STRATA TITLE 75% RULE

I know I posted a long time ago about this but its coming closer to going through Parliament that once a strata has 75% of all owners agreeing to sell the others must fold.

It seems harsh to me but I do understand from one point that a few stratas have been held back by people not wanting to upgrade and keep their buildings in a good state of repair.

Once you buy into strata it is your duty of care to look after the buildings and build up a reserve fund so that you can repair/replace things as they need to be done.

Unfortunately for a lot of strata's around the Western Suburbs you have had some pretty stubborn people saying that they cannot afford to - well you cannot afford not to either.
You either get a loan or you sell out thats your choices really.

Now with the one strata that is coming up in the news a bit (locally the Post) in Marine Parade there is the Seapines site they are looking at ding a six storey block of apartments however there has been an owner there who has been saying he is definitely not selling (sorry to say you will have no choice when this new ruling comes in). He's currently lived in the complex for 26 years, yes a very long time, but has it been looked after I believe it has severe concrete cancer (not saying that it cannot be fixed either).  What he is saying that his unit is currently worth $850,000 and he is saying that with the rezoning it would lift the price to $1,500,000 and $2,000,000 - hmmm not sure where you get your figures but that certainly doesn't sound right to me.  If Ms Whiting offered you $850,000 you should grab it or make a deal with the developer about having one in the new complex, because its coming your way and you wont be able to stop it unless the other 9 hold out.

People leave things way too late and dont do enough to get the support of other strata holders and then when the time is near the fuss begins - all too late I am afraid.

I feel sorry for a lot of long term residents but I am sorry you have brought this all upon yourself by not lobbying sooner - things dont magically get done you have to get involved and now you will all suffer the consequences.

MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!

SELLING MOSMAN PARK & THE WESTERN SUBURBS!!

KEEPING IT REAL IS OUR MOTTO!!