Own a condo? Do you know who controls the common parking? Probably the developer or one of its affiliates.
While the strata may own the common parking in name, many developers will lease a portion of this asset back to themselves or one of their affiliates. And they will do it under arguably very unfair circumstances including very long lease periods for nominal rents with the strata paying all of the maintenance and the developer enjoying all of the profit.
This can represent a significant loss of revenue for the strata and, thus, a significant opportunity to keep strata fees reasonable.
Sometimes, there are solutions to situations for stratas. Call us: we can help.