only 38 owners?
There are owners that own multiple units. Each individual owner gets 1 vote.
“Stratification of Lee Bldg: - Stratification of the Lee Bldg. was discussed and Scott indicated that it was easier to stratify Commercial unit’s space than that for Residential units because there was reluctancy at the moment by City of Vancouver to do so and should therefore be considered as a longer term goal. Assuming stratification of Commercial units occurs that would have a beneficial effect for Residential owners as well, in that CHMC would be more willing to back their mortgages. Stratification of the Commercial units will be investigated this year”